{"title":"穆斯林资本市场内部和全球同行之间的金融创新:差异的影响","authors":"Simon D. Norton","doi":"10.1108/qrfm-04-2023-0088","DOIUrl":null,"url":null,"abstract":"<h3>Purpose</h3>\n<p>This study aims to investigate the implications for financial innovation and product development of differences between schools of jurisprudence (<em>fiqh</em>) pertaining across regional Muslim markets, and the consequences for global financial institutions.</p><!--/ Abstract__block -->\n<h3>Design/methodology/approach</h3>\n<p>The methodology is qualitative, drawing upon several sources. Firstly, differences in interpretation regarding the economic and moral responsibilities of financial institutions in Islamic and secular contexts. Secondly, contrasting tenets of schools of Islamic jurisprudence regarding the permissibility of products traded intra Muslim markets. Thirdly, characteristics of complex financial instruments traded in global secular markets prior to the credit crisis of 2007–2008.</p><!--/ Abstract__block -->\n<h3>Findings</h3>\n<p>Differences between Islamic and global secular interpretations regarding responsibilities of financial institutions militate against integrated markets across which products can be seamlessly traded. Global financial institutions should recognise that different Islamic schools of jurisprudence prioritise either legal form or substance of financial products, but not both simultaneously. This should be considered when designing new products for regional Muslim markets.</p><!--/ Abstract__block -->\n<h3>Practical implications</h3>\n<p>Global financial institutions which focus upon the legal (micro) form of new Islamic products should relate in investor prospectuses and marketing materials the extent to which these accommodate Islamic jurisprudence’s equal (macro) concern for public interest or <em>maslahah</em>. This may comprise the reallocation of risk from those unable to bear it to those willing to assume it for a price, reinforcing rather than compromising economic stability.</p><!--/ Abstract__block -->\n<h3>Originality/value</h3>\n<p>This study evaluates implications for product development and marketing for global financial institutions active in regional Muslim markets across which different Islamic schools of jurisprudence apply.</p><!--/ Abstract__block -->","PeriodicalId":45060,"journal":{"name":"Qualitative Research in financial Markets","volume":null,"pages":null},"PeriodicalIF":1.9000,"publicationDate":"2024-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Financial innovation intra Muslim capital markets and inter global counterparts: implications of differences\",\"authors\":\"Simon D. Norton\",\"doi\":\"10.1108/qrfm-04-2023-0088\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<h3>Purpose</h3>\\n<p>This study aims to investigate the implications for financial innovation and product development of differences between schools of jurisprudence (<em>fiqh</em>) pertaining across regional Muslim markets, and the consequences for global financial institutions.</p><!--/ Abstract__block -->\\n<h3>Design/methodology/approach</h3>\\n<p>The methodology is qualitative, drawing upon several sources. Firstly, differences in interpretation regarding the economic and moral responsibilities of financial institutions in Islamic and secular contexts. Secondly, contrasting tenets of schools of Islamic jurisprudence regarding the permissibility of products traded intra Muslim markets. Thirdly, characteristics of complex financial instruments traded in global secular markets prior to the credit crisis of 2007–2008.</p><!--/ Abstract__block -->\\n<h3>Findings</h3>\\n<p>Differences between Islamic and global secular interpretations regarding responsibilities of financial institutions militate against integrated markets across which products can be seamlessly traded. Global financial institutions should recognise that different Islamic schools of jurisprudence prioritise either legal form or substance of financial products, but not both simultaneously. This should be considered when designing new products for regional Muslim markets.</p><!--/ Abstract__block -->\\n<h3>Practical implications</h3>\\n<p>Global financial institutions which focus upon the legal (micro) form of new Islamic products should relate in investor prospectuses and marketing materials the extent to which these accommodate Islamic jurisprudence’s equal (macro) concern for public interest or <em>maslahah</em>. This may comprise the reallocation of risk from those unable to bear it to those willing to assume it for a price, reinforcing rather than compromising economic stability.</p><!--/ Abstract__block -->\\n<h3>Originality/value</h3>\\n<p>This study evaluates implications for product development and marketing for global financial institutions active in regional Muslim markets across which different Islamic schools of jurisprudence apply.</p><!--/ Abstract__block -->\",\"PeriodicalId\":45060,\"journal\":{\"name\":\"Qualitative Research in financial Markets\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":1.9000,\"publicationDate\":\"2024-05-09\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Qualitative Research in financial Markets\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1108/qrfm-04-2023-0088\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Qualitative Research in financial Markets","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1108/qrfm-04-2023-0088","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Financial innovation intra Muslim capital markets and inter global counterparts: implications of differences
Purpose
This study aims to investigate the implications for financial innovation and product development of differences between schools of jurisprudence (fiqh) pertaining across regional Muslim markets, and the consequences for global financial institutions.
Design/methodology/approach
The methodology is qualitative, drawing upon several sources. Firstly, differences in interpretation regarding the economic and moral responsibilities of financial institutions in Islamic and secular contexts. Secondly, contrasting tenets of schools of Islamic jurisprudence regarding the permissibility of products traded intra Muslim markets. Thirdly, characteristics of complex financial instruments traded in global secular markets prior to the credit crisis of 2007–2008.
Findings
Differences between Islamic and global secular interpretations regarding responsibilities of financial institutions militate against integrated markets across which products can be seamlessly traded. Global financial institutions should recognise that different Islamic schools of jurisprudence prioritise either legal form or substance of financial products, but not both simultaneously. This should be considered when designing new products for regional Muslim markets.
Practical implications
Global financial institutions which focus upon the legal (micro) form of new Islamic products should relate in investor prospectuses and marketing materials the extent to which these accommodate Islamic jurisprudence’s equal (macro) concern for public interest or maslahah. This may comprise the reallocation of risk from those unable to bear it to those willing to assume it for a price, reinforcing rather than compromising economic stability.
Originality/value
This study evaluates implications for product development and marketing for global financial institutions active in regional Muslim markets across which different Islamic schools of jurisprudence apply.
期刊介绍:
Qualitative Research in Financial Markets is the only peer-reviewed journal dedicated to exploring the rapidly-growing area of research activity in finance that uses qualitative methods. Building on a long pedigree of finance research, the journal publishes international and innovative analyses and novel insights into financial markets worldwide