Credit in the Structure of the Market Quotation of Financial Assets in Relation to the Islamic Financial Law

Abstract

The authors analyze the structure of the market quotation of financial assets and come to the conclusion that one of its components is a financial asset identical with a commercial credit. Hence, in terms of the Islamic financial system any financial asset is inappropriate for investment because its quotation contains elements of danism. The authors demonstrate a new approach to the structure of the Islamic infrastructure of exchange trading by financial assets, which would allow excluding elements unacceptable from the point of view of Sharia

Keywords: Islamic finance, Islamic banking, Riba, Gharar, Maisir

JEL Classification: G12, G14, F29, F30, E44