Islamic banking is a positive effort to introduce Islamic principles in the fiat, paper currency based monetary system. However according to experts its not fully Islamic, a lot is to be done to address the un-Islamic practices. Since a start has been made, it is hoped that gradually all Islamic principles will be fully incorporated. While doing so it must be kept in view that even in the present monetary system, there are many countries who have achieved zero or less than 1% interest rates. Some Kaafir (infidel) countries have even achieved negative interest rates, the depositor has to pay to the bank for keeping money: Switzerland-0.08%, Denmark-0.06% and Japan-0.01% are examples. They are not believers of Islam, then how they have been able to do it? It must be taken into consideration. They are honestly using the monetary system. Honesty is basic for the success of any system.
Principles of Islamic Baking:
According to the Shariah, Islamic financial institutions and modes of financing are based strictly on the following principles:
1) Transactions must be free of interest (riba’).
2) Goods and services that are illegal (haram) from the Islamic point of view cannot be produced or consumed.
3) Activities or transactions involving speculation (gharar) must be avoided.
4) Zakat (the compulsory Islamic tax) must be paid.
What are the issues with Islamic banking?
The Islamic Baking industry has been appreciated but has also been criticized for ignoring its “basic philosophy” and moved in the wrong direction over the decades leading both outsiders and rank and file Muslims to question it. This has happened first by the sidelining the original finance method advocated by promoters risk-sharing finance — in favor of fixed-markup finance of purchases (particularly murabaha), and then by distorting the rules of that fixed-markup murabaha, effectively delivering conventional cash interest loans following conventional interest rates, but disguised with “ruses and subterfuges” and burdened with “higher costs, bigger risks”.
Other issues/complaints raised include a lack of effort by the industry to help small traders and the poor; the question of how to deal with inflation, late payments, the lack of hedging of currencies and rates or sharia-compliant places to park short term funds for liquidity; the non-Muslim ownership of much of Islamic banking, and the concentration of what ownership is in Muslim hands.
The Karachi Interbank Offered Rate, commonly known as KIBOR, is a daily reference rate based on the interest rates at which banks offer to lend unsecured funds to other banks in the Karachi wholesale (or “interbank”) money market. The banks used it as a benchmark in their lending to corporate sector. It is also known as the benchmark rate and is published by Financial Market Association of Pakistan. There is an other information that the BP exempts Islamic banks from using KIBOR]
Islamic banks use KIBOR i.e. an interest-based benchmark to determine profit sharing ratios. In this context, how these banks can be said to be Islamic when they base conventional benchmark? [Question No. 15m FAQs]
Answer by SBP: Islamic banks should ideally have their own benchmark system for determination of profit. Since, the industry is in its initial stage of development, it is using the available benchmark for the banking industry. It is expected that once it is grown to a sizable level, it would have its own benchmark. However, using interest based benchmark for determining the profit of any permissible transaction does not render the transaction as invalid or haram. It is the nature/mechanism of the transaction that determines its validity or otherwise.
For example Mr. A and Mr. B are two neighbors. Mr. A sells liquor which is totally prohibited in Islam whereas Mr. B,
being a practicing Muslim dislikes the business of Mr. A and starts the business of soft drinks. Mr. A wants his business to earn as much profit as Mr. A earns through trading in liquor. Therefore he decides that he will charge the same rate of profit from his customers as Mr. A charges over the sale of liquor. Thus he has tied up his rate of profit with the rate used by Mr. A in his prohibited business.
One may say that Mr. B uses an undesirable benchmark in determining the rate of profit, but obviously no one can say that the profit charged by him is haram because he has used the rate of profit of the business of liquor only as a benchmark.
The same is true for Islamic banks, it is most desirable and preferable that Islamic banks develop their own benchmark however; in the absence of any such alternative, interest rate related benchmark can be used.
Progress: Helping Islamic banks park liquidity:
It is perceived, according to prevalent definition, that Government bonds are not halal. These bonds are based on debt and interest as they are indirectly given as a loan to the country’s treasury.
Treasury bill Is a negotiable debt instrument issued by State Bank of Pakistan on behalf of the Government of Pakistan and backed by its full faith and credit. Treasury bills are usually sold through auctions on a discount basis with a yield equal to the difference between the purchase price and the maturity value. Shariah board of SBP approves Salam-based structure for short-term instruments.,.
