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Islamic Financial in the Global Financial System  [cached]
Ahmad M. Mashal
Asian Economic and Financial Review , 2012,
Abstract: This paper investigates the question of whether the phenomenon of Islamic finance who based on Shariah, or Islamic law is truly globalizing and spreading as a universal system of finance and banking. The paper also addresses various aspects of the globalization for Islamic finance, among other, the issue of the rise of Islamic banking in the world, Islamic jurisprudence and finance, global standards and integration for Islamic finance, and obstacles facing Islamic finance's integration and growth into the global financial system. the paper suggested three key areas of priority warrant greater policy attention to further strengthen and enhance the entire Islamic financial ecosystem, through putting in place building blocks that will strengthen the resilience of the Islamic financial system and by the application of mutually acceptable rules and standards.
The Internationalization of Islamic Banking and Finance: The Co-Evolution of Institutional Changes and Financial Services Integration  [cached]
Juan Jose Duran,Maria-Jose Garcia-Lopez
International Journal of Business and Management , 2012, DOI: 10.5539/ijbm.v7n13p49
Abstract: The basis for Islamic finance lies in the Shariah. In this paper we point out the co-evolution of institutional change and the banking expansion in Islamic countries; there are certain parallelism between the quantitative and qualitative developments of the Islamic financing industry and the emergence of supportive institutions. There are certain convergences of Islamic banking products and institutions towards traditional banking functioning but keeping their principles. The Islamic financial institutions are effective instruments towards financial and economic integration at regional and global level. The Islamic economy has also showed a lesser impact of the global crisis than the western economy.
Briciu Sorin,Samara Silvia
Annals of the University of Oradea : Economic Science , 2009,
Abstract: Due to the international character of the financial markets and to the general tendency of globalization, the accountancy treatment of the financial mechanisms and instruments acquire a special importance because the theory, the norms and especially the p
Maria Carmen HUIAN
Scientific Annals of the Alexandru Ioan Cuza University of Iasi : Economic Sciences Series , 2010,
Abstract: Many specialists consider that financial instruments such as credit derivatives are, among other factors, to be blamed for the current financial crisis. This financial engineering, called credit derivatives, long praised as a great way of diffusing risks for banks, encouraged many financial institutions to take higher risks on loans than they should have. Their huge success took everybody, including their creators, by surprise. In just a few years, the credit derivatives market reached a staggering $60 trillion contracts and, unfortunately, multiplied the complexity and opaqueness of the financial world. That is why some people considered that the massive use of these instruments played an important role in creating the financial crisis. Paradoxically, some specialists did not accuse the irresponsible use of sophisticated derivatives of having generated the crisis but the accounting rules applicable for these instruments and the reporting rules issued by the American and international standard-setters. Al-though it is true that accounting for financial instruments has been a controversial subject for bankers, insurers, standard-setters and practitioners for quite a while, placing the blame on it for the current crisis is a little too much. The complex features of some of these instruments, the non-regulated markets many of them are transacted on and the difficulties in establishing their fair value have been good reasons for strong debates about the accuracy and adequacy of the accounting standards during the last years. But the disputes have never been as virulent as they became as the crisis started. Many people have accused financial reporting endorsed by Financial Accounting Standards Board (FASB) or International Accounting Standards Board (IASB) of not disclosing enough information on financial instruments, on the valuation methods used or the risks associated with them. Hence the investors could not correctly assess the risks and made bad decisions. The policymakers, some investor groups and other interested parties called for improved transparency and enhanced accounting guidance on fair value and financial instruments. The aforementioned standard-setters responded by amending some of the old rules and by issuing further guidance. This paper aims at analyzing the dis-closure rules on financial instruments before and during the crisis by studying the financial reports published by some major financial companies.
Inverse Signal Classification for Financial Instruments  [PDF]
Uri Kartoun
Computer Science , 2013,
Abstract: The paper presents new machine learning methods: signal composition, which classifies time-series regardless of length, type, and quantity; and self-labeling, a supervised-learning enhancement. The paper describes further the implementation of the methods on a financial search engine system using a collection of 7,881 financial instruments traded during 2011 to identify inverse behavior among the time-series.
