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All Outputs (51)

Sukūk Development and Income Inequality (2023)
Journal Article
Jatmiko, W., Ebrahim, M., & Smaoui, H. (2023). Sukūk Development and Income Inequality. Journal of International Financial Markets, Institutions and Money, 88, Article 101852. https://doi.org/10.1016/j.intfin.2023.101852

This paper investigates the link between sukūk development and income inequality by scrutinizing twenty-two countries’ data from 1995 to 2019. We employ the two-stage Fractional Regression Model to illustrate that sukūk issuance is associated with in... Read More about Sukūk Development and Income Inequality.

On the Ethicality of Islamic Banking’s Business Model (2023)
Journal Article
Jatmiko, W., Iqbal, A., & Ebrahim, M. S. (2023). On the Ethicality of Islamic Banking’s Business Model. British Journal of Management, https://doi.org/10.1111/1467-8551.12703

This paper scrutinizes the ethicality of Islamic banks’ (IBs’) business model by employing the ‘objectives of Islamic law’ (Maqāsid al-Sharī’ah). This necessitates developing an ethical framework to construe two primary injunctions of Islamic finance... Read More about On the Ethicality of Islamic Banking’s Business Model.

Can Trade Credit Rejuvenate Islamic Banking? (2022)
Journal Article
Jatmiko, W., Ebrahim, M. S., Iqbal, A., & Wojakowski, R. M. (2023). Can Trade Credit Rejuvenate Islamic Banking?. Review of Quantitative Finance and Accounting, 60(1), 111-146. https://doi.org/10.1007/s11156-022-01092-6

This study proposes a renewal of the contemporary Islamic banking Murabaha financing model as it aggravates financial fragility with waning economic efficiency. We adapt the working capital framework of successful US companies like Amazon and Walmart... Read More about Can Trade Credit Rejuvenate Islamic Banking?.

Political Uncertainty and the Choice of Debt Sources (2019)
Journal Article
Bennasr, H., Bouslimi, L., Ebrahim, M., & Zhong, R. (2020). Political Uncertainty and the Choice of Debt Sources. Journal of International Financial Markets, Institutions and Money, 64, Article 101142. https://doi.org/10.1016/j.intfin.2019.101142

This paper studies the effect of political uncertainty on the choice of debt sources. We find a positive relationship between political uncertainty stemming from elections and the proportion of bank loans over total debts, especially when elections a... Read More about Political Uncertainty and the Choice of Debt Sources.

Financial Frictions and the Futures Pricing Puzzle (2019)
Journal Article
Gwilym, R., Ebrahim, M., El Alaoui, A., Rahman, H., & Taamouti, A. (2020). Financial Frictions and the Futures Pricing Puzzle. Economic Modelling, 87, 358-371. https://doi.org/10.1016/j.econmod.2019.08.009

In perfect capital markets, the futures price of an asset should be an unbiased forecast of its realized spot price when the contract matures. In reality, futures prices are often higher for some assets and lower for others. However, there is no stab... Read More about Financial Frictions and the Futures Pricing Puzzle.

Can a Loan Valuation Adjustment (LVA) Approach Immunize Collateralized Debt from Defaults? (2019)
Journal Article
Wojakowski, R., Ebrahim, M., Jaafar, A., & Salleh, M. (2019). Can a Loan Valuation Adjustment (LVA) Approach Immunize Collateralized Debt from Defaults?. Financial Markets, Institutions and Instruments, 28(2), 141-158. https://doi.org/10.1111/fmii.12109

This study focuses on structuring tangible asset backed loans to inhibit their endemic option to default. We adapt the pragmatic approach of a margin loan in the configuring of collateralized debt to yield a quasi‐default‐free facility. We link our p... Read More about Can a Loan Valuation Adjustment (LVA) Approach Immunize Collateralized Debt from Defaults?.

Can UGITs promote liquidity management and sustainable development? (2018)
Journal Article
Aassouli, D., Ebrahim, M., & Basiruddin, R. (2018). Can UGITs promote liquidity management and sustainable development?. ISRA International Journal of Islamic Finance, 10(2), 126-142. https://doi.org/10.1108/ijif-12-2017-0055

Purpose: This paper aims to propose a liquidity management solution for Islamic financial institutions (IFIs) that concurs with sustainable development and financial stability. Design/methodology/approach: The study is a qualitative research. It uses... Read More about Can UGITs promote liquidity management and sustainable development?.

The Political Economy and Underdevelopment of the Muslim World: A Juridico-Philosophical Perspective (2018)
Journal Article
Ebrahim, M. S., & Sheikh, M. (2018). The Political Economy and Underdevelopment of the Muslim World: A Juridico-Philosophical Perspective. Arab Law Quarterly, 32(4), 385-412. https://doi.org/10.1163/15730255-12324051

This article studies the relation between Islam and economic development from a juridico-philosophical perspective. A fresh review of this issue is timely, because of the ongoing laggardness of Arab and Muslim economies due to decades of Pareto-infer... Read More about The Political Economy and Underdevelopment of the Muslim World: A Juridico-Philosophical Perspective.

Continuous Workout Mortgages: Efficient Pricing and Systemic Implications (2017)
Journal Article
Shiller, R., Wojakowski, R., Ebrahim, M., & Shackleton, M. (2017). Continuous Workout Mortgages: Efficient Pricing and Systemic Implications. Journal of Economic Behavior and Organization, 157, 244-274. https://doi.org/10.1016/j.jebo.2017.12.006

This paper studies the Continuous Workout Mortgage (CWM), a two in one product: a fixed rate home loan coupled with negative equity insurance, to advocate its viability in mitigating financial fragility. In order to tackle the many issues that CWMs e... Read More about Continuous Workout Mortgages: Efficient Pricing and Systemic Implications.

