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A Macroeconomic Model For Interest-Free Economies: An Integrative Study Of Western And Islamic Economic Systems (Banking), Muhammad Anwar
A Macroeconomic Model For Interest-Free Economies: An Integrative Study Of Western And Islamic Economic Systems (Banking), Muhammad Anwar
Doctoral Dissertations
Until recently, practically all Muslim economies followed economic practices which contained elements alien to Islam. One alien factor is the practice of taking of interest in spite of its prohibition by Qur'an, the holy scripture. The issue of interest has been at the forefront of controversy in the Muslim economies since independence from foreign powers. Islamic scholars unanimously support the organization of the financial institutions on the basis of modaraba, a form of sleeping partnership. In modarabas, entrepreneurs and financiers agree on a profit-sharing ratio to share profits which replaces an interest rate. Interest-free financial institutions, based on modarabas, are …
Granger Causality Relationships Between Domestic And Eurocurrency Money Markets, George Albert Hachey
Granger Causality Relationships Between Domestic And Eurocurrency Money Markets, George Albert Hachey
Doctoral Dissertations
This paper presents a Granger causality study of the relationship between domestic and Eurocurrency money markets denominated in various currencies. The markets examined are those denominated in the U.S. dollar, British sterling, German deutsche mark, French franc and Japanese yen. The period studied is between January 1980 and June 1982. Considerable attention is given to the institutional relationships that govern these markets. No single pattern to describe the intermarket relationships emerges from the causality tests. An attempt is made to explain the results for each market by referring to the unique institutional factors that are operative in each market during …