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More About This Title THE STABILITY AND RESILIENCE OF ISLAMIC FINANCE
The book then will present and discuss the architecture of an Islamic financial system and show that at its core, this system shares many characteristics of an stable financial system proposed by Western scholars throughout history to avoid the inherent instability of the present dominant system. Particular emphasis will be placed on the present financial crisis and its causes as well the financial crisis of the 1997 in Southeast Asia, Russia, and Latin America relating these episodes to the fundamental features of the dominant system. The debt crisis of the low income countries will also be part of this discussion. It will then argue that these crises could be mitigated under an Islamic system or any other system with similar architecture.
DR. ZAMIR IQBAL works as Lead Investment Officer in the Treasury of the World Bank in Washington, D.C. He earned his Ph.D. in International Finance from the George Washington University, where he also serves as adjunct faculty of International Finance. He has extensive experience with capital markets, structured products, risk management, financial sector development, and financial modeling. His research interests include Islamic finance, financial engineering, structured finance and risk management. He is co-author of several books on Islamic banking and finance.
DR. NOUREDDINE KRICHENE received his Ph.D. in economics, University of California, Los Angeles, 1980; joined the International Monetary Fund (IMF) in 1986; and held the position of advisor at the Islamic Development
DR. ABBAS MIRAKHOR received his Ph.D. in Economics from Kansas State University in 1969. After teaching at various universities in the USA and in Iran he joined the staff of the Research Department of the IMF in 1984. He became an Executive Director of the IMF from 1990 until his retirement in 2008. He is the author of a number of articles and books on Islamic economics and finance. He is now the first holder of the INCEIF Chair in Islamic Finance.
Glossary of Arabic Terms xv
CHAPTER 1 The Nature of Capital and the Rate of Return 11
CHAPTER 2 The Origins of Financial Panics and Recessions 23
CHAPTER 3 Monetary Policy and Financial Crises 37
CHAPTER 4 The Internationalization of Financial Crises 45
CHAPTER 5 The Role of the Credit Multiplier in Financial Crises 61
CHAPTER 6 The Inherent Stability of Islamic Finance 75
CHAPTER 7 A Theoretical Model of the Inherent Stability of Islamic Finance 83
CHAPTER 8 Asset Pricing and Risk in Islamic Finance 93
CHAPTER 9 Islamic Financial Intermediation and Markets 113
CHAPTER 10 Risk Profi le of Islamic Financial Intermediaries 131
CHAPTER 11 Financial Engineering, Derivatives and Financial Stability 141
CHAPTER 12 Corporate Governance and Financial Crises 163
CHAPTER 13 The Performance of Islamic Financial Intermediaries and Products 183