Browse by Author "Hossein Askari"
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- PublicationBenchmarking objectives of Shari'ah (Islamic law): index and its performance in select OIC countriesAlaa Alaabed; Hossein Askari; Zamir Iqbal; Ng Adam Boon Ka (Inderscience Enterprises Ltd, 2016)
Islam offers a sustainable and comprehensive development model for humanity that can be systematically categorised as the means as well as the ideal outcome of achieving Maqasid (objectives) of Shari'ah (Islamic law). As a rule-based religion, Islam's prescription for development goes well beyond market regulations and includes rules necessary to maintain a dignified life; in order that the faithful can maximise their intellectual capacity, preserve and promote their health and education, and have equal opportunity for employment and partnership in the economic and social development of society, and unhampered by practices of fraud, cheating, corruption, or property abuse, among others. In practice, however, there is dichotomy between Islam's prescription and the current state of affairs in Muslim countries. In order to develop a better understanding of the factors contributing to this divergence, this paper provides the design of a benchmark for the monitoring of adherence to and compliance with Maqasid al-Shari'ah. This benchmark is intended to serve as a self-inspection tool for policy makers to monitor economic, social and policy development within the scope of Maqasid, and to serve as a benchmark for the progress and performance of OIC member countries
- PublicationChallenges in economic and financial policy formulation: an Islamic perspectiveHossein Askari; Zamir Iqbal; Abbas Mirakhor (Palgrave Macmillan, 2014)
This book provides an introductory, yet comprehensive, treatment of macroeconomic policies and their implementation in an Islamic-designed economic system
- PublicationCulture, income, and CO2 emissionMustafa Disli; Ng Adam Boon Ka; Hossein Askari (Elsevier, 2016)
Given the devastating effects of global warming, the problem of human-induced climate change, and in particular carbon dioxide emissions, has been high on the global policy agenda. In this study, we examine the relationship between national culture, carbon dioxide emissions, and economic growth in the framework of the Environmental Kuznets Curve (EKC). Applying system GMM panel estimator across 69 developed and developing countries, we confirm the existence of EKC and show that culture significantly affects the income-emission relationship. Moreover, the effects of the six cultural dimensions on EKC can be collapsed into two: (i) masculinity, power distance and indulgence move the EKC upward and shift the income turning point to the left; and (ii) individualism, uncertainty, and long-term orientation move the EKC downward while shifting the income turning point to the right. The impact of culture on EKC remains also robust for alternative specifications. Future policy and global initiatives in sustainable development should incorporate the multidimensional impact of culture on national behavior towards environment and economic growth, a relationship that has been largely ignored in economic decision-making models.
- PublicationOn the stability of an Islamic financial systemHossein Askari; Noureddine Krichene; Abbas Mirakhor (Universita di Roma, 2014)
In an Islamic economy, the financial sector functions to support the real sector. There are no interest rate based debt instruments. Financial assets are based on risk and return sharing and are contingent claims. Real as well as monetary forces determine the rate of return. As in traditional general equilibrium theory, there is a price system comprised of a real rate of return to capital and a price level of commodities that simultaneously clears asset and commodity markets. An Islamic financial system is shown to be stable, namely the economy evolves from short-term equilibrium to a stable long-term equilibrium.
- PublicationRisk sharing in corporate and public finance: the contribution of Islamic financeAbbas Mirakhor; Hossein Askari; Obiyathulla Ismath Bacha (Universita di Roma, 2015)
The risk sharing principles of Islamic finance as embodied in mudarabah and musharakah contracts have been extensively used throughout history. For example, the maritime trades of 14th century Italian city-states with Middle East and Asia were financed by ‘sea loans' and ‘commenda’. Historians have traced the development of commenda to borrowing from the concept of mudarabah used by Muslims (Udovitch, 1962; 1967; 1970; Mirakhor, 2003). They have also recorded how crucially important these contracts were to the growth of not only the maritime trade but also to the economic, social and political progress of European city-states.
- PublicationRisk sharing, public policy and the contribution of Islamic financeHossein Askari; Abbas Mirakhor (Universita di Roma, 2014)
A major reason for the recurrent episodes of financial instability is the predominance of interest-based debt and leveraging. Financial stability is achievable through risk sharing finance instead of risk shifting that characterizes contemporary finance. A risk sharing system serves the true function of finance as facilitator of real sector activities and avoids the emergence of a “paper economy” where there is gradual decoupling of finance from the real sector. Islamic finance was initially proposed as a profit-loss sharing system, but its core principle is risk sharing. In prohibiting interest-based debt instruments, Islam grounds finance on a strong risk sharing footing. Although still a young industry that has come a long way, it has not managed to develop truly risk-sharing instruments that would allow individuals, households, and firms as well as whole economies to mitigate systematic and un-systematic risks. It is suggested that governments should intervene and issue macro-market instruments to provide their treasuries with a significant source of non-interest rate based financing while promoting risk sharing. Moreover, given that evidence across the world suggests that monetary policy’s transmission mechanism may be impaired, it is suggested that these government issued securities could also impart added potency to monetary policy.
- PublicationThe Islamic financial system alternativeHossein Askari; Zamir Iqbal; Noureddine Krichene; Abbas Mirakhor (World Financial Review, 2011)
Islamic finance provides financial products, which comply with Islamic law (Shariah), largerly to Muslim investors and some Islamic products have even attracted conventional investors and borrowers. Despite growing interest in Islamic finance, a full-fledged Islamic financial system has yet to be established and demonstrated as the viable financial system in even a single country ...
- PublicationThe moral foundation of collective action against economic crimesDaud Vicary Abdullah; Hossein Askari; Abbas Mirakhor (Universita di Roma, 2015)
Economic and financial crimes, defined generally as crimes against property, have been increasing rapidly in recent years. In the 2014 Global Economic Crime Survey it is noted that among the 5,000 business organisations across the world responding, 37 percent report being victims of economic crime, up from 30 percent in 2009. No country, society, culture or community has been immune. The financial crisis focused attention on elite white-collar crimes while empirical research was pointing to another alarming development: “the everyday crimes of the middle class”, committed by those “[...} at the very core of contemporary society” (Karstedt and Farrall, 2007).
- PublicationThe resilience and stability of the Islamic financial systemHossein Askari; Zamir Iqbal; Noureddine Krichene; Abbas Mirakhor (European Financial Review, 2011)
Financial instability has been a recurrent phenomenon in contemporary economic history, affecting countries with varying intensity and resulting in massive unemployment and lost economic output. The financial crisis that broke out in August 2007 crippled the financial system of many advanced countries, and claimed as victims long-established banking and investment banking institutions that were deemed “too big too fail.” Capital markets were frozen, leading to stock market crashes worldwide, wiping out trillions of dollars in share values and in retirement investment accounts, and resulting in massive and persistent unemployment.
- PublicationUnderstanding development in an Islamic frameworkHossein Askari; Zamir Iqbal; Noureddine Krichene; Abbas Mirakhor (Institute Research and Training Institute (IRTI), 2014)
In this paper, the foundational rules governing human, economic and financial development in Islam, as understood from the Qur’ān and from the life and traditions of the Prophet Muhammad (pbuh), are summarized. These rules pave the path to development as the basis of institutional structure, which in turn, underpin the path of economic and social progress. The essential elements in the life of a Muslim - the unity of creation, freedom and freedom of choice, economic and human development, economic system and financial practice - are developed.
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