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

Abdul Razak, Dzuljastri and Abdul Wahab, Abdul Hamid (2018) Promoting a sharing economy in the Islamic finance industry: A study of selected OIC countries. In: 6th Gliobal Forum On Islamic Finance (GFIF 2018), March 13-14, 2018, Lahore, Pakistan. (Unpublished)

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Abstract

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 to 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.

Item Type: Conference or Workshop Item (Invited Papers)
Additional Information: 4433/62969
Uncontrolled Keywords: Sharing economy, Islamic Finance, Mudharbah, Musharakah and OIC countries
Subjects: H Social Sciences > HG Finance
H Social Sciences > HG Finance > HG1501 Banking
Kulliyyahs/Centres/Divisions/Institutes: Kulliyyah of Economics and Management Sciences > Department of Finance
Depositing User: Dr Dzuljastri Abdul Razak
Date Deposited: 12 Apr 2018 15:47
Last Modified: 12 Apr 2018 15:47
URI: http://irep.iium.edu.my/id/eprint/62969

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