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"Explore Islamic finance at a deeper level Intermediate Islamic Finance: Theory and Practice fills the gap for students and professionals who are already familiar with the fundamentals of Islamic finance, but would like to gain an enhanced understanding of Islamic finance theories and practices. This comprehensive text provides you with coverage of global developments and describes the role of Islamic finance within the global finance community to guide you in your understanding of this important aspect of the international financial landscape. The book references advance concepts and specific problems in the practice of Islamic finance, provides suggested further readings for each chapter, offers details of advanced analysis, and presents key data in visual form via graphs, figures, and tables. Profound changes have taken place in the financial landscape over the past few decades, including major innovations in financial instruments and substantial changes in regulation. With global financial markets becoming increasingly important players in the industry, it is critical that today's financial professionals understand the essence and implications of key Islamic finance theories and practices. Build upon your fundamental understanding of Islamic finance Explore some areas of convergence and conflict between Islamic finance and conventional finance Strengthen the harmony between Islamic and conventional finance theories and their applications Prepare for a well-rounded career in finance by better understanding how Islamic finance principles apply Intermediate Islamic Finance: Theory and Practice is an essential text for graduate and post-graduate finance students, economists, researchers, bankers, financial regulators, policymakers, and members of the business community who want to develop a deeper understanding of Islamic finance theories and practices"--

This paper tests for nonlinearities in the behavior of volatility expectations based on model-free implied volatility indices. Using Markov regime-switching models, the empirical evidence from the German, Japanese and U.S. markets suggests that there are indeed regime-specific levels of volatility expectations. Whereas the regimes seem to be governed by the degree of serial correlation and adjustment to forecast errors, there is no evidence of significant leverage effects. The frequency of regime shifts in volatility expectations is affected by the onset of financial crises, which have the effect of increasing the likelihood of regimes driven by lower autoregressive effects and faster speeds of adjustment. The evidence suggests that despite the heterogeneous beliefs of market participants, implied volatility indices provide a measure of consensus expectations that can be useful in understanding the nonlinear behavior of volatility expectations during periods of financial instability.

Chapter 1: Polar visions of the Economy -- Chapter 2: Critiques of Mainstream Economic Doctrines -- Chapter 3: Critiques of the Current State of Islamic Economics -- Chapter 4: Ethics of Iqtisaad -- Chapter 5: Islamic Perspectives on the Cycle of Civilization and Problem of Knowledge -- Chapter 6: Islamization of Economics? An Impossibility Theorem -- Chapter 7: Behavioral Norms and Institutional Structure of Iqtiṣād-driven Economy -- Chapter 8: Rethinking the Essence of Macroeconomic Policies in the Iqtisad Paradigm -- Chapter 9: Risk Sharing and the Stability of Iqtisad-driven Economy.

This paper examines asymmetries in the dynamic relationship between foreign exchange fluctuations and stock market volatility in Pacific basin countries. The methodology is based on a dynamic covariance modelling that accounts for leverage effects and the asymmetric impact of currency fluctuations. There is evidence that appreciations are more conducive to lower volatility in currency markets than depreciations of equal magnitude. Market volatility tends to be ceteris paribus, more sensitive to bad news about equity than good news and more responsive to currency depreciations than appreciations. The results also suggest that bad news about equity accompanied with currency depreciations are likely to generate higher volatility in currency markets and have the potential of affecting the significance of leverage effects in stock markets.

Frontmatter -- Preface -- Contents -- Chapter 1: On the Logical Character and Coherence of Islamic Economics -- Chapter 2: Consilience as Islamic Methodology of Tawhid: The General Socio-Scientific Framework -- Chapter 3: Economics for a Better Future -- Chapter 4: Game-Theoretic Investigation into Economic Behavior -- Chapter 5: Interest Rates, Unconventional Monetary Policies and Market Volatility Expectations -- Chapter 6: Beyond DSGE: An Accounting System Dynamics Modelling Approach -- Chapter 7: Equity-based Macroeconomic Policies: An Alternative Solution to Economic Stability and Development -- Chapter 8: Statistical Microeconomic Modelling of Asset Prices: Some Perspectives from Islamic Finance and Economics -- Chapter 9: Monitoring Strategy in Profit-Loss Sharing Arrangements: Cost or Investment? -- Chapter 10: The Effect of Market Regimes on the Performance of Market Capitalization- Weighted and Smart-Beta Shariah-Compliant Equity Portfolios -- Chapter 11: Analysis of the Risk of Failure in Sukuk Portfolios -- Chapter 12: A Portfolio of Islamic Private and Social Financial Instruments -- Chapter 13: Do Islamic Banks Contribute to Risk Sharing? -- Chapter 14: Catalyst for SMEs' Access to Finance in the OIC: Renting Money or Renting Assets? -- Chapter 15: Fame as an Operational Proxy of "Taqwa": Controlling Asymmetric Information or Gharar in a Game-theoretic Design of Equity-Crowdfunding? -- Chapter 16: Financial Consumer Protection: Empirical Evidence from Dual Banking Systems -- Chapter 17: Analytical Assessment of Liquidity Risk Management in Islamic Banks -- Chapter 18: Antifragility of Risk-Sharing Finance: A Quantitative Analysis -- Chapter 19: Modeling Bank Branch Efficiency using Data Envelopment Analysis -- Chapter 20: An Empirical Analysis of Income Structure and Profitability of Islamic and Conventional Banks in South Asia -- Chapter 21: Risk-Sharing Asset-based Redistribution in Public Finance: A Stock- Flow Consistent Analysis -- Chapter 22: Risk-Sharing Finance and Inequality in a Benchmark Agent-Based Model -- Chapter 23: People's Wellbeing: A Strive to Meet Maqasid al-Shariah -- Chapter 24: Is Islamic Banking Good for Growth? -- Chapter 25: An Alternative Model of Economic Stabilization and Growth for Developing Countries -- Chapter 26: Are Finance and Human Development Important for Economic Growth? International Evidence from Dynamic GMM Approach -- Chapter 27: Resource Curse in Muslim Countries -- List of Figures -- List of Tables -- Author Biographies -- Index