By Abbas Mirakhor
ISBN-10: 111877969X
ISBN-13: 9781118779699
A special primer on quantitative equipment as utilized to Islamic finance
Introductory arithmetic and data for Islamic Finance + site is a finished advisor to quantitative equipment, in particular as utilized in the realm of Islamic finance. With functions in accordance with learn, the publication offers readers with the operating wisdom of math and information required to appreciate Islamic finance thought and perform. the various labored examples supply scholars with a number of backgrounds a uniform set of universal instruments for learning Islamic finance.
The in-depth examine of finance calls for a powerful starting place in quantitative equipment. with out a solid grab of math, likelihood, and information, released theoretical and utilized works in Islamic finance stay out of succeed in. in contrast to a standard math textual content, this ebook publications scholars via in basic terms the equipment that without delay follow to Islamic finance, with no losing time on beside the point recommendations. every one bankruptcy encompasses a special rationalization of the subject to hand, by means of an instance in response to actual events encountered in Islamic finance. issues contain: * Algebra and matrices * Calculus and differential equations * likelihood concept * information
Written via major specialists at the topic, the booklet serves as an invaluable primer at the research equipment and strategies scholars will stumble upon in released study, in addition to day by day operations in finance. a person meaning to succeed in Islamic finance wishes those abilities, and Introductory arithmetic and statistics for Islamic Finance + site is a transparent, concise, and hugely proper advisor.
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Extra info for Introductory Mathematics and Statistics for Islamic Finance, + Website
Sample text
42) n ∞ APPLICATIONS OF SERIES TO PRESENT VALUE OF ASSETS In Islamic finance sequences arise in relation to investment, production, budgeting, and many other economic and financial operations. 45) It can be rewritten as 1 V CF 1 1 Rn R !! 46) If the number of future periods n ! 47) WEBC01 05/20/2014 10:4:2 Page 21 Elementary Mathematics 21 Example: Computing the price of an asset. 77 percent. 77 percent. 4808 percent, and n 12 20 240. 46) or using Excel’s present value function PV 0:004808; 240; 100, we find V $14; 220:18.
Example: Malay Palm Oil Corporation contemplates an investment project, which has the cash flow shown in the following table. We want to find the internal rate of return (IRR). We apply Excel formula IRR, we find r 11 percent. where x Net cash flow 0 6,796 1 500 2 3 4 5 6 7 8 9 10 750 200 1,350 1,570 2,037 2,500 2,560 3,200 3,500 SEQUENCES A sequence is an ordered list of objects (or events). Like a set, it contains members (also called elements or terms). The number of ordered elements (possibly infinite) is called the length of the sequence.
7 shows an indifference curve; bundle A1 procures the same utility as bundle A2 . Production Function The production function is an essential concept in growth theory. It is different from the production possibility frontier. We assume production Y is a function of capital (machinery), labor, technical progress, raw material, land, and entrepreneurship. 8 an example of a production function. Output per worker is an increasing function of capital per worker. Point A0 describes the case of a poor country that has a little amount of capital per worker; consequently, it has a low output per worker.
Introductory Mathematics and Statistics for Islamic Finance, + Website by Abbas Mirakhor
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