International Journal of Islamic and Middle Eastern Finance and Management最新文献

{"title":"Exploring IFRS in Islamic finance: a bibliometric and coding analysis of emerging topics and perspectives","authors":"Davide Calandra, Federico Lanzalonga, Paolo Pietro Biancone","doi":"10.1108/imefm-11-2023-0444","DOIUrl":"https://doi.org/10.1108/imefm-11-2023-0444","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>Emerging economies are increasingly benefiting from Islamic finance principles. The distinctive features of this unconventional form of finance are starting to be considered even in developed economies. Islamic finance operates under prohibitions on interest, gambling, speculation and complex derivatives according to the dogma in the Quran, Sunnah, Ijma and Qiyas. International financial reporting standards (IFRS) allow companies to attract global capital due to overcoming international borders. However, Islamic finance cannot apply all accounting standards. Therefore, this study aims to explore the implementation of international accounting standards in the Islamic finance context to present applications and future research fields.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>Using a bibliometric and coding analysis, the study analyses 226 peer-reviewed journal papers extracted from the Scopus database. Using the bibliometrix package, the authors explored the literature’s intellectual, conceptual and social structures, categorising the findings into thematic clusters relevant to traditional and Islamic finance paradigms.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The results reveal new and interesting elements using the lens of the conceptual, intellectual and social structure. Additionally, the authors find out three main thematic clusters: (1) IFRS and Islamic finance: general principles; (2) IFRS and Zakat; (3) IFRS and <em>Murabaha</em> compatibility; (4) IFRS and Takaful; and (5) IFRS and auditing organisation for Islamic financial institution: governance strategies.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>The contribution is original as the authors discover institutional theory perspectives and a diatribe between positivist and ontological approaches.</p><!--/ Abstract__block -->","PeriodicalId":47091,"journal":{"name":"International Journal of Islamic and Middle Eastern Finance and Management","volume":"80 1","pages":""},"PeriodicalIF":3.0,"publicationDate":"2024-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141568328","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Impact of capital inflows on bank profitability: a comparative analysis of dual banking systems","authors":"Osamah AlKhazali, Iness Aguir, Mohamad Helmi, Ali Mirzaei","doi":"10.1108/imefm-04-2023-0148","DOIUrl":"https://doi.org/10.1108/imefm-04-2023-0148","url":null,"abstract":"&lt;h3&gt;Purpose&lt;/h3&gt;\u0000&lt;p&gt;Using data on 739 banks from 22 countries with a dual banking system from 2012 to 2019, this paper aims to examine whether capital inflows affect banks’ profitability in recipient countries.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Design/methodology/approach&lt;/h3&gt;\u0000&lt;p&gt;The authors check the conjecture about the effect of capital inflows on the profitability of the host country’s banks by estimating the following regression:&lt;/p&gt;&lt;p&gt;&lt;span&gt;\u0000&lt;mml:math display=\"inline\" xmlns:mml=\"http://www.w3.org/1998/Math/MathML\"&gt;&lt;mml:mrow&gt;&lt;mml:msub&gt;&lt;mml:mi&gt;P&lt;/mml:mi&gt;&lt;mml:mrow&gt;&lt;mml:mi&gt;i&lt;/mml:mi&gt;&lt;mml:mi&gt;c&lt;/mml:mi&gt;&lt;mml:mi&gt;t&lt;/mml:mi&gt;&lt;/mml:mrow&gt;&lt;/mml:msub&gt;&lt;mml:mo&gt;=&lt;/mml:mo&gt;&lt;mml:msub&gt;&lt;mml:mi&gt;α&lt;/mml:mi&gt;&lt;mml:mn&gt;0&lt;/mml:mn&gt;&lt;/mml:msub&gt;&lt;mml:mo&gt;+&lt;/mml:mo&gt;&lt;mml:msub&gt;&lt;mml:mi&gt;α&lt;/mml:mi&gt;&lt;mml:mn&gt;1&lt;/mml:mn&gt;&lt;/mml:msub&gt;&lt;mml:mo&gt;·&lt;/mml:mo&gt;&lt;mml:mi&gt;C&lt;/mml:mi&gt;&lt;mml:msub&gt;&lt;mml:mi&gt;F&lt;/mml:mi&gt;&lt;mml:mrow&gt;&lt;mml:mi&gt;c&lt;/mml:mi&gt;&lt;mml:mi&gt;t&lt;/mml:mi&gt;&lt;/mml:mrow&gt;&lt;/mml:msub&gt;&lt;mml:mo&gt;+&lt;/mml:mo&gt;&lt;mml:msub&gt;&lt;mml:mi&gt;α&lt;/mml:mi&gt;&lt;mml:mn&gt;2&lt;/mml:mn&gt;&lt;/mml:msub&gt;&lt;mml:mo&gt;·&lt;/mml:mo&gt;&lt;mml:mi&gt;I&lt;/mml:mi&gt;&lt;mml:mi&gt;s&lt;/mml:mi&gt;&lt;mml:mi&gt;l&lt;/mml:mi&gt;&lt;mml:mi&gt;a&lt;/mml:mi&gt;&lt;mml:mi&gt;m&lt;/mml:mi&gt;&lt;mml:mi&gt;i&lt;/mml:mi&gt;&lt;mml:msub&gt;&lt;mml:mi&gt;c&lt;/mml:mi&gt;&lt;mml:mi&gt;i&lt;/mml:mi&gt;&lt;/mml:msub&gt;&lt;mml:mo&gt;+&lt;/mml:mo&gt;&lt;mml:msub&gt;&lt;mml:mi&gt;α&lt;/mml:mi&gt;&lt;mml:mn&gt;3&lt;/mml:mn&gt;&lt;/mml:msub&gt;&lt;mml:mo&gt;·&lt;/mml:mo&gt;&lt;mml:mi&gt;C&lt;