Antifragility of Islamic Finance: The Risk-Sharing Alternative

ISBN-13: 9781433143502 / Angielski / Twarda / 2017 / 220 str.

Umar Rafi; Abbas Mirakhor

Opis

Antifragility of Islamic Finance: The Risk Sharing Alternative explains how risk-sharing, as defined under Islamic finance, makes financial systems antifragile. It highlights the benefits of 100% equity-based finance over debt-based finance.

Recenzje

"Ten years after the 2007 global financial crisis and 20 years after the Asian financial crisis, you would have thought that mainstream economics would have been discredited for its failure to predict and offer credible solutions for radical uncertainty and fragile financial systems. Umar Rafi and Abbas Mirakhor's book Antifragility of Islamic Finance: The Risk-Sharing Alternative offers a rare and revolutionary position that the equity and risk-sharing nature of Islamic finance is more robust, resilient, and antifragile than conventional debt finance, which has become concentrated, fragile, and unmanageable. The authors succinctly map the original work of Mandelbrot, Nassim Taleb, and Kahneman into the basic philosophy of Islamic finance. I commend this book as a fundamental building block for the foundations of Islamic finance as mainstream finance." -Tan Sri Andrew Sheng, distinguished fellow at the Asia Global Institute, University of Hong Kong, chief advisor to the China Banking Regulatory Commission, and one of TIME Magazine's 100 most influential people in the world, 2013.

Spis treści

List of Abbreviations - Glossary - Foreword - Prologue - The Inconsistencies of Financial Modeling - Introduction to Antifragility - Debt and Destruction - Risk and Reward - A Tale of Two Bubbles - Epistemological Foundation of RSIF - Risk-Sharing Islamic Bank Structure - Risk Management for Risk-Sharing - The Islamic Finance Antifragility Framework - Regulating (for) the Black - Of Ptolemy and Alchemy - Acknowledgements - Bibliography - Index.

O autorze

Umar Rafi specializes in the field of information technology in the financial services domain. He is currently working as a computer scientist in Silicon Valley. He has a BS in mathematics from the United States Air Force Academy, an MS in computer science from Wichita State University, and a PhD in Islamic finance from the International Centre for Education in Islamic Finance (INCEIF).

Abbas Mirakhor joined INCEIF in 2010 as Distinguished Scholar and the first holder of INCEIF's chair in Islamic finance. His research interests include conventional and Islamic economics and finance. Prior to joining INCEIF, he spent 24 years with the International Monetary Fund, serving as executive director and dean of the executive board. He is a graduate of Kansas State University, where he received his Bachelor, Master and PhD degrees in Economics.