Note: The TBs, bonds (not prize bonds) etc if returns are equal to or less than prevalent inflation rate which is compensation not Riba or profit. Only then can they be considered halaal according to the study on Quran:2:279, details are given above in this paper. Since this concept has not been accepted by the government hence it remains academic in nature.
Why are Bonds Haram?
Bonds are certificates of loan issued by the government, private companies, or banks. People buying a bond are certain to receive their capital amount back.
In addition to that, the bond issuer will also give additional money accumulated over that time based on the interest rate.
Since the additional money is entirely based on interest, bonds fall under the haram category.
The concept of bonds as a whole is haram due to the involvement of riba.
However, over the years, many people try to give them different names and change certain aspects of bonds, such as saving certificates, or prize bonds.
This does not make it halal in any way.
Prize bonds, which are pretty commonly bought, are also not in accordance with Islamic finance.
The reason is that these bonds are based on the idea of gambling. Several people buy the bond, and one of them can win the total interest accumulated through a draw.
Hence, only one person gets all the money. Since the other people do not know whether they will win more money than invested, this becomes gambling. Hence, it is ultimately haram.
Moreover, the ones who do not win, but intend to, are engaging in chancing, which is yet another unlawful practice, according to the Shariah.
Even the acts of purchasing, selling, or dealing in the business of prize bonds are deemed haram by Islamic scholars.
This is because these acts are based on haram practices. They also encourage others to engage in haram methods of earning income.
Alternatives for Bonds in Islam
If you’re wondering how to receive dividends or passive income from your investments the right way, we’ve got all the information that you need.
There are several options available when it comes to halal fixed-income options. Below are some alternatives that are interest-free and compliant with Islamic religious values.
Sukuks are a form of bonds that are considered halal. They are commonly referred to as Islamic bonds. However, they differ slightly from traditional bonds to comply with Sharia laws and Islamic principles. Unlike conventional bonds, Sukuks are not paid as debt. Instead, each bond owner gets an asset, and the revenues generated by those assets are returned to the person. These profits are due to Sukuks smoothing out the current irregular revenues generated by that property. This revenue is provided as an asset to the bond owners and turns them into regular returns. If there are no revenues, there will be no returns. Hence, Sukuk does not work on interest. Instead, it is based on the concept of ownership, profits, and revenues, which are entirely halal.
It’s similar to purchasing stocks, but instead of owning a share of the company, you own a share in the assets of a company such as equipment, which is then used to generate profits. These profits are then paid out to you as dividends you could use as passive income.
REITs or Real Estate Investment Trusts is another halal alternative to bonds. REITs allow you to buy a share in different properties and receive the profits in return. These properties can be anything from residential, commercial, office, and industrial buildings obtained through halal means. Like how you can buy stocks and invest in companies, REITs allow them to invest and help finance different real estate properties. Luckily, the concept of REITs is completely halal as they generate profits through their operations. These property owners collect rent, generate profits, and trade different properties through halal means.
However, if the REITs are financed via debt and interest, they would be considered haram. Therefore, it’s important to do your research on whether the REITs you’re looking at abides by Islamic principles.
The popularity of REITs come from their ability to pay high dividends to investors. So if dividends are what you’re looking for, consider looking for REITs as an alternative to bonds.
Halal Dividend ETFs
Exchange-Traded Funds or ETFs are considered one of the best options for halal investments. They are funds traded on the stock exchange. These funds come from investments by different people. The purpose of the funds can be anything. These include trading gold, oil, different technologies, or real estate. However, it is essential to verify that the purpose of the fund is halal. The income and practices of all the companies related to the ETF should be halal too. Otherwise, it is not permissible to invest in that particular ETF.
We understand that it is a pretty challenging task to check whether an ETF is halal or not, as the number of investments involved can be numerous. Hence, to avoid engaging in any haram ETF, we suggest going with halal-certified ETFs only. These ETFs are thoroughly verified by Islamic scholars and experts in the field. This way, you can confidently invest in an ETF with no worries of your money funding haram practices. You can look at the dividend yields from these ETFs to determine whether it’s a good investment for you or not.
