In an Islamic financial system, interest is replaced by a profit-sharing system in which risks are shared between lenders and borrowers. Concerns have been expressed that in such a system investment will decline. This paper formulates investment behavior in a profit-sharing system as a principal-agent problem and investigates the relevant issues under conditions of uncertainty and moral hazard. A major conclusion of the paper is that the assertion...
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DETALHES
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1986/11/01
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Documento de trabalho departamental
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DRD205
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1
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1
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2013/06/05
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Disclosed
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Optimal profit sharing contracts and investment in an interest-free Islamic economy
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moral hazard
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