This pioneering work comes at a turning point in the history of Islamic finance, when the need to apply advanced econometric and statistical methods is tremendous, given the challenges related to instabilities of the financial markets and the risks of confronting the steadily growing Islamic finance industry.
This book aims to build a good foundation for its readers in the fundamental ideas and methods related to heavy tail distributions, as well as to familiarize them with advanced tools that use the heavy tail distributions, also known as fat tail distributions. It helps to gain insights into the way the suggested financial models are appropriately developed and employed.
The significance of the book is that it does not only emphasize the importance of concepts like heavy tail and coherent risk measures and theoretically introduces them, but it also shows the practical side of using them by providing practical examples. Hence the book is of use not only to academics but also to professionals and practitioners of the Islamic finance industry. The book is written in a simple and structured way, making it ideal for students and the public as well.
