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Fair Profit Sharing Ratios of Islamic Investment Contracts | ||
| Journal of Mathematics and Modeling in Finance | ||
| دوره 6، شماره 2، مهر 2026، صفحه 211-240 اصل مقاله (602.07 K) | ||
| نوع مقاله: Research Article | ||
| شناسه دیجیتال (DOI): 10.22054/jmmf.2026.90083.1245 | ||
| نویسنده | ||
| Abass Sagna* | ||
| ENSIIE & labouratoire de Math´ematiques et Mod´elisation d’Evry (LaMME), Universit´e ´ Evry Paris Saclay, UMR CNRS8071, 23 Boulevard de France, 91037 Evry | ||
| چکیده | ||
| The aim of this work is to calculate the fair profit-sharing ratios and the expected payoffs at maturity for each partner in islamic investment contrats (or instruments), based on profit and loss-sharing (PL-sharing). These investment contracts, known as mudarabah and musharakah, can be compared to limited partnerships and joint ventures (including all types of venture, such as joint-stock companies, partnerships, etc) in conventional finance. To compute these quantities, we introduce the notion of c-fair profit-sharing ratios, where c =(c1,...,cd) ∈ (R⋆)d and d is the number of partners. This constitutes an equilibrium approach that accounts for the contributions of the contracting parties in terms of both capital and labour. We show that the c-fair profit-sharing ratio of each partner is the sum of their contributions to capital and labour, weighted by some economic factors that we identify as investment risk and opportunity respectively. We deduce that, in the c-fair model, the expected investment profit is distributed among the contracts partners according to the shares ϖℓ = cℓ /(c1 + ... + cd), that correspond to their respective contribution weights to the venture’s overall success. We extend these results to mixed contract that combine one or both previous contracts with an agency (known as wakalah) contract. | ||
| کلیدواژهها | ||
| Islamic Finance؛ Mudarabah؛ Musharakah؛ Wakalah؛ Fair profit-sharing ratios | ||
| مراجع | ||
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[1] AAOIFI: The Accounting and Auditing Organization for Islamic Financial Institutions, Sharia’ah Standards, 2015. [2] I. Abdeljawad, M. Rashid, T. Mari, and D. Salameh, Challenges and solutions for Mudarabah financing: an exploratory study of Islamic banks in Palestine, Journal of Banking Regulation, 26, 958-971, 2025. [3] H. Askari, I. Zamir, and A. Mirakhor, Introduction to Islamic Economics - Theory and Application, Wiley Finance series, Singapore, 2015. [4] M. Ayub, Understanding Islamic Finance, Wiley, 2007. [5] O. I. Bacha, Adapting Mudarabah (profit sharing) Financing to Contemporary Realities: A Proposed Financing Structure, Munich Personal RePEc Archieve, 1997. [6] T. Bengarai, Comprendre la Finance Islamique: Principes, Pratiques et Ethique, Les deux Orients, 2012. [7] G. Causse-Broquet, La finance islamique, La Revue Banque, 2012. [8] T. Demirtaş, Evaluation of Musharakah Financing, Standards, Country Cases, Major Obstacles and Solutions - A Study of Islamic Finance Partnership Methods, Modern Economy, 17(1), 1-13, 2026. [9] F. Guéranger, Finance islamique: une illustration de la finance éthique, Dunod, 2009. [10] Z. Iqbal, and A. Mirakhor, Introduction to Islamic Economics - Theory and Practice, Wiley, 2011. [11] S. Kunhibava, et al, Islamic Social Finance: law and Practice in Malaysia, Springer, 2024. [12] D. Lessy, Mod`eles mathématiques pour le microcr´edit et la finance islamique, PhD thesis, Université Côte d'Azur, France, 2021. [13] N. M. Sapuan, An Evolution of Mudarabah Contract: A Viewpoint From Classical and Contemporary Scholars, em Procedia Economics and Finance, 35, 249-358. 2016. | ||
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