دانلود کتاب مدیریت ثروت و سرمایه گذاری در محیط های اسلامی

The theory of wealth management suggested that investors and households always behave like rational economic agents and take rational decisions and maximize their utility. However, they have certain constraints based on their socio-economic environment. Their ultimate objective is to get economic, social, psychological, and religious security. Therefore, they expect that the market should behave efficiently to earn a good return.However, since 1987, the financial markets all over theworld have suffered several financial crises; in the resultant outcome were numerous bankruptcies and huge fertilities. This posited rather market inefficiency, asymmetric information, or irrational behavior of the market agents. It is also leading to a major problem for the old retired individuals. These dysfunctions are a disposition effect, regret aversion, loss aversion, cognitive dissonance, anchoring, mental accounting, overconfidence, over- and under-reaction, reference-dependent preferences, confirmation biases, herding behavior, hindsight bias, and many other behavioral biases. All these attributes made the financial markets extremely complex. Over and above asymmetric information contributed more to this apathy due to moral hazards and adverse selection. After observing the recent global financial crises, most of the experts in financial markets, economists, and bankers tried to apply those models suggested by Nobel Prize co-winner 2013 Robert Shiller (2000) in his book entitled Irrational Exuberance. However, another thought emerged during this period about Islamic finance. Several experts found that Islamic finance is more resilient because of its nature, i.e., Asset-based/backed. Therefore, they relooked the foundation of conventional finance and tried the different models. Among them, the most attractive was Islamic Finance. This opened other doors for researchers, policymakers, and academicians. Consequently, governments introduced the new rules and regulations, whereas investors changed their options and preferences orders. These endeavors have also reshaped the activities of the wealth management industry. Furthermore, it also improved the role of the wealth manager. In a nutshell, three major developments (recent financial crises, Shiller’s thoughts, and development of Islamic Finance) improved the understanding of the major actors in the wealth management industry.