/mml:mi&gt;&lt;mml:msub&gt;&lt;mml:mi&gt;F&lt;/mml:mi&gt;&lt;mml:mrow&gt;&lt;mml:mi&gt;c&lt;/mml:mi&gt;&lt;mml:mi&gt;t&lt;/mml:mi&gt;&lt;/mml:mrow&gt;&lt;/mml:msub&gt;&lt;mml:mo&gt;×&lt;/mml:mo&gt;&lt;mml:mi&gt;I&lt;/mml:mi&gt;&lt;mml:mi&gt;s&lt;/mml:mi&gt;&lt;mml:mi&gt;l&lt;/mml:mi&gt;&lt;mml:mi&gt;a&lt;/mml:mi&gt;&lt;mml:mi&gt;m&lt;/mml:mi&gt;&lt;mml:mi&gt;i&lt;/mml:mi&gt;&lt;mml:msub&gt;&lt;mml:mi&gt;c&lt;/mml:mi&gt;&lt;mml:mi&gt;i&lt;/mml:mi&gt;&lt;/mml:msub&gt;&lt;mml:mo&gt;+&lt;/mml:mo&gt;&lt;mml:mi&gt;δ&lt;/mml:mi&gt;&lt;mml:mo&gt;·&lt;/mml:mo&gt;&lt;mml:msub&gt;&lt;mml:mi&gt;X&lt;/mml:mi&gt;&lt;mml:mrow&gt;&lt;mml:mi&gt;i&lt;/mml:mi&gt;&lt;mml:mi&gt;c&lt;/mml:mi&gt;&lt;mml:mi&gt;t&lt;/mml:mi&gt;&lt;/mml:mrow&gt;&lt;/mml:msub&gt;&lt;mml:mo&gt;+&lt;/mml:mo&gt;&lt;mml:mi&gt;θ&lt;/mml:mi&gt;&lt;mml:mo&gt;·&lt;/mml:mo&gt;&lt;mml:msub&gt;&lt;mml:mi&gt;Y&lt;/mml:mi&gt;&lt;mml:mrow&gt;&lt;mml:mi&gt;c&lt;/mml:mi&gt;&lt;mml:mi&gt;t&lt;/mml:mi&gt;&lt;/mml:mrow&gt;&lt;/mml:msub&gt;&lt;mml:mo&gt;+&lt;/mml:mo&gt;&lt;mml:msub&gt;&lt;mml:mi&gt;ε&lt;/mml:mi&gt;&lt;mml:mrow&gt;&lt;mml:mi&gt;i&lt;/mml:mi&gt;&lt;mml:mi&gt;c&lt;/mml:mi&gt;&lt;mml:mi&gt;t&lt;/mml:mi&gt;&lt;/mml:mrow&gt;&lt;/mml:msub&gt;&lt;/mml:mrow&gt;&lt;/mml:math&gt;&lt;/span&gt; (1)&lt;/p&gt;&lt;p&gt;where the dependent variable (&lt;em&gt;P&lt;sub&gt;ict&lt;/sub&gt;&lt;/em&gt;) refers to bank profitability, measured by either &lt;em&gt;ROA&lt;/em&gt; or &lt;em&gt;ROE&lt;/em&gt; for bank &lt;em&gt;i&lt;/em&gt;, country &lt;em&gt;c&lt;/em&gt; and year &lt;em&gt;t&lt;/em&gt;. &lt;em&gt;ROA&lt;/em&gt; is defined as the ratio of net profit to average total assets expressed as a percentage, which determines how efficiently a bank uses its assets to generate a profit. &lt;em&gt;ROE&lt;/em&gt; is defined as the ratio of net profit to average total equity expressed as a percentage, which is a measure of increases in shareholders’ wealth.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Findings&lt;/h3&gt;\u0000&lt;p&gt;The authors find that capital inflows are generally positively associated with bank profitability. However, cross-border capital inflows reduce the rate of return in Islamic banks relative to their conventional counterparts. When decomposing inflows by instrument, the authors find that the enhancing role of capital inflows on bank profitability ","PeriodicalId":47091,"journal":{"name":"International Journal of Islamic and Middle Eastern Finance and Management","volume":"47 1","pages":""},"PeriodicalIF":3.0,"publicationDate":"2024-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141568327","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Security tokens, ecosystems and financial inclusion: Islamic perspectives","authors":"Habib Ahmed","doi":"10.1108/imefm-04-2024-0195","DOIUrl":"https://doi.org/10.1108/imefm-04-2024-0195","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>Shariah-compliant security tokens can play an important role in developing innovative solutions to resolve voluntary and involuntary financial exclusion in Muslim societies. This paper aims to present features of Shariah-compliant security tokens and supporting ecosystems that can provide additional sources of financing for small and medium enterprises (SMEs) and create alternative investment opportunities for retail investors.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>This conceptual paper presents the building blocks of security tokens, their ecosystem and key functions and activities and then examines these features from Islamic perspectives. This is done by reviewing the contemporary literature on cryptoassets and their ecosystems and analysing these in light of Islamic legal and ethical values and principles.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The paper provides a framework of how Shariah-compliant asset- and equity-based security tokens can be used by SMEs to raise funds quickly and efficiently on crypto exchanges. Given the novelty and complexity of the technology involved and the lack of understanding and skills to develop blockchain-based systems among SMEs, this paper suggests developing security tokens and exchanges in a controlled manner under the supervision of a nation’s stock markets.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>Although several studies examine cryptocurrencies from Islamic perspectives, literature on other cryptoassets and their role in financial inclusion is scant. This paper identifies Shariah-compliant asset- and equity-based security tokens and supporting ecosystems that can contribute to the development of digital capital markets where SMEs can raise funds efficiently and retail investors can invest in alternative asset classes.