Topical Collection "Islamic Finance"
Interests: oil prices; stocks; forecasting; copula; DCC models; wavelets; financial econometrics
Special Issues and Collections in MDPI journals
Special Issue in Journal of Risk and Financial Management: Islamic Finance II
The objective of this Special Issue is to consolidate rigorous research work focusing on risk management in Islamic finance. While Islamic finance traditionally carries a disposition towards legal matters, recent strides in its implementation and research have made it accessible to contemporary economic and financial theory. Academic works, such as those of El-Gamal (2008), Jobst (2009), and Ariff et al. (2012), have highlighted that Islamic finance securities (IFSs) have unique characteristics that can render conventional financial approaches inadequate. For example, one of the characteristics of Ṣukūk is that it must be backed by real economic assets and is subject to specific trading constraints. Alam et al. (2018) look into the possibility of such characteristics affecting issuer default using value-at-risk techniques, whereas Samsuddin et al. (2011) consider the applicability of the more sophisticated Merton model of default risk.
Other academic works focus on the role of Islamic law in defining Islamic financial practices, whether by analysing its mechanisms or implications. Examples include the universe of assets implied by Islamic law as in Derigs and Marzban (2008), strategies implied by said characterisation as in Derigs and Marzban (2009), and applications of Islamic law as a norm to corporate finance as in Basov and Bhatti (2013). There are also works such as Klein et al. (2017) and Khawaja et al. (2018), which analyze the behavior of IFS issuers and investors.
Prospective papers would be focused on risk-related topics such as identifying risks unique to Islamic finance and especially rigorous risk-management strategies. However, we do note that the types of risks encompassed by the Islamic finance literature is quite broad, including things such as Sharī`ah risk. Therefore, a discussion of topics such as how the distribution of financial practices adopted can affect certain financial variables would also be considered.
Alam, N., Bhatti, M. I., & Wong, J. T. F. 2018. Assessing Sukuk defaults using value-at-risk techniques. Managerial Finance, https://doi.org/10.1108/MF-05-2018-0218
Ariff, M., Iqbal, M., & Mohamad, S. (Eds.). 2012. The Islamic Debt Market for Sukuk Securities: The Theory and Practice of Profit Sharing Investment. Edward Elgar Publishing, Cheltenham.
Derigs, U. & Marzban, S. 2008. Review and analysis of current Shariah-compliant equity screening practices. International Journal of Islamic and Middle Eastern Finance and Management, Vol. 1, No. 4, pp. 285-303.
Derigs, U. & Marzban, S. 2009. New strategies and a new paradigm for Shariah-compliant portfolio optimization. Journal of Banking & Finance, Vol. 33, No. 6, pp. 1166-1176.
El-Gamal, M.A. 2008. Islamic Finance: Law, Economics, and Practice. Cambridge University Press, New York.
Jobst, A. A. 2009. Islamic Securitization After the Subprime Crisis. The Journal of Structured Finance, Vol. 14, No. 4, pp. 41-57.
Khawaja, Mohsin and Bhatti, M. Ishaq and Ashraf, Dawood and Henry, Darren, The Role of Ownership and Governance Structure in Raising Capital: An International Study. 9th Conference on Financial Markets and Corporate Governance (FMCG) 2018, organised by the La Trobe University Business School on January 15, 2018, http://dx.doi.org/10.2139/ssrn.3102108
Klein, P.-O., Turk, R., Weill, L., 2017. Religiosity vs. well-being e ects on investor behavior. Journal of Economic Behavior & Organization 138, 50-62.
Samsuddin, S., Tafri, F. H., Nawawi, A. H. M. & Aziz, N. A. 2011. Measuring the Default Risk of Sukuk Holders for Shariah Compliance Companies in Malaysia: Using Merton’s Model with Maximum Likelihood Estimator. Paper presented at the 2011 IEEE Symposium on Business, Engineering and Industrial Applications, IEEE, Langkawi, 25-28 September 2011.
Prof. Dr. M. Ishaq Bhatti
Dr. Lukman Arbi
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- Islamic finance
- Risk Management
- Financial management
- Behavioural finance
- Contract theory/ Mechanism design in Islamic finance