A Study on Accounting Standards with Regards to Financial Instruments
Annals of Dun?rea de Jos University. Fascicle I : Economics and Applied Informatics , 2012,
Abstract: The need to establish international accounting standards with regards to financial instruments is due to their spectacular evolution on global financial markets, which took place over the last couple of decades. Thus, the accounting practices used for financial instruments have been revolutionized themselves, and the standards established with regards to such practices attempt to keep the pace with the latest evolutions of the global financial markets. The main aim of this paper is to identify aspects that are specific to the accounting treatment of financial instruments, starting from the provisions of international accounting norms, considering the field of financial instruments as one of the most controversial areas of financial reporting.
Conditional dynamics driving financial markets  [PDF]
M. Boguna,J. Masoliver
Physics , 2003, DOI: 10.1140/epjb/e2004-00269-7
Abstract: We report empirical evidences on the existence of a conditional dynamics driving the evolution of financial assets which is found in several markets around the world and for different historical periods. In particular, we have analyzed the DJIA database from 1900 to 2002 as well as more than 50 companies trading in the LIFFE market of futures and 12 of the major European and American treasury bonds. In all of the above cases, we find a double dynamics driving the financial evolution depending on whether the previous price went up or down. We conjecture that this effect is universal and intrinsic to all markets and, thus, it could be included as a new stylized fact of the market.
The Comparison of Financial Analysis Tools in Conventional and Islamic Banking: Evidence from Kuwait
Farooq Alani,Hisham Yaacob,Mahani Hamdan
International Journal of Business and Management , 2013, DOI: 10.5539/ijbm.v8n4p85
Abstract: The research presents a study of the efficiency of financial analysis tools used in Islamic banks and the efficiency of achieved results to investor in his rationalization of investment decisions, the researcher studied that by using a questionnaire search tool which included three axes, the study find several conclusions, perhaps the most important of the current analysis used in traditional banks are irrelevant in assessing the efficiency of the financial performance of Islamic banks because of their privacy. The researcher presents many recommendations, most notably, he urged researchers to focus on formulation of new analysis tools with focusing on Islamic banks, and also the researcher has developed a number of tools that can serve in this field. The researcher presents a number of recommendations and proposed a financial analysis for Islamic banks, traditional banks, financial analysis and investment decisions.
Eroding market stability by proliferation of financial instruments  [PDF]
Fabio Caccioli,Matteo Marsili,Pierpaolo Vivo
Quantitative Finance , 2009, DOI: 10.1140/epjb/e2009-00316-y
Abstract: We contrast Arbitrage Pricing Theory (APT), the theoretical basis for the development of financial instruments, with a dynamical picture of an interacting market, in a simple setting. The proliferation of financial instruments apparently provides more means for risk diversification, making the market more efficient and complete. In the simple market of interacting traders discussed here, the proliferation of financial instruments erodes systemic stability and it drives the market to a critical state characterized by large susceptibility, strong fluctuations and enhanced correlations among risks. This suggests that the hypothesis of APT may not be compatible with a stable market dynamics. In this perspective, market stability acquires the properties of a common good, which suggests that appropriate measures should be introduced in derivative markets, to preserve stability.
Origin of & Solution to Global Financial Meltdown: An Islamic View  [cached]
Al Mamun Md.,Md. Abdul Hannan Mia
International Journal of Business and Management , 2012, DOI: 10.5539/ijbm.v7n12p114
Abstract: The meltdown of financial markets across the world is one of the most common characteristics of modern capitalist economy. Starting with the stock market crash of 1901 through the great depression of 1930s to the Black Monday of 1987, the Asian financial crisis of 1997 and finally the latest tsunami of global financial crisis, the history of major stock market crashes are undoubtedly a testimony of its nature. According to IMF, the world has witnessed more than 100 stock market crisis in last 30 years. However, with the endeavors of so many talented academicians, policymakers, and researchers the reasons behind these crashes still remain unexplored. After almost 25 years nobody has a solid answer to the reasons behind stock market crash in 1987. Meetings after meetings, summits after summits, conferences after conferences of the world leaders, thinkers and academicians in the form of DAVOS summit, G-8 summit, EU summits, G-20 summits etc. have failed miserably to identify the root causes behind the crisis. At times the expectations of finding a common solution to the problem from such high level summits have ended up with common blame-games while the crisis continues to multiply as various economies enters into much painful long term recessions with human stories of sufferings, job loss and even suicide. Therefore, this article aims at uncovering the root causes of repeated form of global financial crisis by critically investigating the philosophical and functional foundations of existing system of financial economy. A detailed review of fundamentals, methods and facts about capitalism clearly highlights the inevitability of such problem to exist in existing financial economic model in the light of Islamic economic system.
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