Islamic critique and alternative to financial engineering issues
Other Title(s)
النقد والبديل الإسلامي لقضايا الهندسة المالية
Author
Source
Journal of King Abdulaziz University : Islamic Economics
Issue
Vol. 22, Issue 2 (31 Dec. 2009), pp.205-244, 40 p.
Publisher
King Abdulaziz University Scientific Publishing Center
Publication Date
2009-12-31
Country of Publication
Saudi Arabia
No. of Pages
40
Main Subjects
Financial and Accounting Sciences
Religion
Topics
Abstract AR
بينت حجج هذه الورقة على المسلمات الاقتصادية و المنهجية حول السلوك, و الأسواق, و التركيب المؤسسي التي تؤثر مجتمعية في قيم الأصول المالية.
لقد تم دمج جميع هذه العوامل لتسفير كيف تعمل المنهجية على تحديد مجال الهندسة المالية من المنظور السائد و المنظور الإسلامي.
كما تم فحص الهندسة المالية السائدة بشكل دقيق, و كذلك الإسلامية على أساس المنهج وحيدة العلوم أي المنهج التوحيدي.
Abstract EN
The arguments of this paper arise from the economic and methodological premises on behavior, markets and institutional structure that together influence asset-valuation.
All these are bonded together to explain how methodology defines the domain of financial engineering in mainstream and Islamic perspectives.
Mainstream financial engineering as a study of methods that stand upon the assumptions of behavior, markets and institutions of the neoclassical vintage is critically examined.
This is contrasted with the Islamic perspectives of the same issues that outlay an altogether different methodological worldview.
Different forms of asset-valuation models emerge in these two cases.
The Islamic premise of behavior, markets and institutions is utilized against the backdrop of its most fundamental epistemology.
This is the episteme of unity of knowledge (Tawhid).
The contrary epistemological foundation of mainstream financial engineering is rationalism and rational economic, scientific, social and institutional choices.
Thus the parting conceptions of financial engineering applied to asset-valuation make the mainstream and Islamic approaches distinct and opposite to each other.
This paper develops and investigates an overlapping generation asset-valuation model in the Islamic epistemological context while it examines the unacceptable nature of financial engineering ideas in the mainstream case.
Financial engineering in both perspectives are analytically examined against there distinct epistemological worldviews.
Referees’ comments have been answered in the footnotes of this paper given towards the end.
This method of answering referees’ comments leaves the text of the paper intact while allaying the referees’ concerns by detailed explanations.
American Psychological Association (APA)
Choudhury, Masudul Alam. 2009. Islamic critique and alternative to financial engineering issues. Journal of King Abdulaziz University : Islamic Economics،Vol. 22, no. 2, pp.205-244.
https://search.emarefa.net/detail/BIM-327391
Modern Language Association (MLA)
Choudhury, Masudul Alam. Islamic critique and alternative to financial engineering issues. Journal of King Abdulaziz University : Islamic Economics Vol. 22, no. 1 (2009), pp.205-244.
https://search.emarefa.net/detail/BIM-327391
American Medical Association (AMA)
Choudhury, Masudul Alam. Islamic critique and alternative to financial engineering issues. Journal of King Abdulaziz University : Islamic Economics. 2009. Vol. 22, no. 2, pp.205-244.
https://search.emarefa.net/detail/BIM-327391
Data Type
Journal Articles
Language
English
Notes
Includes appendicxes : p. 242-243
Record ID
BIM-327391