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Information Seminar Paper

Title

ROLE OF LEARNING-BY-PRACTICING IN THE LONG-TERM GROWTH OF ISLAMIC FINANCIAL SYSTEM

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Abstract

 THE PURPOSE OF THIS PAPER IS TO CONSTRUCT A MODEL OF FINANCIAL GROWTH IN A DUAL FINANCIAL SYSTEM WHICH IS BASED ON LEARNING BY PRACTICING ISLAMIC FINANCE AND CONSISTENT WITH SOME OF THE MAIN GROWTH CHARACTERISTICS OF ISLAMIC AND CONVENTIONAL FINANCIAL SYSTEMS IN SOME COUNTRIES AND OVER TIME. THE MODEL SUGGESTS THAT LEARNING BY PRACTICING ISLAMIC FINANCE WILL EVENTUALLY CREATE COMPARATIVE ADVANTAGE FOR ISLAMIC FINANCIAL SYSTEM VS. CONVENTIONAL FINANCE SYSTEM IN A COUNTRY WITH DUAL FINANCIAL SYSTEM, PROVIDED IT GETS INITIALLY PROTECTED UNTIL SUFFICIENT HUMAN CAPITAL ACCUMULATES IN THE WHOLE ISLAMIC FINANCIAL SYSTEM. EVIDENCE SHOWS THAT MALAYSIA HAS BEEN VERY SUCCESSFUL IN THIS REGARD, WHILE IRAN AND PAKISTAN HAVE NOT.

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