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In the Last decade, the Islamic Finance market has grown significantly, and attracted several investors. However, the profitability of Islamic financial products remains one of the main concerns of portfolio managers as well as investors. Among the products that are mostly offered by the Islamic banks is the Murabaha in which return can not only be known but also guaranteed owing to the low efforts and costs invested. Indeed, the profit margin has a great importance in the elaboration of the Murabaha contract, and stands out as one of the main components of profitability from a commercial viewpoint. In this article, we propose a new approach to estimate the profit margin of Murabaha using the stochastic process and portfolio techniques. The aim is to determine an interval allowing Islamic banks to anticipate and check their profit margin in order to ensure the profitability of the Murabaha investment. This research comes up with a model which describes the profit margin of the Murabaha investment with meaningful benchmarks that inform the bank on the eventual ROI (Return on Investment). | Journal of Applied Finance Banking vol. 7 no. 5 2017 49-61 ISSN 1792-6580 print version 1792-6599 online Scienpress Ltd 2017 Estimation of Murabaha Margin K. Chelhi1 M. El Hachloufi2 M. Aboulethar3 A. Eddaoui4 and A. Marzak5 Abstract In the Last decade the Islamic Finance market has grown significantly and attracted several investors. However the profitability of Islamic financial products remains one of the main concerns of portfolio managers as well as investors. Among the products that are mostly offered by the Islamic banks is the Murabaha in which return can not only be known but also guaranteed owing to the low efforts and costs invested. Indeed the profit margin has a great importance in the elaboration of the Murabaha contract and stands out as one of the main components of profitability from a commercial viewpoint. In this article we propose a new approach to estimate the profit margin of Murabaha using the stochastic process and portfolio techniques. The aim is to determine an interval allowing Islamic banks to anticipate and check their profit margin in order to ensure the profitability of the Murabaha investment. This research comes up with a model which describes the profit margin of the Murabaha investment with meaningful benchmarks that inform the bank on the eventual ROI Return on Investment . JEL classification numbers E22 Keywords Islamic banks Murabaha Portfolio Profit margin of Murabaha Stochastic process 1 Introduction Islamic finance has rapidly gained worldwide renown. The number of Islamic financial institutions has increased considerably around the world. The Moroccan authorities have recently reached an important stage in the process of adopting Islamic finance through issuing a law defining the framework regulations and arrangements that outline and frame the activities of Islamic banks in Morocco. However financial risk remains a major concern 1Faculty of Sciences Ben M Sik - University Hassan II. 2Faculty of Law Economics Ain Sebaâ - .