Muhammad Ziaurrahman | INCEIF (Intern. Centre for Edu. in Islamic Finance) (original) (raw)

Papers by Muhammad Ziaurrahman

The question whether financial development leads to economic growth is the interest of many studi... more The question whether financial development leads to economic growth is the interest of many studies which have very crucial policy implications. However, there exist conflicting results as to which variable (financial development/economic growth) is causing whom. The purpose of this paper is to predict whether the financial sector development leads to economic growth. India has been taken as an investigation case because, to the best of our knowledge, India has never been the interest of this kind of study by applying time series techniques such as Autoregressive distributed lags (ARDL) and VECM methods for the period as recent as from 1960 up until 2013. This study found that there is a long run (co-integration) relationship between economic growth and financial sector development as experienced by India. The study observed causal relationship from financial sector development to economic boom i.e. financial market is found exogenous (leader) while economic growth is endogenous (follower). From the policy point of view, the study suggests that if government wants to enhance economic growth, it can do so by reformations in financial sector. Hence, India should consider financial sector as the policy variable (because of its exogenous nature) to bring reformations that will boost economic growth.

مجلة بيت المشورة, 2019

Islam advocates the protection of all types of Rights. However, each and every type of Right is n... more Islam advocates the protection of all types of Rights. However, each and every type of Right is not directly regulated by Shari’ah (Islamic Law) while the principles of Shari’ah can be construed to provide support for such regulation and protection. To the best of our knowledge, there is no such paper which efficiently talks about the tradable and non-tradable Rights from Islamic Law of Contracts Perspective as such that it provides a framework to evaluate different types of Rights for their permissibility of being subject matter of contract. This paper attempts to address this issue by using library research method (Qualitative Assessment) whereby, data is collected from books, articles, etc. Inductive and deductive methods are used for formulation of arguments and for providing justifications. The findings of this study suggest that not every Right shall be considered subject matter of contract. Furthermore, there are Rights that are specifically granted to the holder and they are...

The question whether financial development leads to economic growth is the interest of many studi... more The question whether financial development leads to economic growth is the interest of many studies which have very crucial policy implications. However, there exist conflicting results as to which variable (financial development/economic growth) is causing whom.
The purpose of this paper is to predict whether the financial sector development leads to economic growth. India has been taken as
an investigation case because, to the best of our knowledge, India has never been the interest of this kind of study by applying time series techniques such as Autoregressive distributed lags (ARDL) and VECM methods for the period as recent as from 1960 up until 2013. This study found that there is a long run (co-integration) relationship between economic growth and financial sector development as experienced by India. The study observed causal relationship from financial sector development to economic boom i.e. financial market is found exogenous (leader) while economic growth is endogenous
(follower). From the policy point of view, the study suggests that if government wants to enhance economic growth, it can do so by reformations in financial sector. Hence, India should consider financial sector as the policy variable (because of its exogenous nature) to bring reformations that will boost economic growth.

Keywords: economic growth, financial market, ARDL, India

IN this paper the writer has lighten on popularity of Murabaha, reasons for popularity and its cr... more IN this paper the writer has lighten on popularity of Murabaha, reasons for popularity and its criticism.

Drafts by Muhammad Ziaurrahman

After a long and politically motivated period of resistance against the introduction of an Islami... more After a long and politically motivated period of resistance against the introduction of an Islamic finance regulation framework in India, the country is now finally opening up to join the global Islamic finance club. The Reserve Bank of India, the country’s central bank, made a proposal in its annual report issued two weeks ago to introduce such a framework. The move came after former governor Raghuram Rajan handed over the reins to economist Urjit Patel who is said to have a more inclusive approach towards the banking sector in India.

The question whether financial development leads to economic growth is the interest of many studi... more The question whether financial development leads to economic growth is the interest of many studies which have very crucial policy implications. However, there exist conflicting results as to which variable (financial development/economic growth) is causing whom. The purpose of this paper is to predict whether the financial sector development leads to economic growth. India has been taken as an investigation case because, to the best of our knowledge, India has never been the interest of this kind of study by applying time series techniques such as Autoregressive distributed lags (ARDL) and VECM methods for the period as recent as from 1960 up until 2013. This study found that there is a long run (co-integration) relationship between economic growth and financial sector development as experienced by India. The study observed causal relationship from financial sector development to economic boom i.e. financial market is found exogenous (leader) while economic growth is endogenous (follower). From the policy point of view, the study suggests that if government wants to enhance economic growth, it can do so by reformations in financial sector. Hence, India should consider financial sector as the policy variable (because of its exogenous nature) to bring reformations that will boost economic growth.

مجلة بيت المشورة, 2019

Islam advocates the protection of all types of Rights. However, each and every type of Right is n... more Islam advocates the protection of all types of Rights. However, each and every type of Right is not directly regulated by Shari’ah (Islamic Law) while the principles of Shari’ah can be construed to provide support for such regulation and protection. To the best of our knowledge, there is no such paper which efficiently talks about the tradable and non-tradable Rights from Islamic Law of Contracts Perspective as such that it provides a framework to evaluate different types of Rights for their permissibility of being subject matter of contract. This paper attempts to address this issue by using library research method (Qualitative Assessment) whereby, data is collected from books, articles, etc. Inductive and deductive methods are used for formulation of arguments and for providing justifications. The findings of this study suggest that not every Right shall be considered subject matter of contract. Furthermore, there are Rights that are specifically granted to the holder and they are...

The question whether financial development leads to economic growth is the interest of many studi... more The question whether financial development leads to economic growth is the interest of many studies which have very crucial policy implications. However, there exist conflicting results as to which variable (financial development/economic growth) is causing whom.
The purpose of this paper is to predict whether the financial sector development leads to economic growth. India has been taken as
an investigation case because, to the best of our knowledge, India has never been the interest of this kind of study by applying time series techniques such as Autoregressive distributed lags (ARDL) and VECM methods for the period as recent as from 1960 up until 2013. This study found that there is a long run (co-integration) relationship between economic growth and financial sector development as experienced by India. The study observed causal relationship from financial sector development to economic boom i.e. financial market is found exogenous (leader) while economic growth is endogenous
(follower). From the policy point of view, the study suggests that if government wants to enhance economic growth, it can do so by reformations in financial sector. Hence, India should consider financial sector as the policy variable (because of its exogenous nature) to bring reformations that will boost economic growth.

Keywords: economic growth, financial market, ARDL, India

IN this paper the writer has lighten on popularity of Murabaha, reasons for popularity and its cr... more IN this paper the writer has lighten on popularity of Murabaha, reasons for popularity and its criticism.

After a long and politically motivated period of resistance against the introduction of an Islami... more After a long and politically motivated period of resistance against the introduction of an Islamic finance regulation framework in India, the country is now finally opening up to join the global Islamic finance club. The Reserve Bank of India, the country’s central bank, made a proposal in its annual report issued two weeks ago to introduce such a framework. The move came after former governor Raghuram Rajan handed over the reins to economist Urjit Patel who is said to have a more inclusive approach towards the banking sector in India.