Halal Dividend Stocks
Halal dividend stocks are shares of companies whose earnings are halal. This means that they do not involve interest payments, have no haram activities like gambling, alcohol, tobacco, etc. When you buy halal stocks, you have ownership of these companies. In turn, when dividends are declared, you’ll receive a dividend income from your investments. To find these stocks, you’ll need to look at the dividend yields and payout ratios from halal stocks, and determine if it’s a good investment for you. Do note that halal dividend stocks are not an exact alternative for bonds as stocks carry way more risks. You’re better off selecting the first 3 as an alternative, although the risks involved are not entirely the same either.
Note: The TBs, bonds etc if returns are equal to or less than prevalent inflation rate which is compensation not Riba or profit. Only then can they be considered halaal according to the study on Quran:2:279, details are given above in this paper. Since this concept has not been accepted by the government hence it remains academic in nature.
Islamic banking and finance has lacked a way to earn a return on funds “parked” for the short term, waiting to be invested, which puts those banks a disadvantage to conventional banks.
Banks/financial institutions must balance liquidity — the ability to convert assets into cash or a cash equivalent quickly in an emergency when their depositors need them without incurring large losses — with a competitive rate of return on funds. Conventional banks are able to borrow and lend by using the interbank lending market — borrowing to meet liquidity requirements and investing for any duration including very short periods, and thereby optimize their earnings. Calculating the return for any period of time is straightforward— multiplying the loans length by the interest rate.
However, the religiously preferred mode of Islamic finance — profit and loss sharing (PLS) — must wait for the project invested in to come to fruition before profits can be distributed. Since profit or loss cannot be determined for short periods, no return is given on funds deposited for short periods. Islamic financial institutions cannot borrow or lend for short periods to/from the conventional interbank lending market.
The absence of any, or at least sufficient, Islamic Money Market instruments to invest in meant Islamic Banks held, on average, “40% more liquidity” (i.e. non-return paying funds) than their conventional counterparts, as of 2002.. The Islamic Financial Services Board found that the “average daily volume of interbank transactions among Islamic financial institutions, between Islamic financial institutions and conventional banks, and between Islamic financial institutions and central banks is very low compared to trades in the conventional money market.” While Muslim countries such as Bahrain, Iran, Malaysia and Sudan have started to develop an Islamic money market, and have been “issuing securitized papers on the basis of musharaka, mudaraba and ijara”, at least as of 2013, the “lack of an appropriate and efficient secondary market” has meant the relative volume of these securities is “much smaller” than on the conventional capital market.
Regarding non-PLS, “debt-based contracts”, one study found that “the business model of Islamic banking is changing over the time and moving in a direction where it is acquiring more liquidity risk.”
To deal with the problem of earning no return on funds held for the sake of liquidity or because of a lack of investment opportunity, many Islamic financial institutions (such as Islamic Development Bank and the Faisal Islamic Bank of Egypt) have “been explicitly and openly earning interest on their excess funds, often invested in safer, debt-like or debt instruments overseas”. Rather than forbidding this, “Shariah-experts have provided the necessary fatwa of Shari’ah-compliance based on the rules of necessities (darurah)“. Researchers Frank Vogel and Frank Hayes write, Scholars in Islamic finance and banking have invoked necessity to permit exceptional relaxations of rules. They have issued fatwas (opinions) allowing Islamic banks to deposit funds in interest-bearing accounts, particularly in foreign countries, because these banks have no alternative investments at the necessary maturities. Typically, however, they place conditions on such fatwas, such as requiring that the unlawful gains be used for religiously meritorious purposes such as charity, training, or research. Such fatwas are particular to the circumstances in which they are issued.,
Experts Question Islamic Banking?
Islamic banking is a positive effort to introduce Islamic principles in the fiat, paper currency based monetary system. However according to experts its not fully Islamic, a lot is to be done to address the un-Islamic practices. Since a start has been made, it is hoped that gradually all Islmaic principles will be fully incorporated. While doing so it must be kept in view that even in the present monetary system, there are many countries who have achieved zero or less than 1% interest rates. Some Kaafir (infidel) countries have even achieved negative interest rates, the depositor has to pay to the bank for keeping money: Switzerland-0.08%, Denmark-0.06% and Japan-0.01% are examples. They are not believers of Islam, then how they have been able to do it? It must be taken into consideration. They are honestly using the monetary system. Honesty is basic for the success of any system.