</p><!--/ Abstract__block -->","PeriodicalId":47091,"journal":{"name":"International Journal of Islamic and Middle Eastern Finance and Management","volume":"8 1","pages":""},"PeriodicalIF":3.0,"publicationDate":"2024-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141568329","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Shari’ah governance and transparency: evidence from stock price synchronicity of Islamic banks","authors":"Majdi Anwar Quttainah, Yosra BenSaid","doi":"10.1108/imefm-10-2023-0402","DOIUrl":"https://doi.org/10.1108/imefm-10-2023-0402","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The purpose of this study is to investigate internal governance mechanisms factors, focusing on <em>Shari’ah</em>-based governance mechanisms that affect the price synchronicity of Islamic banks (IBs).</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>This study analyzes and compares the effect of <em>Shari’ah</em> and regular governance mechanisms on stock price synchronicity over 2013–2022 using a sample of 51 listed IBs in 13 countries in the Middle East and South Asia region. Using generalized least square method, this paper tests nine hypotheses addressing <em>Shari’ah</em> and regular governance mechanisms.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The findings generally reveal that <em>Shari’ah</em>-based governance mechanisms have a significant impact on the stock price synchronicity of IBs. The main determinants of stock price synchronicity among IBs are SSB size, SSB diversity, SSB members’ qualifications in finance Islamic jurisprudence and SSB interlocks. <em>Shari’ah</em> governance plays a detrimental role in improving the association between bank stock price synchronicity and transparency.</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>This paper includes three main limitations that may affect the accuracy of the findings. First, this paper relied on publicly available financial statements of IBs online. Hence, the data in this study is from few IBs in each country, which limits the analysis given the reliance is on the best-performing IBs in the country. Second, the results are restricted to the Middle East and South Asia and may not be generalized to other regions. Third, the sample is dominated by Middle East countries (i.e. 37 IBs out of 51).</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>Both <em>Shari’ah</em> governance and regular governance have an impact on the transparency of IBs. Policymakers or regulators could encourage IBs to embed SSBs into their internal governance structure for the positive impact the SSBs attributes have on stock price synchronicity and transparency.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This research studies IBs, unlike most other works that focus on firms.</p><!--/ Abstract__block -->","PeriodicalId":47091,"journal":{"name":"International Journal of Islamic and Middle Eastern Finance and Management","volume":"359 1","pages":""},"PeriodicalIF":3.0,"publicationDate":"2024-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141530218","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Governance of Islamic social finance: learnings from existing literature","authors":"Rodame Monitorir Napitupulu, Raditya Sukmana, Aam Slamet Rusydiana","doi":"10.1108/imefm-06-2023-0222","DOIUrl":"https://doi.org/10.1108/imefm-06-2023-0222","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study aims to conduct a comprehensive analysis of the existing literature pertaining to the governance of Islamic social finances (ISF). The primary aim is to identify and highlight global research patterns and deliver noteworthy insights that can be gleaned by ISF institutions worldwide.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>This study uses a hybrid approach, incorporating both bibliometric and content analysis methodologies. The authors curated a data set comprising 73 scholarly documents (articles) obtained from the Scopus database, covering the period from 2010 to 2023. The data collection process was conducted in March 2023. VOSviewer and content analysis were used to analyze the collected data.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The authors unveiled six distinct categories derived from the available literature on governance in ISF. These categories encompassed accountability, governance practice, performance, efficiency, Islamic accounting and governance awareness. Extensive deliberations have taken place regarding these six categories to enhance their prominence among ISF institutions. Furthermore, the findings of this study provided valuable directions for future research in this domain.