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Islamic Stock Markets in a Global Context


  • Sheng, Andrew
  • Singh, Ajit


This study is a sequel to the 2012 Sheng and Singh article that identified and explained the significance of the two central tenets of Islamic finance: namely, its underpinning by a strong ethical system, and the absolute prohibition of the use of interest rates. That study also argued that the cooperation between the conventional Western system and the Islamic system is eminently sensible and will lead to a Pareto optimal increase in world welfare

Suggested Citation

  • Sheng, Andrew & Singh, Ajit, 2013. "Islamic Stock Markets in a Global Context," MPRA Paper 53035, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:53035

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    References listed on IDEAS

    1. Marco Pagano & Fabio Panetta & and Luigi Zingales, 1998. "Why Do Companies Go Public? An Empirical Analysis," Journal of Finance, American Finance Association, vol. 53(1), pages 27-64, February.
    2. Shleifer, Andrei, 2000. "Inefficient Markets: An Introduction to Behavioral Finance," OUP Catalogue, Oxford University Press, number 9780198292272.
    3. Jack Glen & Ajit Singh, 2003. "Capital Structure, Rates of Return and Financing Corporate Growth: Comparing Developed and Emerging Markets, 1994-00," Working Papers wp265, Centre for Business Research, University of Cambridge.
    4. Sheng, Andrew & Singh, Ajit, 2012. "The Challenge of Islamic Finance," MPRA Paper 53044, University Library of Munich, Germany.
    5. Myers, Stewart C. & Majluf, Nicolás S., 1945-, 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    6. Pagano, Marco, 1993. "Financial markets and growth: An overview," European Economic Review, Elsevier, vol. 37(2-3), pages 613-622, April.
    7. Gugler, Klaus & Yurtoglu, B. Burcin, 2003. "Corporate governance and dividend pay-out policy in Germany," European Economic Review, Elsevier, vol. 47(4), pages 731-758, August.
    8. Singh,Ajit & Tabatabai,Hamid (ed.), 1993. "Economic Crisis and Third World Agriculture," Cambridge Books, Cambridge University Press, number 9780521441018, May.
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    More about this item


    Islamic Finance; interest rates; western system;

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • P4 - Economic Systems - - Other Economic Systems
    • P49 - Economic Systems - - Other Economic Systems - - - Other

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