Here are some questions and observations by experts on Islamic Banking:
In the paper; ‘Current Issues in the Practice of Islamic Banking’ Professor Sayyid Tahir writes:
The prohibition of indexation for inflation of loans and debts can make the matters worse in inflationary regimes. In an Islamic environment, these problems will have to be addressed at several levels—- Islamic banking industry continues to use debt based financing modes which are priced using KIBOR as the benchmark. Islamic banking industry mostly uses KIBOR linked financial contracts which are akin to debt financing than the more preferable participatory modes of Mudarabah and Musharakah. Hence, same state of affairs in this regard from past to present does not show a promising picture from the viewpoint of having an egalitarian, Islamic principles and value based distinctive financial system.
There are some economists who implicitly opine that the participation in current financial globalization is important for growth of Muslim economies and even if, Islamic banking has some unresolved issues and complications with regards to Shariah compliance, the participation in global financial system is imperative. Zakariyah (2012) argues that the effect of refrainment of Muslims from participation in the current global economy, especially, property investment particularly.
Islamic Banking in Pakistan: A Critical Analysis by Salman Ahmed Shaikh Excerpts
The Islamic bank earns a level of profit which the conventional bank earns. This is ensured by making KIBOR/LIBOR as a benchmark and lamentably, this is not the end of the story. With higher banking spreads than conventional banks, Islamic banks in Pakistan earn even more profits from their clients and share lesser with their depositors, on average. [How it can be justified on Islamic morals]
Islamic banks had been providing liquidity to the conventional banks using commodity Murabaha. Through this, they have been able to invest their surplus liquidity. But, the investment with conventional banks leads to some very unfortunate outcomes. Islamic banks take deposits of customers after convincing them about Islamic banking. But, when they pass on these deposits to conventional banks, the conventional banks provide interest based loans from these funds. Hence, this is an unfortunate state of affairs.
Critical Questions in Islamic Banking
Islamic banks have to reflect on answers to the following points:
1. How justified are high Islamic banking spreads (difference between average financing and average deposit rates) which have reached 8.40 percent and are one of the highest in the world and more than two percentage points higher than conventional banks in Pakistan?
2. How justified is the argument to seek special privileges from the regulators when Islamic banks use the same benchmark rate, but the difference is that their spreads (margins) are even higher than conventional banks?
3. How do they justify their position and analyze their performance on social and egalitarian grounds when most of their products are priced using the same benchmark of the conventional banking industry, which is KIBOR?
4. Equity financing is regarded as the most ideal mode of financing in an Islamic economy by Islamic scholars. Why it is hardly used in financing the clients with a contribution of less than 2 percent in total financing?
5. Trust and documentation problems did not hinder 700 companies to get registered on Karachi Stock Exchange while thousands of public limited companies are operating in Pakistan as well. Why Islamic financial institutions could not help support more IPOs either through investment banking operations or alternate institutional structure?
6. Lastly and most importantly, they must reflect on what was the real reason for prohibition of Riba? If it was exploitation, then should an alternate system claiming to be founded on Islamic principles not differ in any substantial way in terms of cost?
Unfortunately, if there is any difference, it shows that Islamic financing schemes are costlier than conventional.
Going forward, it is hoped that after having completed one decade of successful operations of Islamic banking and exhibiting exemplary growth in commercial sense, Islamic banks will look towards increasing their outreach to the poor masses and start using more equity based modes of financing which help improve their image and bring some fruits of Islamic economic principles.
Here are some papers on Idslamic Banking:
- The BP exempts Islamic banks from using KIBOR (Daily Times news, November 2016)
- Islamic banking in Pakistan: Fiqa-e-Jaferia offers optimization By Imran Haider Naqvi, COMSATS Institute of Information Technology, M.A. Jinnah Campus, Lahore, Pakistan.
- Handbook of Islamic Banking Products & Services: Islamic Banking Department State Bank of Pakistan , 138 pages.
- “Islamic Banking in Pakistan – Problems and Prospects” Research By Rukhsar Ahmed, SZAB University of Law. Kamran Siddiqui DHA Suffa University Also see: Challenges and opportunities in Pakistan Islamic Banking
It is again emphasized that Islamic Banking is a positive step in the right direction, which should be encouraged and refined to make it in line with the Quran and Sunnah of Prophet Muhammad(ﷺ).
