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. He also serves as Professional Faculty at the John Hopkins Carey Business School where he teaches graduate level courses on investment and portfolio management and risk of financial institutions.
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 Bank.
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.
Preface | p. ix |
Acknowledgments | p. xvii |
Glossary | p. xix |
The History and Causes of Financial Crises | |
A Brief History of Financial Crises and Proposed Reforms | p. 3 |
Financialization and the Decoupling-Recoupling Hypotheses | p. 31 |
Risk Sharing and the Islamic Paradigm | |
A Rrief History of Risk-Sharing Finance | p. 49 |
Risk Sharing and the Islamic Finance Paradigm | p. 69 |
Risk Sharing in the Islamic Financial System: The Building Blocks | p. 95 |
Risk Sharing and Vibrant Capital Markets in Islamic Finance | p. 115 |
Portfolio Theory and Asset Pricing | p. 133 |
Complementary Role of Intermediaries and Markets in Promoting Risk Sharing | p. 159 |
Moving Forward | |
Enhanced Access to Finance, Social Welfare, and Economic Development under a Risk-Sharing System | p. 181 |
The Role of Institutions and Governance in Risk Sharing | p. 201 |
Gaps between the Theory and Practice of Islamic Finance | p. 225 |
Concluding Remarks | p. 247 |
References | p. 259 |
Index | p. 277 |
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