Finance and Development in Muslim Economies (2017)
Journal Article
Ebrahim, M., Molyneux, P., & Ongena, S. (2017). Finance and Development in Muslim Economies. Journal of Financial Services Research, 51(2), 165-167. https://doi.org/10.1007/s10693-017-0273-6

The recent trend in the Muslim world towards reinforcing their cultural (i.e., religious) values on their economic policies and institutions has resulted in a roughly $2 trillion Islamic financial services industry. This industry is quite resilient a... Read More about Finance and Development in Muslim Economies.

Dispelling the Myth of a Value Premium: Contrary Evidence of Malaysian Crony Capitalism (2016)
Journal Article
Ebrahim, S., Hudson, R., Iqbal, A., & Shah, E. (2016). Dispelling the Myth of a Value Premium: Contrary Evidence of Malaysian Crony Capitalism. International Journal of Banking, Accounting and Finance, 7(1), 1-33. https://doi.org/10.1504/ijbaaf.2016.079164

This paper contradicts the existence of a universal value anomaly by studying Malaysia, a country with a unique institutional setting. We investigate this counter-example to attribute the anomaly to: (i) the leverage effect of value firms; (ii) the i... Read More about Dispelling the Myth of a Value Premium: Contrary Evidence of Malaysian Crony Capitalism.

Corporate Social Responsibility, Shariah-Compliance, and Earnings Quality (2016)
Journal Article
Alsaadi, A., Ebrahim, M., & Jaafar, A. (2016). Corporate Social Responsibility, Shariah-Compliance, and Earnings Quality. Journal of Financial Services Research, 51(2), 169-194. https://doi.org/10.1007/s10693-016-0263-0

This study examines the effect of two potential sources of ethical principles on earnings quality: corporate social responsibility (CSR) and membership in a Shariah index. We define membership in a Shariah index as the adherence to an ethical code th... Read More about Corporate Social Responsibility, Shariah-Compliance, and Earnings Quality.

Reducing the Impact of Real Estate Foreclosures with Amortizing Participation Mortgages (2016)
Journal Article
Wojakowski, R., Ebrahim, M., & Shackleton, M. (2016). Reducing the Impact of Real Estate Foreclosures with Amortizing Participation Mortgages. Journal of Banking and Finance, 71, 62-74. https://doi.org/10.1016/j.jbankfin.2016.05.005

We employ Amortizing Participation Mortgage (APM) to offer a novel ex post renegotiation method of a foreclosure. APM belongs to the family of home loan credit facilities advocated in the Dodd-Frank Wall Street Reform and Consumer Protection Act 2010... Read More about Reducing the Impact of Real Estate Foreclosures with Amortizing Participation Mortgages.

Debt Instruments in Islamic Finance: A Critique (2016)
Journal Article
Ebrahim, M., & Sheikh, M. (2016). Debt Instruments in Islamic Finance: A Critique. Arab Law Quarterly, 30(2), 185-198. https://doi.org/10.1163/15730255-12341317

This article assesses the employment of traditional Islamic debt instruments by contemporary Islamic banks from an economic efficiency perspective. We highlight the fact that the performance of the bulk of the instruments pales in front of the modern... Read More about Debt Instruments in Islamic Finance: A Critique.

Can Islamic Injunctions Indemnify the Structural Flaws of Securitized Debt? (2016)
Journal Article
Ebrahim, M., Jaafar, A., Omar, F., & Salleh, M. (2016). Can Islamic Injunctions Indemnify the Structural Flaws of Securitized Debt?. Journal of Corporate Finance, 37, 271-286. https://doi.org/10.1016/j.jcorpfin.2016.01.002

Securitization enhances liquidity of debt contracts. However, its structural deficiency at origination has led to the freezing of its secondary market and failure of institutions holding the collateral. This paper builds on key cultural (i.e., Islami... Read More about Can Islamic Injunctions Indemnify the Structural Flaws of Securitized Debt?.

The Muḍāraba Facility: Evolution, Stasis and Contemporary Revival (2015)
Journal Article
Ebrahim, M., & Sheikh, M. (2015). The Muḍāraba Facility: Evolution, Stasis and Contemporary Revival. Arab Law Quarterly, 29(3), 246-260. https://doi.org/10.1163/15730255-12341305

The age-old concept of partnership was seen by Muslim jurists from the 8th century Hijra onwards as a sacrosanct commercial arrangement—and, therefore, subjected to a form of fixity which is unparalleled in any other religious tradition. Since the fo... Read More about The Muḍāraba Facility: Evolution, Stasis and Contemporary Revival.

Islamic Banking and Finance: Recent Empirical Literature and Directions for Future Research (2015)
Journal Article
Abedifar, P., Ebrahim, S., Molyneux, P., & Tarazi, A. (2015). Islamic Banking and Finance: Recent Empirical Literature and Directions for Future Research. Journal of Economic Surveys, 29(4), 637-670. https://doi.org/10.1111/joes.12113

This paper examines the recent empirical literature in Islamic banking and finance, highlights the main findings and provides a guide for future research. Early studies focus on the efficiency, production technology and general performance features o... Read More about Islamic Banking and Finance: Recent Empirical Literature and Directions for Future Research.