- Definition of Riba in prevailing environments of fiat / paper currency, inflation, security of Principal wealth guaranteed by Quran 2:279 and other verses: (2:279, 18:27, 28, 55:9,11:85, 2:188);45:7-8, 38:29, 2:159, 49:6, 62:5, 8:22, & 2:18, 16:76) must be understood in letter and spirit. There is absolutely no reason for any laxity in pending or avoiding these commandments of Allah. Opinion of a person or scholar cannot override clear Command Verses [آيَاتٌ مُّحْكَمَاتٌ], which are fundamental basis of Quran [ أُمُّ الْكِتَابِ] specified at Quran 3:7.
- Education and thorough knowledge of the financial system for religious scholars and financial experts is the need of the hour.
- Public must be educated about inflation & returns rates relationships and Fisher’s equation to determine the actual interest rates. The two case studies above may help.
- Government must make all out efforts for good financial management, control corruption, inflation, stop printing excessive money, achieve a Zero interest rate, till then Pakistan has to keep the interest rates in line with the inflation rate, plus some service charges by the banks. This will not incur loss of “money value” to any party, fair service charges by banks is their right for the services being provided. Anything more than this will be Riba which must be avoided.
- Islamic banking should be made simple and easy with Quran Commands, and be encouraged.
- Immediately the deceptive terminology related with Riba, like Interest, Profit, Mark up etc be replaced with suitable terminology [compensation, returns etc] and extensive studies be conducted to resolve the artificial issue in the light of Quranic commands mentioned here repeatedly.
OPEN LETTER ON RIBA & QURAN
ANTI-QURAN 2:279 – RIBA CONCEPT
The concept of Riba has been explained in Quran
يَا أَيُّهَا الَّذِينَ آمَنُوا اتَّقُوا اللَّهَ وَذَرُوا مَا بَقِيَ مِنَ الرِّبَا إِن كُنتُم مُّؤْمِنِينَ ﴿٢٧٨﴾ فَإِن لَّمْ تَفْعَلُوا فَأْذَنُوا بِحَرْبٍ مِّنَ اللَّهِ وَرَسُولِهِ ۖ وَإِن تُبْتُمْ فَلَكُمْ رُءُوسُ أَمْوَالِكُمْ لَا تَظْلِمُونَ وَلَا تُظْلَمُونَ ﴿٢٧٩﴾
“O you who believe! Be careful of (your duty to) Allah and relinquish what remains (due) from Riba (usury), if you are believers. (278) But if you do (it) not, then be apprised of war from Allah and His Apostle; and if you desist, repent, then you shall have your capital; neither shall you make (the debtor) suffer loss ( by asking for more) nor shall you be made to suffer loss (through decrease in value of your capital)”(Quran 2;279)
The Safety and Security of value of “Principal Capital”(اموال) is not an interpretation but an unambiguous Command of Allah, which cannot be ignored or undermined through interpretations, if done, it would be distortion (Tehreef) in meanings of words of Allah, concealing truth (کتمان حق) a major sin (گناہ کبیرہ) punishable through hell fire: “Why do you mix truth with falsehood and knowingly hide the truth?”(Quran 3:71). “Allah said, … “And you shall not be dealt with unjustly” meaning, your original capital will not diminish. Rather, you will receive only what you lent without increase or decrease. The Messengerﷺ of of Allah during the Farewell Hajj said; “Verily, every case of Riba from the Jahiliyyah (days of ignorance) is completely annulled. You will only take back your capital, without increase or decrease (hence devaluation due to inflation must be compensated) [Extract- ibn Kathir]
Defiant Scholars at War With Allah & Messenger ﷺ
Compensation for decrease in value of Principal Capital of depositors due to inflation or any factor in Not Riba, according to Quran 2:279. The ignorants who call it Riba are at war with Allah & Messenger ﷺ in Defiance: “ .. they disliked what Allah revealed, so He rendered their deeds worthless.(Quran 47:9). However the Islamic Banking is much wider in scope which is needed.
