Religion, Finance and Ethics: Islamic and conventional perspectives on shared principles, practices, and financial institutions and instruments

  • Mews, Constant (Primary Chief Investigator (PCI))
  • Ariff, Mohamed (Chief Investigator (CI))
  • Saeed, Abdullah (Chief Investigator (CI))
  • Skully, Michael (Chief Investigator (CI))
  • Bakar, Daud (Partner Investigator (PI))
  • Ghouse, Abdul (Partner Investigator (PI))

Project: Research

Project Description

This project explores common ground in the practices and ethical principles underpinning Islamic and conventional Western financial systems. The Islamic prohibition on interest (riba) needs to be related to the traditional hostility of Christianity and other religions towards usury and predatory lending. We shall study the history, evolution and performance of Islamic and conventional Western finance in order to develop compatible products, services and institutional regulatory structures within both Australian and global financial industries. We investigate how risk sharing enables both lender and borrower to gain rewards, and the potential for adapting principles, practices and instruments across both Islamic and conventional finance.
StatusFinished
Effective start/end date4/05/0731/03/12

Funding

  • Australian Research Council (ARC): AUD53,720.00
  • Australian Research Council (ARC): AUD75,354.00
  • Australian Research Council (ARC): AUD28,926.00
  • Australian Research Council (ARC)
  • Australian Research Council (ARC): AUD75,354.00
  • MacPherson + Kelley lawyers: AUD15,000.00
  • Australian Financial Investment Group Ltd: AUD15,000.00
  • Muslim Community Co-Operative (Australia) Ltd: AUD24,000.00
  • Amanie Business Solutions Sdn. Bhd: AUD6,000.00
  • Australian Research Council (ARC)