摘要：In this paper we study the role of contract limitations on the performance of Islamic banks, in contrast to the role of asset limitations, invoked by Derigs and Marzban [1] to explain why Sharia’a-compliant strategies result in much lower portfolio performance than do the conventional strategies. Their results were, however, challenged in recent empirical paper by Walkshäusl and Lobe [2], who argued asset limitation even sometimes, is beneficial. The reason may be that they prevent excessive risk taking by the managers. Contract limitations provide a more nuanced explanation of performance of Islamic banks, and can explain why Islamic indexes seem to underperform in emergent, rather than developed markets, as documented by Walkshäusl and Lobe.
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