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Conventional vs. Shariah stock indices: Volatility, Financial Contagion, Interest Rate Risk and Gold as Safe Haven
Hashmi, Osaid ; Kočenda, Evžen (advisor) ; Baxa, Jaromír (referee)
The thesis aims at the comparison of volatility between conventional stock indices and their Shariah counterparts. We study the time-varying volatility and correlation of both categories using GARCH models, during Global Financial Crisis and afterwards, from January 2008 to March 2017. We analyze the Global stock indices drilling down into their Developed and Emerging market segments, and study the U.S. market; considering U.S. as the origin of the crisis. Extending traditional approach, we study difference of time-varying volatility between conventional and Shariah indices, and thoroughly study its dynamic development during the study period. Employing DCC-GARCH, we investigate the financial contagion within markets and find Shariah indices to be significantly affected by it. We find Shariah stocks to be less risky and a diversification opportunity during crisis, but based on market; unlike other markets, Shariah stocks are more volatile in Emerging markets. We also examine correlations of stock indices with interest rates and analyze the role of gold as a safe-haven for Shariah investors. We observe Shariah indices to be having correlation with interest rates similar to that of conventional indices, hence exposed to interest rate risk. Finally, we find that gold is less correlated to Shariah...
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Regulation of financial markets: Islam vs. conventional financial systems
Valachová, Sára ; Urban, Jan (advisor) ; Borkovec, Aleš (referee)
v anglickém jazyce This theses deals with the nature of Islamic banks and their products in the context of the regulation of financial markets and banking. Islamic banking can be understood as a banking activity that is consistent with sharia - Islamic law. Despite considerable obstacles that Islamic banking has faced in the past, it now occupies a significant and growing portion of the global financial system. In the first part, I will introduce the principles of Islamic law, on which Islamic banking is built, along with the key principles of Islamic finance. Special attention is also paid to the recent history of Islamic banking. Following is a section dealing with selected banking products offered by Islamic banks, whose understanding is crucial for the comprehension of the specific challenges that Islamic banks are facing. The second part is devoted to the issues of regulation of Islamic banks. Firstly, an overview of international regulatory institutions operating in the field of Islamic finance is given and I further explore the question of the impact of Basel III measures on Islamic banks. Due to its nature, Islamic banks are in need of further internal and external audit which examines compliance of their activities with Islamic law. This work is carried out by Sharia Supervisory Boards...
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Coexistence of Conventional and Islamic Banking: The Impact on Growth and Trade
Hawi, André ; Mejstřík, Michal (advisor) ; Pečená, Magda (referee)
This thesis aims at understanding the impact of Islamic banking development on economic growth and international trade in countries with a dual banking system. For this purpose we use a sample of twenty countries mainly from the Middle East, North Africa, and Southeast Asia during the time period from 1999 through 2014. We employ commonly used panel data estimators such as Pooled OLS and Fixed Effects, as well as the generalized method of moments (GMM) to address a possible endogeneity of the banking development indicators. Our findings show that on the one hand Islamic banking development in countries with a dual banking system hinders economic growth while on the other hand it boosts international trade. The study further discusses why Islamic banking might actually obstruct growth.
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Sharia Law, particularly Islamic banking, in relations with international elements
Hrdličková, Ivana ; Pauknerová, Monika (advisor) ; Dolanská Bányaiová, Lucie (referee) ; Zavadilová, Marta (referee)
Charles University in Prague Faculty of Law Abstract of the dissertation The title of the dissertation: Sharia Law, particularly Islamic banking, in relations with international elements Author: JUDr. Ivana Hrdličková Supervisor: Prof. JUDr. Monika Pauknerová, CSc., DSc. Prague, February 2012 Key words: Islamic finance, sharia, mudaraba, musharaka, murabaha, ijara, sharia compliant, international law, choice of law, contract, riba, gharar, maisir. The dissertation, Sharia law, particularly Islamic Banking in the relations with international elements, considers an actual topic and branch of islamic law. Neither islam nor islamic law is a legal system applicable at any particular territory. However, legislation of the countries with majority of muslim population, is based, more or less, on islamic law. Whereas due to migration and globalization, islamic law unavoidably interferes in international law. The legal regulation of international private law under the terms stipulated by the law leads to the use of foreign law. One can thus meet the legislation based on islamic law, including in the field of contract law. In commercial contracts, where the one side is from countries where islamic law is a source of legislation, may be the choice of law (in accordance with article 3 of Rome I), which form's the basis...
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Development of "halal" trade in the world
Machula, Lukáš ; Gullová, Soňa (advisor) ; Štemberk, Jan (referee)
The presented diploma thesis Development of "halal" trade in the world deals with the detailed analysis of this current socio-economic phenomenon. The thesis aims to provide the reader with a more detailed and comprehensive view of one of contemporary fastest growing markets in the world in general. Thanks to its unification, halal market is the only market in the world that transcends both religious as well as geographical and cultural boundaries. In this diploma thesis the development of the halal market in the world is viewed from the perspective of theoretical background and practical applications with a focus on the evaluation of the current trends. This diploma thesis presents a detailed picture on the dynamic development of halal food, cosmetics, textile, tourism industry and the field of Islamic finance. Geographically, the diploma thesis evaluates the development of halal trade in the three major regions of the world - North America, Europe and Southeast Asia. Author's subjective forecast of future development of halal market in the world is a part of the diploma thesis.
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Muslim communities in Europe and their impact on international trade
Machula, Lukáš ; Gullová, Soňa (advisor) ; Štemberk, Jan (referee)
The main aim of the presented Bachelor's thesis is to analyse the presence of Muslim communities in Europe and their impact on international trade. The first chapter deals with the basic characteristics of the Islamic religion and the historical development of its business activity. The second part pursues the issues of migration and migration trends of the Muslim community settled in Europe. Attention is also paid to the definition of a community as a social structure. The third part analyses the genesis of the Muslim population in Europe with focus on the socio-economic profile of Muslim communities in Great Britain, Germany and France. The fourth chapter describes the basic principles of Islamic finance. The fifth section deals with the development of the halal business in the European market. The final part of the Bachelor's thesis seeks to analyse the presence of Muslim minorities in Europe and their impact on international trade.
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