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

Abstract

This paper was refined during my sabbatical study at James Madison University (JMU). I appreciate the hospitality of JMU particularly that of Ehsan Ahmed. I have benefited from the critical comments of the participants of the seminars at James Madison University; University of Birmingham; University of Glasgow; the 2006 Conference on Computing in Economics and Finance (in Cyprus); the 2007 IIUM International Conference (in Malaysia); at the 2007 Workshop on Default Risk and Financial Distress (in Rennes, France), the 2007 Product Development and Management Association Conference (in Bangalore, India); the 2008 International Conference on Business and Finance (in Hyderabad, India); the 2008 International AREUEA Conference (in Istanbul, Turkey); the 2008 Workshop of European Network of the Economics of Religion (in Edinburgh, UK); and the 2008 Symposium on Religion, Markets and Society (in Nottingham, UK) on earlier drafts of the paper. I am also grateful to the following individuals for their helpful suggestions: Bruce Brunton, Humayon Dar, Mohammad Omar Farooq, Diana Mitlin, Kelly Morris, Peter Oliver, Barkley Rosser, Peer Smets, Ghulam Sorwar, Rafal Wojakowski and Robert Young. All remaining errors are mine.ASCRA, Asset Bubble, Mutual Bank, Inflation, Mortgage Design,and ROSCA.