Islamic Finance, in the Age of Black Swans and Complexities, for a Multipolar World

Institutional determinants of FDI in Oman: Causality analysis framework

“…The present study results add further strength not only to its own hypotheses but also to the notions of the 'New Institutional Economics'. This could be supported by the augmented production function approach as put forward by Cowen andTabarrok (2011), Shaukat et al (2015), and Shaukat and Mirakhor (2017). The basic growth model 1 could explain the differences in economic development based on capital investment (FDI) and saving rates, while keeping labour growth constant, although it has failed to fully explain the great disparity in income level differences of individual countries.…”

“…Much more recent is the fourth notion that is based on the idea of a fresh line of economic thought known as the 'New Institutional Economics'-NIE. Based on NIE and Islamic Economic philosophies, Shaukat (2013) and Shaukat et al (2015) argue that the strength of the institutional arrangement in a country decided the trends and influenced the factors of economic growth, where FDI is one of those dependent factors (Shaukat & Mirakhor, 2017).…”

Operational Risk Management in Islamic Banking; a System Thinking Approach

“…In an environment where the whole economic system is based on interest, it is very difficult and challenging task. However, risk sharing which is the base of Islamic financial system has appeared as a substitute to conventional financial system of risk transfer in the era of black swans, difficulties and complications, for a multipolar world (El Tiby, 2011;Mirakhor & Smolo, 2014;Shaukat & Mirakhor, 2017).…”