ABSTRACT

This paper examines the interactions between Islamic ethics related to entrepreneurs and finance and discusses their implications on entrepreneurial finance. The practice of Islamic entrepreneurial ethics creates trust that helps to mitigate agency problems. In such cases, investors can use contracts involving Islamic financial ethics. However, in the absence of the practice of normative entrepreneurial ethics, agency problems arise that need to be resolved contractually. This paper argues that Islamic legal and ethical principles impose constraints on contractual forms which reduce the flexibility of mitigating agency problems arising in entrepreneurial finance. When entrepreneurial ethics are not practiced, investors can finance entrepreneurs by diluting Islamic financial ethical principles to alleviate agency problems.

摘要

本文研究了与企业家和金融相关的伊斯兰伦理之间的相互作用，并讨论了它们对企​​业家金融的影响。伊斯兰企业家道德的实践创造了有助于缓解代理问题的信任。在这种情况下，投资者可以使用涉及伊斯兰金融道德的合同。然而，在缺乏规范的企业家道德实践的情况下，会出现需要通过合同解决的代理问题。本文认为，伊斯兰法律和伦理原则对合同形式施加了限制，从而降低了缓解企业融资中出现的代理问题的灵活性。当不实践企业家道德时，投资者可以通过淡化伊斯兰金融道德原则来为企业家提供资金，以缓解代理问题。