</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>The use of English articles obtained from the Scopus database in this study ensured that the selected papers were of a significant standard of excellence within the specific realm of knowledge under examination.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>Enhancing governance practice within ISF institutions could enhance their overall performance, thereby playing a crucial role in optimizing their contributions to societal and economic contexts.</p><!--/ Abstract__block -->\u0000<h3>Social implications</h3>\u0000<p>This endeavor served as a means to enlighten numerous stakeholders regarding social finance institutions, fostering an environment of informed decision-making and effective governance that aligns with the principles of Islamic economics.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This study represents a pioneering bibliometric publication on the governance of ISF, providing academics with a robust basis for comprehending the evolving landscape of literature within this specific area of research.</p><!--/ Abstract__block -->","PeriodicalId":47091,"journal":{"name":"International Journal of Islamic and Middle Eastern Finance and Management","volume":"6 1","pages":""},"PeriodicalIF":3.0,"publicationDate":"2024-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141511279","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Designing waqf-based financing model for livestock project: empirical evidence from Indonesia","authors":"Raditya Sukmana, Ririn Tri Ratnasari, Rifaldi Majid, Muhammad Hakimi Mohd Shafiai","doi":"10.1108/imefm-06-2023-0211","DOIUrl":"https://doi.org/10.1108/imefm-06-2023-0211","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study aims to propose a productive waqf-based financing model for the livestock sector by optimizing idle waqf land owned by Islamic boarding schools (pesantren) for livestock breeding and fattening projects. Most pesantrens are established on waqf land and are located in rural areas with great potential for implementing waqf-based livestock projects.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The authors conducted a critical review on the models of waqf-based empowerment and financing for the livestock, agriculture or agribusiness sectors. Then, a proposed model was designed focused on livestock sector by using waqf land owned by pesantren. To strengthen the proposed model, the authors held a focus group discussion (FGD) by inviting regulators, academics, practitioners/consultants in animal husbandry, waqf, pesantren and economic empowerment.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>Pesantren as nazhir of waqf land can cooperate with baitul maal wat tamwil (BMT) acting as nazhir of cash waqf to form a breeders’ cooperative as the vehicle to carry out the process of producing and fattening cattle. The project is performed under a mudharaba, musharakah or ijara contract, which is supervised by pesantren and BMT.</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>This research is based on the Indonesian context due to it is influenced by country-specific conditions. Even so, some of the findings in this study can still be adopted by waqf asset managers in other Muslim countries, which also have potential in terms of the number of pesantren and waqf assets.</p><!--/ Abstract__block -->\u0000<h3>Social implications</h3>\u0000<p>The proposed model can improve the quality of life of the poor in remote areas by fulfilling the demand for beef consumption accompanied by sustainable economic empowerment.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This research focuses on solving the problem of meeting basic needs for beef by optimizing productive waqf in the livestock sector by involving the role of pesantren, which still needs to be discovered in the literature on the use of waqf land.</p><!--/ Abstract__block -->","PeriodicalId":47091,"journal":{"name":"International Journal of Islamic and Middle Eastern Finance and Management","volume":"12 1","pages":""},"PeriodicalIF":3.0,"publicationDate":"2024-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141511280","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Integrating environmental, social and governance (ESG) principles with Maqasid al-Shariah: a blueprint for sustainable takaful operations","authors":"Fahru Azwa Mohd Zain, Siti Fariha Muhamad, Hamdy Abdullah, Sheikh Ahmad Faiz Sheikh Ahmad Tajuddin, Wan Amalina Wan Abdullah","doi":"10.1108/imefm-11-2023-0422","DOIUrl":"https://doi.org/10.1108/imefm-11-2023-0422","url":null,"abstract":"&lt;h3&gt;Purpose&lt;/h3&gt;\u0000&lt;p&gt;This conceptual paper aims to delineate a comprehensive blueprint for the integration of environmental, social and governance (ESG) principles within the framework of Takaful operations, guided by the principles of Maqasid al-Shariah. The primary purpose is to establish a robust foundation for the sustainable transformation of Takaful, aligning it with ethical finance and Islamic values.