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Can an Islamic Model of Housing Finance Cooperative Elevate the Economic Status of the Underprivileged?

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  • M. Shahid Ebrahim

Abstract

A formal home loan is onerous to subprime borrowers in efficient markets. This can deter homeownership for financially strapped individuals, leading to a market failure. This paper proposes a special form of cooperative mortgage financing (practiced in Oman) to overcome this market failure. We integrate the literature of Mortgage Design with that of informal savings schemes (i.e., ROSCAs/ ASCRAs) to illustrate that this mode of financing dissipates credit risk better than the formal mode of financing. It is also resilient to volatility of interest rates and allows prepayments without any additional charges. Finally, we verify the assertions of Besley et al. (1994), and Hart and Moore (1998) that cooperative mortgages are to formal mortgages in special cases.

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  • M. Shahid Ebrahim, 2009. "Can an Islamic Model of Housing Finance Cooperative Elevate the Economic Status of the Underprivileged?," Post-Print hal-00723634, HAL.
    • Handle: RePEc:hal:journl:hal-00723634
    DOI: 10.1016/j.jebo.2009.08.002
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    2. Abderraouf Ben Ahmed Mtiraoui & Feriel Gabsi, 2018. "Finance Between Islamic Ethics, Conventional Reality and Economic Growth in the MENA Region [La finance entre l’éthique islamique, la réalité conventionnelle et croissance économique dans la région," Post-Print hal-02554666, HAL.
    3. Ashraf, Dawood & Rizwan, Muhammad Suhail & Ahmad, Ghufran, 2022. "Islamic equity investments and the COVID-19 pandemic," Pacific-Basin Finance Journal, Elsevier, vol. 73(C).
    4. Rafal M. Wojakowski & M. Shahid Ebrahim & Aziz Jaafar & Murizah Osman Salleh, 2019. "Can Loan Valuation Adjustment (LVA) approach immunize collateralized debt from defaults?," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 28(2), pages 141-158, May.
    5. Ebrahim, M. Shahid & Jaafar, Aziz & Omar, Fatma A. & Salleh, Murizah Osman, 2016. "Can Islamic injunctions indemnify the structural flaws of securitized debt?," Journal of Corporate Finance, Elsevier, vol. 37(C), pages 271-286.
    6. Shaikh, Salman, 2014. "Alternate Proposal for Interest Free House Finance," MPRA Paper 53804, University Library of Munich, Germany.
    7. Abedifar, Pejman & Hasan, Iftekhar & Tarazi, Amine, 2016. "Finance-growth nexus and dual-banking systems: Relative importance of Islamic banks," Journal of Economic Behavior & Organization, Elsevier, vol. 132(S), pages 198-215.
    8. Abderraouf Ben Ahmed Mtiraoui, 2020. "Islamic financial development between investment and economic growth in the MENA region and The East Asia and the Pacific [Développement financier islamique entre l'investissement et la croissance ," Working Papers hal-02523154, HAL.
    9. Tasawar Nawaz, 2019. "Exploring the Nexus Between Human Capital, Corporate Governance and Performance: Evidence from Islamic Banks," Journal of Business Ethics, Springer, vol. 157(2), pages 567-587, June.
    10. Abderraouf Ben Ahmed Mtiraoui, 2020. "Gouvernance, Finance islamique et Croissance Economique dans Quelques Nations Islamiques," Working Papers hal-02523656, HAL.
    11. Murizah Osman Salleh & Aziz Jaafar & M. Shahid Ebrahim, 2012. "Can an interest-free credit facility be more efficient than a usurious payday loan?," Working Papers 12008, Bangor Business School, Prifysgol Bangor University (Cymru / Wales).
    12. Pejman Abedifar & Shahid M. Ebrahim & Philip Molyneux & Amine Tarazi, 2015. "Islamic Banking And Finance: Recent Empirical Literature And Directions For Future Research," Journal of Economic Surveys, Wiley Blackwell, vol. 29(4), pages 637-670, September.
    13. Mtiraoui, Abderraouf & GABSI, Feriel, 2018. "La finance entre l’éthique islamique, la réalité conventionnelle et croissance économique dans la région MENA [Finance Between Islamic Ethics, Conventional Reality and Economic Growth in the MENA R," MPRA Paper 88251, University Library of Munich, Germany.

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    More about this item

    Keywords

    C63 (Computational Techniques); I31 (Welfare and Poverty Basic Needs); O17 (Formal and Informal Sectors; Institutional Arrangements); P13 (Cooperative Enterprises); ASCRA; Asset Bubble; Mutual Bank; Inflation; Mortgage Design; and ROSCA; G21 (Banks; Mortgages); G32 (Financing Policy; Capital and Ownership Structures);
    All these keywords.

    JEL classification:

    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • N25 - Economic History - - Financial Markets and Institutions - - - Asia including Middle East
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
    • P13 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Cooperative Enterprises
    • R22 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Other Demand

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