Handbook of Empirical Research on Islam and Economic Life
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Handbook of Empirical Research on Islam and Economic Life

Edited by M. Kabir Hassan

In Islamic jurisprudence, a comprehensive ethic has been formulated governing how business and commerce should be run, how accountability to God and the community is to be achieved, and how banking and finance is to be arranged. This Handbook examines how well these values are translated into actual performance. It explores whether those holding true to the system are hindered and put at a disadvantage or whether the Islamic institutions have been able to demonstrate that faith-based activities can be rewarding, both economically and spiritually.
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Chapter 6: The social and cultural impact on firms’ access to finance in an Islamic environment

Charilaos Mertzanis


In this chapter, the focus is on the extent to which firms in a sample of Islamic countries face obstacles to accessing finance. Specifically, the chapter provides an account of the determinants of firms’ access to finance in the sample of Islamic countries. A set of firm-level survey data, based on private sector firm responses, is used to analyse the impact of firm-level and country-specific factors on the extent to which firms in the sample of Islamic countries face constraints to finance. Further, the analysis introduces country-level factors and examines the impact of those factors at different levels of economic, financial, institutional and human development of the sample countries. The results suggest that certain firm characteristics, such as age, size and foreign ownership, predict financing constraints, while others, such as sectoral activity (that is, manufacturing), external audit of accounts, government ownership and internal funds-based investment have predictive power that varies along different institutional conditions and in accordance with the model specification.

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