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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| Format: | Proceeding Paper |
| Language: | English English |
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2018
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| Online Access: | http://irep.iium.edu.my/62969/ http://irep.iium.edu.my/62969/12/62969%20Promoting%20a%20sharing%20economy%20%20-program%20and%20abstract.pdf http://irep.iium.edu.my/62969/1/Edited%20GIFF%202018%20Pakistan%20%20%20Paper%20%281%29.pdf |
| _version_ | 1848785944192221184 |
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| author | Abdul Razak, Dzuljastri Abdul Wahab, Abdul Hamid |
| author_facet | Abdul Razak, Dzuljastri Abdul Wahab, Abdul Hamid |
| author_sort | Abdul Razak, Dzuljastri |
| building | IIUM Repository |
| collection | Online Access |
| 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 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. |
| first_indexed | 2025-11-14T17:01:11Z |
| format | Proceeding Paper |
| id | iium-62969 |
| institution | International Islamic University Malaysia |
| institution_category | Local University |
| language | English English |
| last_indexed | 2025-11-14T17:01:11Z |
| publishDate | 2018 |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | iium-629692018-04-12T07:47:52Z http://irep.iium.edu.my/62969/ Promoting a sharing economy in the Islamic finance industry: A study of selected OIC countries Abdul Razak, Dzuljastri Abdul Wahab, Abdul Hamid HG Finance HG1501 Banking 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. 2018 Proceeding Paper NonPeerReviewed application/pdf en http://irep.iium.edu.my/62969/12/62969%20Promoting%20a%20sharing%20economy%20%20-program%20and%20abstract.pdf application/pdf en http://irep.iium.edu.my/62969/1/Edited%20GIFF%202018%20Pakistan%20%20%20Paper%20%281%29.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. In: 6th Gliobal Forum On Islamic Finance (GFIF 2018), March 13-14, 2018, Lahore, Pakistan. (Unpublished) http://gfif.ciitlahore.edu.pk/2018/downloads/GFIF2018-Proceeding.pdf |
| spellingShingle | HG Finance HG1501 Banking Abdul Razak, Dzuljastri Abdul Wahab, Abdul Hamid Promoting a sharing economy in the Islamic finance industry: A study of selected OIC countries |
| title | 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_short | 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 |
| topic | HG Finance HG1501 Banking |
| url | http://irep.iium.edu.my/62969/ http://irep.iium.edu.my/62969/ http://irep.iium.edu.my/62969/12/62969%20Promoting%20a%20sharing%20economy%20%20-program%20and%20abstract.pdf http://irep.iium.edu.my/62969/1/Edited%20GIFF%202018%20Pakistan%20%20%20Paper%20%281%29.pdf |