World Scientific Annual Review of Islamic Finance最新文献

{"title":"Bank Financing and Risk: The Case of Islamic Banks","authors":"M. Ibrahim","doi":"10.1142/s2811023423500065","DOIUrl":"https://doi.org/10.1142/s2811023423500065","url":null,"abstract":"The paper assesses the risk implications of rapid Islamic financing growth after the Global Financial crisis and whether financing — risk relations are more reflective of large Islamic banks. Employing a panel regression methodology and a sample of 72 Islamic banks from 14 countries over the period 2010–2019, our analysis indicates that Islamic financing growth does lead to credit risk deterioration up to two years ahead. We note further that Islamic banks are “too small to succeed” in that the risk effect of financing growth is more apparent for small Islamic banks. But, once an Islamic bank reaches a certain size threshold, it demonstrates ability to manage and mitigate credit risk arising from its financing activities. Based on these results, we conclude that Islamic banks need to be bigger.","PeriodicalId":387852,"journal":{"name":"World Scientific Annual Review of Islamic Finance","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121618677","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}

{"title":"Revisiting the Conceptual and the Operational Frameworks for Sharı̄′ah Governance of the Islamic Banks","authors":"M. Ayub, I. Saba, Sohail Kamran","doi":"10.1142/s2811023423500053","DOIUrl":"https://doi.org/10.1142/s2811023423500053","url":null,"abstract":"Islamic finance has been facing serious challenges both in terms of credibility as a divine and value-based system and sustainability. Many authors and research institutions have been indicating the issues and suggesting reforms for some years, but one major area that could not get due attention regarding the reform agenda is the Sharı̄[Formula: see text]ah governance system and integrating the sustainability framework into the governance related regulations. Another staggering point is that Islamic finance is moving on the path of convergence with conventional finance. It requires well thought-out conceptual and operational frameworks of governance for Islamic Financial Institutions so that the requisite regulations could be introduced and effectively implemented to keep Islamic financial services distinct from conventional services. To suggest such frameworks, this qualitative study analyses the Sharı̄[Formula: see text]ah Governance Framework introduced by the State Bank of Pakistan in 2015, and the governance related published material. It can be termed as a case study on Islamic banks’ Sharı̄[Formula: see text]ah governance framework and is based on structured interviews with 32 research participants including banks’ Sharı̄[Formula: see text]ah board members, Sharı̄[Formula: see text]ah reviewers/auditors, experienced Islamic banking practitioners, and the researchers/academics. As a case study, it is based on five research questions and many sub-questions relating to the governance framework introduced by the State Bank of Pakistan in 2015 for Islamic banking institutions in Pakistan. Based on the findings of the study, it suggests the bases, processes, and measures for the Islamic banks and other financial institutions moving to Islamic social finance and integrating it to the sustainability framework. It assigns roles to the regulators, the banks’ Sharı̄[Formula: see text]ah boards, BODs, and senior management, and the operations and audit staff. It could become a basis for reforms in the whole process of product development and implementation and conducting business by Islamic banking and finance institutions to realize the objectives of Islamic finance as a divine, just, and value-based system.","PeriodicalId":387852,"journal":{"name":"World Scientific Annual Review of Islamic Finance","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121311591","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}

{"title":"Challenges in Islamic Fintech and Digitalization: An Extensive Literature Review","authors":"A. Aysan, I. Unal","doi":"10.1142/s2811023423500028","DOIUrl":"https://doi.org/10.1142/s2811023423500028","url":null,"abstract":"Islamic fintech literature growth rapidly, and several literature trends have occurred. This paper conducts a systematic literature review of the papers about the challenges of Islamic fintech. For this goal, three main categories are created. The first focuses on the Shariah and legal issues of Islamic fintech because these are the main difference between Islamic finance and its conventional counterpart and therefore are unique to Islamic finance. The second category is on the challenges of Islamic crowdfunding, microfinance, SMEs, and other related institutions. The last category focuses on user and software-based challenges, as most Islamic financial institutions significantly lack experience in this area. Further studies must focus on each challenge and find solutions by opening stagnations.","PeriodicalId":387852,"journal":{"name":"World Scientific Annual Review of Islamic Finance","volume":"94 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122313822","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}

{"title":"Acquirer’s Operational Performance and Stability of Islamic Banks: Mediation Role of Market Structure","authors":"Nazim Ullah, F. M. Nor, J. A. Seman, N. Ramli, Ahmad Fadly Nurullah Bin Rasedee","doi":"10.1142/s2811023423500077","DOIUrl":"https://doi.org/10.1142/s2811023423500077","url":null,"abstract":"Merger and acquisition is known as a market expansions strategy. This paper examines several factors associated with M&A namely bank size, intermediary role, modes of financing, bank-specific variables, and macro-economic variables on the operational performance and stability along with the mediation role of market structure for Islamic banks. This paper employs empirical research methods, namely POLS, panel data techniques and SEM to analyse a set of unbalanced panel samples of 10 Islamic banks during 2004Q1 to 2020Q4 from six countries, namely Qatar, Kuwait, Saudi Arabia, United Arab Emirates, Bahrain, and Pakistan. Stata package 14.2 is used to estimate M&A results (5 years pre and 5 years post). The results indicate that M&A improve Post-M&A performance of Islamic banks while stability does not improve. Interestingly, there is no mediation effects of market structure on the relationship between M&A, operational performance, and stability. Policymakers should take into consideration those factors taking M&A decisions considering the role of market structure.","PeriodicalId":387852,"journal":{"name":"World Scientific Annual Review of Islamic Finance","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132136938","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}

