Factors affecting financial engineering and product development in Islamic Financial Institutions

IF 2.8 3区经济学 Q2 BUSINESS, FINANCE

International Journal of Islamic and Middle Eastern Finance and Management Pub Date : 2024-08-20 DOI:10.1108/imefm-09-2023-0341

Surayyo Shaamirova, Mehmet SARAÇ

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引用次数: 0

Abstract

Purpose

This study aims to analyze Islamic financial institutions’ (IFIs) current financial engineering and product development procedures.

Design/methodology/approach

The paper is quantitative in nature and the survey questionnaire were collected from managers and IF experts working for Islamic Banks, Takaful and other IFIs in Turkey, Malaysia and UAE. Two-stage structural equation modeling was used to test the hypothesis.

Findings

The findings highlighted that the Shari’ah Supervisory Board, Strategy and Planning of IFIs, Legal and Regulatory framework, pricing of a new product and financial performance positively impact the new product development (NPD) process. At the same time, Islamic values have no significant positive impact.

Research limitations/implications

When generalizing the research results, data collection from the right departments was the main limitation of the current study. Future research may opt to collect data only from Product Development Departments.

Practical implications

The findings of this study will allow IFIs to reflect on their present methods, procedures and Shari’ah compliance framework for the NPD process.

Originality/value

Factors affecting the product development and financial engineering process are discussed in the literature. The findings of this study can be regarded as building blocks for future academic research on product development and financial engineering in Islamic finance.

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影响伊斯兰金融机构金融工程和产品开发的因素

本研究旨在分析伊斯兰金融机构（IFIs）当前的金融工程和产品开发程序。本文采用定量研究方法，从土耳其、马来西亚和阿联酋的伊斯兰银行、回教保险和其他伊斯兰金融机构的管理人员和伊斯兰金融机构专家那里收集调查问卷。研究结果研究结果表明，伊斯兰教法监督委员会、伊斯兰金融机构的战略和规划、法律和监管框架、新产品的定价和财务业绩对新产品开发（NPD）过程有积极影响。在归纳研究结果时，从合适的部门收集数据是本研究的主要局限。本研究的结果将有助于国际金融机构反思其目前的方法、程序和 NPD 流程的伊斯兰教法合规框架。本研究的结论可被视为未来伊斯兰金融产品开发和金融工程学术研究的基石。

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来源期刊

International Journal of Islamic and Middle Eastern Finance and Management Multiple-

CiteScore

5.40

自引率

10.00%

发文量

期刊介绍： The International Journal of Islamic and Middle Eastern Finance and Management (IMEFM) publishes quality and in-depth analysis on current issues within Islamic and Middle Eastern finance and management. The journal welcomes strong evidence-based empirical studies and results-focused case studies that share research in product development and clarify best practices. The title is also keen to consider work from emerging authors. IMEFM has just also accepted into Clarivate''s SSCI in 2018, and its IF will be available in summer 2019, with citations dating from 2016. The coverage includes but is not limited to: -Islamic finance: Fundamentals, trends and opportunities in Islamic Finance, Islamic banking and financial markets, Risk management, Corporate finance, Investment strategy, Islamic social finance, Financial planning, Housing finance, Legal and regulatory issues, -Islamic management: Corporate governance, Customer relationship management and service quality, Business ethics and corporate social responsibility, Management styles and strategies in Shariah environments, Labour and welfare economics, Political economy. The journal is the only title aiming to give an interdisciplinary and holistic view on Islamic finance and business management practices in order to inform these two intertwined communities.