Can an Islamic model of housing finance cooperative elevate the economic status of the underprivileged?

Ebrahim, M. Shahid

[journal article]

dc.contributor.author	Ebrahim, M. Shahid	de
dc.date.accessioned	2012-08-12T03:51:00Z	de
dc.date.accessioned	2012-08-29T23:08:53Z
dc.date.available	2012-08-29T23:08:53Z
dc.date.issued	2009	de
dc.identifier.uri	http://www.ssoar.info/ssoar/handle/document/31440
dc.description.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 pareto-superior to formal mortgages in special cases.	en
dc.language	en	de
dc.subject.ddc	Wirtschaft	de
dc.subject.ddc	Economics	en
dc.subject.other	C63 (Computational Techniques); G21 (Banks – Mortgages); G32 (Financing Policy – Capital and Ownership Structures); I31 (Welfare and Poverty); O17 (Formal and Informal Sectors; Institutional Arrangements); P13 (Cooperative Enterprises); ASCRA; Asset Bubble; Mutual Bank; Mortgage Design; ROSCA
dc.title	Can an Islamic model of housing finance cooperative elevate the economic status of the underprivileged?	en
dc.description.review	begutachtet (peer reviewed)	de
dc.description.review	peer reviewed	en
dc.source.journal	Journal of Economic Behavior & Organization	de
dc.source.volume	72	de
dc.publisher.country	NLD
dc.source.issue	3	de
dc.subject.classoz	Political Economy	en
dc.subject.classoz	Volkswirtschaftslehre	de
dc.subject.thesoz	Inflation	de
dc.subject.thesoz	inflation	en
dc.identifier.urn	urn:nbn:de:0168-ssoar-314407	de
dc.date.modified	2012-08-13T11:56:00Z	de
dc.rights.licence	PEER Licence Agreement (applicable only to documents from PEER project)	de
dc.rights.licence	PEER Licence Agreement (applicable only to documents from PEER project)	en
ssoar.gesis.collection	SOLIS;ADIS	de
ssoar.contributor.institution	http://www.peerproject.eu/	de
internal.status	3	de
internal.identifier.thesoz	10040627
dc.type.stock	article	de
dc.type.document	journal article	en
dc.type.document	Zeitschriftenartikel	de
dc.rights.copyright	f	de
dc.source.pageinfo	864–883
internal.identifier.classoz	1090300
internal.identifier.journal	196	de
internal.identifier.document	32
internal.identifier.ddc	330
dc.identifier.doi	https://doi.org/10.1016/j.jebo.2009.08.002	de
dc.description.pubstatus	Postprint	en
dc.description.pubstatus	Postprint	de
internal.identifier.licence	7
internal.identifier.pubstatus	2
internal.identifier.review	1
internal.check.abstractlanguageharmonizer	CERTAIN
internal.check.languageharmonizer	CERTAIN_RETAINED

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Volkswirtschaftslehre (allgemein)
Political Economy (general)

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