{"title":"The Ethics of Risk Taking, Inequity and Giving","authors":"Saad Azmat, A. Bhatti","doi":"10.1142/s2811023423720012","DOIUrl":"https://doi.org/10.1142/s2811023423720012","url":null,"abstract":"","PeriodicalId":387852,"journal":{"name":"World Scientific Annual Review of Islamic Finance","volume":"78 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117217494","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}

{"title":"Revisiting Islamic Economics: Comment on Baaquie (2023)","authors":"Saad Azmat","doi":"10.1142/s2811023423750011","DOIUrl":"https://doi.org/10.1142/s2811023423750011","url":null,"abstract":"This article is a comment on Baaquie (2023). It revisits important discussions on Islamic Economics. I argue that historically Islamic economics is juxtaposed with capitalism and communism with the intent that somehow Islamic economics was capable of improving on the performance of both these systems. Baaquie (2023) is an interesting and important contribution as it tries in its own way to revive the old debates on Islamic economics but at the same time setting a direction which in many ways is also novel. In this “comment” on Baaquie (2023) I discuss the academic reasoning used to make the arguments, the paper’s departure from the existing literature on Islamic economics along with the main argument of the paper. Here I pay particular attention to Baaquie’s (2023) approach of distinguishing the micro and the macro economy in an attempt to establish the macroeconomic foundation of Islamic economics.","PeriodicalId":387852,"journal":{"name":"World Scientific Annual Review of Islamic Finance","volume":"192 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133933885","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}

{"title":"Mathematical Modeling of Sukuk","authors":"B. Baaquie, Muhammad Mahmudul Karim, M. Rasid","doi":"10.1142/s2811023423500041","DOIUrl":"https://doi.org/10.1142/s2811023423500041","url":null,"abstract":"Data on sukuk issued so far shows that the majority of these have fixed coupon payments, which is equivalent to interest bearing fixed coupon bonds. Two mathematical models are reviewed that are proposed for risk-sharing and profit-sharing sukuk that is consistent with the principles of Islamic finance. The proposed sukuk are debt instrument – with stochastic coupons that depend on proxies for the profitability of the issuing firm. The first model is applicable to a sukuk with the issuer depending on a commodity like oil that has a transparent index for its price. An index-linked coupon bond, which is equivalent to a sukuk, pays coupons with values that are stochastic – depending on a market defined index – and has been proposed in proposed in Belal Ehsan Baaquie (2018a), Belal Ehsan Baaquie (2018b). The proposed model is studied by taking the index of the coupons to be based on the price of oil, given by Brent Crude Oil Index. In particular, a case study is reviewed by comparing fixed coupon bonds issued Petronas are compared with their corresponding sukuk with index-linked coupons Belal Ehsan Baaquie (2023). The second model is for sukuk issued by publicly listed firms; the coupons depend on the valuation of the issuing firm, which is taken to be a proxy of its profitability Belal Ehsan Baaquie (2020b), Belal Ehsan Baaquie (2020a). An empirical analysis of valuation based sukuk is reviewed to see its comparison with fixed coupon bonds Belal Ehsan Baaquie and Muhammad Mahmudul Karim (2022).","PeriodicalId":387852,"journal":{"name":"World Scientific Annual Review of Islamic Finance","volume":"79 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122073623","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}

{"title":"Introduction to the World Scientific Annual Review of Islamic Finance: Keynote Address","authors":"A. Mirakhor","doi":"10.1142/s2811023423400014","DOIUrl":"https://doi.org/10.1142/s2811023423400014","url":null,"abstract":"","PeriodicalId":387852,"journal":{"name":"World Scientific Annual Review of Islamic Finance","volume":"26 3","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"113937941","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}

{"title":"Islamic Economics: Comparisons","authors":"B. Baaquie","doi":"10.1142/s281102342350003x","DOIUrl":"https://doi.org/10.1142/s281102342350003x","url":null,"abstract":"Islamic economics is currently only a theoretical construct with no Muslim majority country practicing it. To get an understanding of what attributes Islamic economics would have in the contemporary world, a comparison is made of the economic systems of the United States, China and the erstwhile Soviet Union. The key to these systems is argued to be found in the macroeconomy of these countries, with the microeconomy being a subsystem that is subordinate to the macroeconomy. Some conclusions are drawn from these examples for Islamic economics.","PeriodicalId":387852,"journal":{"name":"World Scientific Annual Review of Islamic Finance","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130185045","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}

{"title":"Islamic Finance’s Search for Meaning","authors":"Saad Azmat, M. Shah","doi":"10.1142/s2811023423500089","DOIUrl":"https://doi.org/10.1142/s2811023423500089","url":null,"abstract":"Islamic finance industry since its inception has faced a dilemma that has persisted in spite of its significant increase in market share and tremendous growth. The similarity that it has with the conventional finance industry makes many of the participants very unconformable. Behind this criticism are many embedded assumptions. One of it is that Islamic finance in its current form may not be ‘Islamic’: As if this line of the thinking opens the door for an existential crisis. In this paper we discuss the existential crisis of Islamic finance and explain the different ways it continues to deal with it and provide meaning to the industry and academia. Firstly, we offer a historical perspective on Islamic finance and how the first generation of Islamic finance scholars conceived the problem. Then we discuss the different ways the Islamic finance scholars continue to explain the meaning that Islamic finance contains. Here the focus particularly would be on the deontological nature of Islamic ethics and the importance of risk sharing instruments. The success of the Islamic finance industry in terms of its profitability and the opportunity it holds as a possible provider of meaning are presented. Finally, we focus on the role of the actor as not simply a receiver of meaning but as the creator of meaning.","PeriodicalId":387852,"journal":{"name":"World Scientific Annual Review of Islamic Finance","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130299139","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}