Islamic Economic Studies最新文献_第4页

The determinants of Sukūk issuance in GCC countries 海湾合作委员会国家发行Sukúk的决定因素

Islamic Economic Studies Pub Date : 2020-08-13 DOI: 10.1108/IES-08-2019-0026

Imene Guermazi

{"title":"The determinants of Sukūk issuance in GCC countries","authors":"Imene Guermazi","doi":"10.1108/IES-08-2019-0026","DOIUrl":"https://doi.org/10.1108/IES-08-2019-0026","url":null,"abstract":"PurposeThis paper focuses on Ṣukūk issuance determinants in Gulf Cooperation Council (GCC) countries. Given the dual characteristic of debt and equity of Ṣukūk as well as their unique benefits of social responsibility, the author questions whether the theories of capital structure, the trade-off and the pecking order are able to well explain the Ṣukūk issuance.Design/methodology/approachFirst, the author verifies these theories using capital structure determinants and regresses the Ṣukūk change on these determinants. Second, the author tests the trade-off theory with the target debt model and third, verifies the pecking order theory using the fund flow deficit model.FindingsThe empirical results show that capital structure determinants fail to explain both theories. The author confirms that the Ṣukūk change is significatively linked to the deviation from a Ṣukūk target. So, issuing firms balance the marginal costs of Ṣukūk and their benefits of religiosity and social responsibility toward a target debt. The author finds no evidence of the pecking order theory.Research limitations/implicationsThis study contributes to corporate finance theory and corporate social responsibility. It verifies if capital structure theories proved in conventional financing can well explain Islamic bonds issuance given their social responsibility benefits.Practical implicationsManagers and investors would pay attention to the social factors explaining Ṣukūk issuance in their finance and investment decisions. They would be enhanced to use this financing tool knowing its social unique benefits. This also should encourage governments to enhance this socially responsible financing. Rating agencies would be motivated to evaluate Ṣukūk and firms would improve the quality and relevance of disclosure to get the best rating.Social implicationsThe author highlights the social factors explaining Ṣukūk issuance and enhances corporate social responsibility (CSR).Originality/valueThe author extends the few literature testing capital structure theories for Islamic bonds and highlights the specific social responsible features of Ṣukūk that would bridge their issuance to capital structure theories. So the author enhances the concept of Islamic CSR. Tying capital structure theories to CSR would also help developing Islamic finance theory as a unique social responsible framework.","PeriodicalId":34300,"journal":{"name":"Islamic Economic Studies","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/IES-08-2019-0026","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48018289","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 4

Reflection of Maqāṣid al-Sharī'ah in the classical Fiqh al-Awqāf Maqāṣid al- shari 'ah在经典的伊斯兰教经al-Awqāf中的反映

Islamic Economic Studies Pub Date : 2020-02-19 DOI: 10.1108/IES-06-2019-0011

Mohammad Abdullah

{"title":"Reflection of Maqāṣid al-Sharī'ah in the classical Fiqh al-Awqāf","authors":"Mohammad Abdullah","doi":"10.1108/IES-06-2019-0011","DOIUrl":"https://doi.org/10.1108/IES-06-2019-0011","url":null,"abstract":"Purpose – This paper aims to analyse the Sharī‘ah premises of classical waqf doctrines followed by critically analysing the framework of waqf jurisprudence (fiqh al-awqaf) from a Maqāṣid al- Sharī‘ah (the higher objectives of Islamic law) perspective. The objective of examining the jurisprudential framework of waqf from a Maqāṣid perspective is to contextualise the scope of dynamism and innovation in the modern waqf structure. Design/methodology/approach – For examining the jurisprudential aspects of classical fiqh al-awqaf with a special reference to Maqāṣid al- Sharī‘ah, the paper analyses the classical waqf books and treatises from the four Sunni schools of jurisprudence by employing a textual analysis method. Findings – The paper finds that the key constituents of Maqāṣid are interwoven in the classical discourse of waqf rulings. It finds that in deriving the principles of waqf, the jurists ensured that the essentialities of Maqāṣid al- Sharī‘ah are subtly intermingled with the necessary components of fiqhi principles. Deconstructing the applied analogical reasoning of the classical jurists in deriving the waqf rulings, this paper provides recommendations for Maqāṣid-oriented application of waqf in the modern context. Research limitations/implications – This study does not cover either the historical contribution of waqf among the Muslim societies nor does it touch on the empirical aspects of modern waqf. Rather, the focus of the study is limited to analysing the classical jurisprudential rulings of waqf and their distillation process from a Maqāṣid al- Sharī‘ah perspective. The study has good implication for modern awqaf, which need to be created, managed and directed in the spirit of Maqāṣid al- Sharī‘ah. Practical implications – The key objective of adopting the Maqāṣid framework for the analysis of fiqh al-awqaf in its classical permutations is to learn how to utilise the Maqāṣid approach as a baseline for the deduction of new waqf rulings in a contextualised term. Originality/value – The novelty of the paper lies in its examination of the classical waqf rulings distillation process, and the cogent intersection of Maqāṣid al- Sharī‘ah with the principles of fiqh. By delving into the Sharī‘ah premises of classical waqf jurisprudence through the lens of Maqāṣid, the paper adds an original value and fills an existing gap in the available literature.","PeriodicalId":34300,"journal":{"name":"Islamic Economic Studies","volume":"1 1","pages":"79-90"},"PeriodicalIF":0.0,"publicationDate":"2020-02-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/IES-06-2019-0011","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48742777","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 7

Does doing good pay off 做好事有回报吗

Islamic Economic Studies Pub Date : 2019-05-30 DOI: 10.1108/IES-05-2019-0001

Syed Marwan, M. Haneef

{"title":"Does doing good pay off","authors":"Syed Marwan, M. Haneef","doi":"10.1108/IES-05-2019-0001","DOIUrl":"https://doi.org/10.1108/IES-05-2019-0001","url":null,"abstract":"The purpose of this paper is to examine the world’s first social impact bond (SIB) and the lessons that can be learned for the Islamic finance industry to fulfil its true objectives.,The Peterborough SIB was recently announced to be successful in achieving its targeted social and investment outcomes, reducing recidivism by 9 per cent and paying back investors a 3 per cent pa return. The paper compares Peterborough SIB with socially responsible investment (SRI) sukuk in terms of form and substance, and finds that there are various lessons from the Peterborough SIB that can be useful for future development of Islamic financial products.,Innovative social financial tools such as SIB exemplify the true spirit of risk sharing and social responsibility, which is arguably missing in current practices of the Islamic finance industry. With the growing interest towards SRI strategies and increase in socially motivated investors, such financial tools may not only help the sustainable growth of the Islamic finance industry, but also fill in the gap between its theory and practice.,As such, the paper also proposes a social impact sukuk model which integrates the key aspects learned from Peterborough SIB. This includes prioritising social impact, measurable success indicators, data and management systems, flexible contracts, third sector integration, risk sharing and fostering the culture of innovation.,The findings can offer some practical insights in dealing with the issue of Islamic finance practice being overly concerned with its formal adherence with Islamic legal rules whilst neglecting its true fundamental values.","PeriodicalId":34300,"journal":{"name":"Islamic Economic Studies","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/IES-05-2019-0001","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46693221","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3

Fundamentals of Islamic Economics and Finance / Hafiz Muhammad Yasin, Atiq-Uz-Zafar Khan 《伊斯兰经济与金融基础》/ Hafiz Muhammad Yasin, atiq - uzz - zafar Khan

Islamic Economic Studies Pub Date : 2018-01-01 DOI: 10.12816/0045322

M. K̲h̲ān