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Alternative Finance : What Are the Advantages? Rosette Khalil

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Alternative Finance : What Are the Advantages? Rosette Khalil Alternative finance : what are the advantages? Rosette Khalil To cite this version: Rosette Khalil. Alternative finance : what are the advantages?. Economics and Finance. Université de Pau et des Pays de l’Adour, 2021. English. NNT : 2021PAUU2090. tel-03223089 HAL Id: tel-03223089 https://tel.archives-ouvertes.fr/tel-03223089 Submitted on 10 May 2021 HAL is a multi-disciplinary open access L’archive ouverte pluridisciplinaire HAL, est archive for the deposit and dissemination of sci- destinée au dépôt et à la diffusion de documents entific research documents, whether they are pub- scientifiques de niveau recherche, publiés ou non, lished or not. The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad, or from public or private research centers. publics ou privés. Alternative Finance: What are the advantages? Thesis submitted for assessment with a view to obtaining the Doctoral degree in Economics By Ms. Rosette Khalil JURY MEMBERS: Mr. Jamal Bouoiyour, Associate Professor at University of Pau Thesis director Mr. Alain Alcouffe, Professor at University of Toulouse 1-Capitole Referee Mr. Jean-Michel Uhaledeborde, Professor at University of Pau Examinator Mr. Olivier Hueber, Associate Professor at Université Côte d'Azur Examinator Ms. Rosella Nicolini, Professor at Autonomous University of Barcelona Referee 1 1 Table of Contents General introduction .......................................................................................... 8 First Chapter: Development of Islamic Banks: Evolution and Characteristics ..... 19 1. The appearance of Islamic Finance and its spread in the world ................... 20 1.1. Birth and evolution of Islamic banks ........................................................ 20 1.1.1. Islamic Finance in Muslim countries ................................................................................... 23 1.1.2. Islamic Banks in the GCC Countries ..................................................................................... 25 1.1.3. The evolution of Islamic finance in the non-Muslim world ................................................. 27 2. Islamic financial instruments ...................................................................... 32 2.1. Participatory financing tools: “Mucharakah” ........................................... 32 2.2. Working capital financing and liquidity management: “Murabahah”, “Istisna'a” and ”Bai' Al Salam” ......................................................................... 33 2.3. Asset financing tool: “Ijara” .................................................................... 36 2.4. “Mudaraba” ............................................................................................ 38 2.5. Fixed income investment: “Sukuks” .......................................................... 38 2.6. The Takaful .............................................................................................. 41 3. The basics of Islamic finance ...................................................................... 41 4. Conclusion .................................................................................................. 43 Second Chapter: Measuring the Productive Efficiency of Islamic Banks operating in the GCC Region…………………………………………………………………………………………...45 1. Introduction ................................................................................................ 46 2. A Brief Literature review ............................................................................. 48 3. The Methods of Measuring Productive Efficiency........................................ 51 3.1. The parametric frontier ........................................................................... 51 3.1.1. The stochastic cost frontier ................................................................................................. 51 3.1.2. The Model of Battese and Coelli (1992, 1995) .................................................................... 53 3.2. The non-parametric frontier: Data Envelopment Method (DEA) ............... 55 2 2 4. Empirical results ......................................................................................... 59 4.1. Descriptive Statistics ............................................................................... 59 4.2. Calculation of efficiency scores ................................................................ 61 4.3. The effects of explanatory financial performance variables on the efficiency of Islamic banks operating in the GCC region .................................... 66 4.4. Robustness Test ...................................................................................... 70 4.4.1. The output-oriented DEA model ............................................................................................... 70 4.4.2. Amendment to the distribution of inefficiency ......................................................................... 70 5. Conclusion ................................................................................................. 76 Third Chapter: Bitcoin and Islamic Global Stock Markets: Complements or Substitutes?......................................................................................................78 1. Introduction ................................................................................................ 79 2. Some stylized facts and Literature review ................................................... 83 2.1. Money in Islam ........................................................................................ 83 2.2. Bitcoin from Shariah angle ....................................................................... 85 3. Methodology, data and descriptive statistics ............................................... 88 3.1. Methodology ........................................................................................... 88 3.1.1. Component GARCH model ........................................................................................................ 89 3.1.2. The Markov Switching regime model ........................................................................................ 91 3.2. Data and descriptive statistics ................................................................. 93 4. Empirical results ....................................................................................... 100 4.1. Component GARCH (1,1) model results .................................................. 100 4.2. Markov Switching regime results ........................................................... 106 4.3. Robustness checks. ................................................................................. 113 4.3.1. Volatility .................................................................................................................................. 114 4.3.2. Relationship between Bitcoin and Islamic stock market indices for a restricted period ..... 117 5. Conclusion ................................................................................................. 118 3 3 Chapter four: Islamic and Sustainable Finance: Complements or Substitutes?122 1. Introduction .............................................................................................. 123 2. Some insights about the SRI ...................................................................... 128 2.1. A brief history of Socially Responsible Investment and its global expansion ……………………………………………………………………………………………………..128 2.2 . Social Responsibility and Maqasid Al Shariah ........................................ 132 3. Methodology, data and descriptive statistics ............................................ 134 3.1. The autoregressive distributed lag (ARDL) model ................................... 134 3.2. Unconditional Causality Tests ................................................................. 136 3.3. Conditional causality: Breitung and Candelon spectral Granger causality……. .................................................................... …………………………….140 4. Data and descriptive statistics ................................................................... 142 4.1. Preliminary results ................................................................................. 142 4.2. ARDL Analysis Results ........................................................................... 149 4.3. Unconditional Causality Analysis ........................................................... 157 4.4. Robustness checks: Conditional Causality Analysis ................................. 162 5. Conclusion ................................................................................................ 167 General Conclusions…………………………………………………………………….……………….170 References……………………………………………………………………………………………………194 List of Figures Figure 1. The main standards of AAOIF ...................................................................................................... 21 Figure 2. Emergence of Islamic Finance in Muslim and non-Muslim countries ......................................... 23 Figure 3. The three types of capital in the "Mucharakah" contract ........................................................... 33 Figure 4. Description of "Ijara"transaction ................................................................................................. 37 Figure 5. Residuals of Shariah indices and Bitcoin …………………………………………………..…………..……… ….97 4 4 Figure 6. Normality Test of Shariah indices and
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