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Design/methodology/approach&lt;/h3&gt;\u0000&lt;p&gt;Using a theoretical research approach, this study delves into the multifaceted dimensions of ESG principles and the principles of Maqasid al-Shariah within the context of Takaful operations. The 17 SDGs/ESG principles and Maqasid al-Shariah are integrated to give a thorough framework for comprehending the disclosure index from western and Islamic ethical viewpoints. The research critically analyses current literature, scholarly works and authoritative sources, drawing inspiration from established approaches. Qualitative content analysis examines and compiles pertinent ideas, and the expert validates the disclosure index. It identifies key convergence, compatibility and divergence points between ESG principles and Maqasid al-Shariah to construct a comprehensive framework for Maqasid-driven ESG integration in Takaful.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Findings&lt;/h3&gt;\u0000&lt;p&gt;The paper presents a well-defined blueprint for Maqasid-driven ESG integration in Takaful, revealing substantial areas of alignment between the two frameworks. This alignment is particularly pronounced in protecting life, religion, intellect, lineage and wealth. The blueprint underscores the potential of harmonising ESG principles with the principles of Maqasid al-Shariah, providing Takaful operators with a roadmap for enhancing their ethical credibility, societal impact and environmental stewardship.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Research limitations/implications&lt;/h3&gt;\u0000&lt;p&gt;The blueprint outlined in this study opens new avenues for research at the intersection of Islamic ethics, responsible finance and sustainable development and signals the necessity of developing a standardised disclosure index. This index will serve as a vital tool for Takaful operators to transparently communicate their commitment to ethical and sustainable practices, facilitating a deeper understanding of Maqasid-driven ESG integration and bolstering transparency for all stakeholders. Further research into this disclosure index’s practical implementation, empirical validation and strategic implications is encouraged to advance responsible finance within the Takaful industry.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Practical implications&lt;/h3&gt;\u0000&lt;p&gt;The proposed blueprint provides Takaful operators with a practical guide to align their operations with both ethical finance and Islamic principles. Embracing the principles of responsible governance, societal welfare and environmental sustainability, Takaful operators can enhance their product offerings, att","PeriodicalId":47091,"journal":{"name":"International Journal of Islamic and Middle Eastern Finance and Management","volume":"164 1","pages":""},"PeriodicalIF":3.0,"publicationDate":"2024-05-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141058983","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Exploring the greenium in the green Sukuk universe: evidence from the primary market","authors":"Burak Pirgaip, Ozgur Arslan-Ayaydin","doi":"10.1108/imefm-05-2023-0186","DOIUrl":"https://doi.org/10.1108/imefm-05-2023-0186","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study aims to fill a gap in the literature by providing evidence for a “greenium” in the primary Sukuk market. The term “greenium” is defined in the study as the lower cost of capital or reduced yields that green Sukuk may offer compared to non-green Sukuk, reflecting investor willingness to accept lower returns for green investments. Therefore, the main aim of this study is to investigate the potential role of “greenium” as an incentive for issuers to fund eco-friendly projects, contributing to a sustainable environment.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>This study uses propensity score matching techniques to provide an accurate comparison of pricing differences between green and non-green Sukuk issued in global primary markets during the period 2017–2022.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The results reveal that green Sukuk signify a “greenium” effect. This suggests that investors find green Sukuk attractive, willing to accept lower returns. Given the positive investor response to green initiatives in the market, issuers can capitalize on the growing demand for green Sukuk, leading to low-cost funding.