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  • Religion, Ethics and stock trading: The case of an islamic equities market

    Author(s)
    Naughton, Anthony
    Griffith University Author(s)
    Naughton, Anthony JS.
    Naughton, Shahnaz
    Year published
    2000
    Metadata
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    Abstract
    Islamic banking, based on the prohibition of interest, is well established throughout the Muslim world. Attention has now turned towards applying Islamic principles in equity markets. The search for alternatives to Western style markets has been given added impetus in Muslim countries by the turmoil in Asian financial markets in 1997. Common stocks are a legitimate form of instrument in Islam, but many of the practices associated with stock trading are not. In this paper the instruments traded and the structure and practices of stock markets are examined from an Islamic perspective. Speculation is not acceptable in Islam and ...
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    Islamic banking, based on the prohibition of interest, is well established throughout the Muslim world. Attention has now turned towards applying Islamic principles in equity markets. The search for alternatives to Western style markets has been given added impetus in Muslim countries by the turmoil in Asian financial markets in 1997. Common stocks are a legitimate form of instrument in Islam, but many of the practices associated with stock trading are not. In this paper the instruments traded and the structure and practices of stock markets are examined from an Islamic perspective. Speculation is not acceptable in Islam and measures would have to be taken to control speculative trading. In addition short selling and margin trading are severely restricted. The use of stock index and equity futures and options are also unlikely to be acceptable within an Islamic market. Regulatory authorities in Muslim countries will therefore find a vast array of problems in attempting to structure a trading system that will be acceptable.
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    Journal Title
    Journal of Business Ethics
    Volume
    23
    DOI
    https://doi.org/10.1023/A:1006161616855
    Subject
    Business and Management
    Marketing
    Applied Ethics
    Publication URI
    http://hdl.handle.net/10072/3434
    Collection
    • Journal articles

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