Promoting a sharing economy in the Islamic finance industry: a study of selected OIC countries

Islamic finance has been in existence for the past centuries. Nonetheless, the realization of the real objectives of the industry is still a dream yet to be true. The goal of Islamic finance is to promote a sharing economy whereby money is not concentrated in the hands of a few individuals. This pur...

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Main Authors:	Abdul Razak, Dzuljastri, Abdul Wahab, Abdul Hamid
Format:	Article
Language:	English
Published:	Universitas Muhammadiyah Yogyakarta 2018
Subjects:	HB126.4 Islamic Economics
Online Access:	http://irep.iium.edu.my/65893/ http://irep.iium.edu.my/65893/ http://irep.iium.edu.my/65893/11/65893%20Promoting%20a%20sharing%20economy%20in%20the%20Islamic%20finance%20industry.pdf

id	iium-65893
recordtype	eprints
spelling	iium-658932018-09-25T01:57:49Z http://irep.iium.edu.my/65893/ Promoting a sharing economy in the Islamic finance industry: a study of selected OIC countries Abdul Razak, Dzuljastri Abdul Wahab, Abdul Hamid HB126.4 Islamic Economics Islamic finance has been in existence for the past centuries. Nonetheless, the realization of the real objectives of the industry is still a dream yet to be true. The goal of Islamic finance is to promote a sharing economy whereby money is not concentrated in the hands of a few individuals. This purpose of this study is investigate the application of mudarbah and musharakah concepts which facilitate a sharing economy where profit and loss is shared between the bank and customer compared to debt financing that utilizes murabahah concept. The methodology is based on secondary data obtained from central banks of five selected OIC countries. The results indicated that Indonesia, Sudan and Bangladesh recorded the highest amounts in terms of mudarabah financing while Malaysia, Indonesia and Pakistan recorded the highest amounts in terms of musharakah financing. The results also indicated that murabahah financing is high in Malaysia, Bangladesh, Indonesia and Sudan. Pakistan registered the lowest amount in terms of murabahah financing. Universitas Muhammadiyah Yogyakarta 2018 Article PeerReviewed application/pdf en http://irep.iium.edu.my/65893/11/65893%20Promoting%20a%20sharing%20economy%20in%20the%20Islamic%20finance%20industry.pdf Abdul Razak, Dzuljastri and Abdul Wahab, Abdul Hamid (2018) Promoting a sharing economy in the Islamic finance industry: a study of selected OIC countries. International Journal of Islamic Economics and Finance, 1 (1). pp. 59-76. ISSN 2622-3562 E-ISSN 2622-4372 http://journal.umy.ac.id/index.php/ijief/article/view/4537/3625
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	HB126.4 Islamic Economics
spellingShingle	HB126.4 Islamic Economics Abdul Razak, Dzuljastri Abdul Wahab, Abdul Hamid Promoting a sharing economy in the Islamic finance industry: a study of selected OIC countries
description	Islamic finance has been in existence for the past centuries. Nonetheless, the realization of the real objectives of the industry is still a dream yet to be true. The goal of Islamic finance is to promote a sharing economy whereby money is not concentrated in the hands of a few individuals. This purpose of this study is investigate the application of mudarbah and musharakah concepts which facilitate a sharing economy where profit and loss is shared between the bank and customer compared to debt financing that utilizes murabahah concept. The methodology is based on secondary data obtained from central banks of five selected OIC countries. The results indicated that Indonesia, Sudan and Bangladesh recorded the highest amounts in terms of mudarabah financing while Malaysia, Indonesia and Pakistan recorded the highest amounts in terms of musharakah financing. The results also indicated that murabahah financing is high in Malaysia, Bangladesh, Indonesia and Sudan. Pakistan registered the lowest amount in terms of murabahah financing.
format	Article
author	Abdul Razak, Dzuljastri Abdul Wahab, Abdul Hamid
author_facet	Abdul Razak, Dzuljastri Abdul Wahab, Abdul Hamid
author_sort	Abdul Razak, Dzuljastri
title	Promoting a sharing economy in the Islamic finance industry: a study of selected OIC countries
title_short	Promoting a sharing economy in the Islamic finance industry: a study of selected OIC countries
title_full	Promoting a sharing economy in the Islamic finance industry: a study of selected OIC countries
title_fullStr	Promoting a sharing economy in the Islamic finance industry: a study of selected OIC countries
title_full_unstemmed	Promoting a sharing economy in the Islamic finance industry: a study of selected OIC countries
title_sort	promoting a sharing economy in the islamic finance industry: a study of selected oic countries
publisher	Universitas Muhammadiyah Yogyakarta
publishDate	2018
url	http://irep.iium.edu.my/65893/ http://irep.iium.edu.my/65893/ http://irep.iium.edu.my/65893/11/65893%20Promoting%20a%20sharing%20economy%20in%20the%20Islamic%20finance%20industry.pdf
first_indexed	2023-09-18T21:33:29Z
last_indexed	2023-09-18T21:33:29Z
_version_	1777412666338312192

Promoting a sharing economy in the Islamic finance industry: a study of selected OIC countries

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