How to Avoid Injustice (zulm)
“those endowed with wisdom & insight receive direction and guidance” (Quran:2:269). The injustice being done to the depositors through Inflation caused by monetary policies & corruption, which erodes the value of principal. This loss should be compensated through Indexation. The loss in value of pay and pensions is compensated partially through “Dearness Allowance”, which is not riba. The monetary system generated interest rates vary with inflation, which partially compensate for the loss of Principal Capital value as guaranteed by Allah. How does it become Riba? Such mis-interpretation is injustice (zulm) declaration of war with Allah & Messengerﷺ. (Quran; (2:279, 18:27, 28, 55:9,11:85, 2:188);45:7-8, 38:29, 2:159, 49:6, 62:5, 8:22, & 2:18, 16:76)
ز مَن بر صُوفی و مُلاّ سلامے: کہ پیغامِ خُدا گُفتَند ما را
ولے تاویلِ شاں در حیرت اَنداخت: خُدا و جبرئیلؑ و مصطفیؐ را
My Salaam to Sufi and Mullas for conveying the message of Allah to us. But the interpretations they made of those Commands, bewilders Allah, Gabriel & Muhammadﷺ” [Dr. Allamah Muhammad Iqbal]
(وَمَا عَلَيۡنَاۤ اِلَّا الۡبَلٰغُ الۡمُبِيۡنُ (اور ہمارے ذمہ صرف واضح پیغام پہنچا دینا ہے) (القرآن 36:17
Our mission is only to convey the message clearly.
Everyone is invited to participate in this “Awareness Campaign” against ignorance & disinformation because: “Whoever joins himself (to another) in a good cause shall have a share of it, and whoever joins himself (to another) in an evil cause shall have the responsibility of it, and Allah controls all things.”(Quran 4:85)
Brigadier(r) Aftab Khan Abdallah : A freelance writer, researcher, and blogger, holds Masters in Political Science, Business Admin, Strategic Studies, spent over two decades in exploration of The Holy Quran & other Scriptures. He has been writing for “The Defence Journal” since 2006. His work is available at https://SalaamOne.com/About accessed by Millions. He can be reached via Email: Tejdeed@gmail.com
Full Research: https://SalaamOne.com/riba ☆ http://bit.ly/3gCfFqF (pdf) [Updated: 30/11/2022]
 Usmani, Introduction to Islamic Finance, 1998: p.165-8, Qureshi, D.M. 2005. Vision table: Questions and answers session. In Proceedings of the First Pakistan Islamic Banking and Money Market Conference, 14–15 September, Karachi, Fadel, Mohammad. 2008. Riba, efficiency,and prudential regulation: Preliminary thought. Wisconsin International Law Journal 25 (4) (April) 656, Khan, What Is Wrong with Islamic Economics?, 2013: p.xv-xvi, Khan, What Is Wrong with Islamic Economics?, 2013: p.400
 Khan, What Is Wrong with Islamic Economics?, 2013: p.204, Khan, What Is Wrong with Islamic Economics?, 2013: p.207-8, Irfan, Heaven’s Bankers, 2015: p.163-4, Irfan, Heaven’s Bankers, 2015: p.237, Munawar IQBAL and Philip Molyneux. Thirty Years of Islamic Banking: History, Performance and Prospects [Palgrave, 2005] p.122
 Zeren, Feyyaz; Saraç, Mehmet (2015). “The dependency of Islamic bank rates on conventional bank interest rates: further evidence from Turkey”. Applied Economics. 47 (7): 669–679. doi:10.1080/00036846.2014.978076. S2CID 154962925.
 ALI, SALMAN SYED (June 2013). “State of Liquidity Management in Islamic Financial Institutions” (PDF). Islamic Economic Studies. 21 (1): 63–98. doi:10.12816/0000240. S2CID 17621848. Archived from the original (PDF) on 5 March 2016. Retrieved 19 August 2015.
 Frank VOGEL and Frank Hayes, III. Islamic Law and Finance: Religion, Risk and Return. [The Hague: Kluwer Law International, 1998], pp. 38-39
 Professor of Economics at the International Institute of Islamic Economics of the International Islamic University, Islamabad. This paper is to serve as basis for discussion on the subject at COURSE ON ISLAMIC BANKING AND FINANCE, TEHRAN, IRAN, 2-6 March 2003, under the auspices of Central Bank of Iran and Islamic Research & Training Institute of the IDB,Jeddah
Islamic Banking in Pakistan: A Critical Analysis by Salman Ahmed Shaikh, Page 5, Islamic Economics Project, Online at https://mpra.ub.uni-muenchen.de/42497/ MPRA Paper No. 42497, posted 07 Nov 2012 15:47 UTC/ https://mpra.ub.uni-muenchen.de/42497/1/MPRA_paper_42497.pdf
 Ibid, page 19
 Ibid , page 18-19