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This study makes an important contribution to the literature at the interface of Islamic finance and environmental sustainability. In particular, it stands out by focusing on the pricing dynamics in the green Sukuk market and highlights the potential benefits of issuing green Sukuk to help achieve sustainability goals while providing access to lower cost of capital for the transition to a low-carbon economy.</p><!--/ Abstract__block -->","PeriodicalId":47091,"journal":{"name":"International Journal of Islamic and Middle Eastern Finance and Management","volume":"16 1","pages":""},"PeriodicalIF":3.0,"publicationDate":"2024-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140835076","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The impact of inflation on bank stability: evidence from the MENA banks","authors":"Ali Awdeh, Chawki El Moussawi, Hassan Hamadi","doi":"10.1108/imefm-10-2023-0388","DOIUrl":"https://doi.org/10.1108/imefm-10-2023-0388","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>Serious concerns about the stability of the international financial systems have arisen recently, resulting from the mounting inflation rates and the accompanying procedures to control them. Consequently, this study aims at examining empirically the impact of inflationary pressures/shocks on the stability of banking sectors.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The study adopts a dynamic GMM models and exploits a sample of 188 banks operating in 14 MENA economies, over the period 1999–2021.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>This research finds that high inflation does indeed harm bank financial stability and deteriorates banks credit risk. Furthermore, the examination of the impact of interaction terms between inflation and bank-specific and institutional quality variables shows that better capitalisation levels, higher liquidity buffers, larger asset size, greater market power, foreign ownership and overall political stability, all can counterbalance the impact of inflationary pressures on MENA banks financial stability.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>In addition to empirically revealing how inflationary shocks can deteriorate financial stability, the main novelty of this research is examining how the interactions between inflation on one hand, and bank-specific and institutional quality on the other, affect bank stability.</p><!--/ Abstract__block -->","PeriodicalId":47091,"journal":{"name":"International Journal of Islamic and Middle Eastern Finance and Management","volume":"96 1","pages":""},"PeriodicalIF":3.0,"publicationDate":"2024-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140597324","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Ethical banking behavior among millennials and Gen-Z in Malaysia","authors":"Siti Aisyah Binti Zahari, Shahida Shahimi, Suhaili Alma'amun, Mohd Mursyid Arshad","doi":"10.1108/imefm-04-2023-0152","DOIUrl":"https://doi.org/10.1108/imefm-04-2023-0152","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study aims to determine the factors that influence ethical banking behavior among millennials and Gen-Z in Malaysia.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>A stratified sample of 525 millennials and Gen-Z of Malaysian banking customers was used. Extended ethical decision-making (EDM) model was tested using partial least square-structural equation model for the analysis.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The findings indicated that the engagement of millennials and Gen-Z in ethical banking is influenced by factors such as intention, judgment and awareness, which shaped both generations’ ethical banking behavior.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>This study could be a central reference point and assist banking institutions in understanding the preferences of millennials and Gen-Z.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This study extends the previous EDM model that focused solely on consumer's belief systems. Three aspects differentiate this paper and contribute to its originality, namely, the uniqueness of millennials and Gen-Z behavior, incorporating new variables along with the EDM models and study in Malaysian context.</p><!--/ Abstract__block -->","PeriodicalId":47091,"journal":{"name":"International Journal of Islamic and Middle Eastern Finance and Management","volume":"19 1","pages":""},"PeriodicalIF":3.0,"publicationDate":"2024-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140597322","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}