ISRA International Journal of Islamic Finance最新文献

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Legal Challenges in Establishing the Islamic Capital Market in Uzbekistan 在乌兹别克斯坦建立伊斯兰资本市场的法律挑战
IF 2.3
ISRA International Journal of Islamic Finance Pub Date : 2023-12-27 DOI: 10.55188/ijif.v15i4.548
Alam I. Asadov, Ikhtiyorjon Turaboev, Mohd Zakhiri, Md. Nor
{"title":"Legal Challenges in Establishing the Islamic Capital Market in Uzbekistan","authors":"Alam I. Asadov, Ikhtiyorjon Turaboev, Mohd Zakhiri, Md. Nor","doi":"10.55188/ijif.v15i4.548","DOIUrl":"https://doi.org/10.55188/ijif.v15i4.548","url":null,"abstract":"<jats:p />","PeriodicalId":54072,"journal":{"name":"ISRA International Journal of Islamic Finance","volume":"2 10","pages":""},"PeriodicalIF":2.3,"publicationDate":"2023-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139153630","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: 0
Exploration of a New Zakat Management System Empowered by Blockchain Technology in Malaysia 在马来西亚探索由区块链技术赋能的新型天课管理系统
IF 2.3
ISRA International Journal of Islamic Finance Pub Date : 2023-12-27 DOI: 10.55188/ijif.v15i4.568
Amelia Nur Natasha Nazeri, Shifa Mohd Nor, Aisyah Abdul Rahman, Mariani Abdul Majid, Siti Ngayesah Ab. Hamid
{"title":"Exploration of a New Zakat Management System Empowered by Blockchain Technology in Malaysia","authors":"Amelia Nur Natasha Nazeri, Shifa Mohd Nor, Aisyah Abdul Rahman, Mariani Abdul Majid, Siti Ngayesah Ab. Hamid","doi":"10.55188/ijif.v15i4.568","DOIUrl":"https://doi.org/10.55188/ijif.v15i4.568","url":null,"abstract":"Purpose — This paper aims to examine the implementation of blockchain technology in zakat management and determine how it will work in the context of Malaysia. Although zakat institutions in Malaysia use technology, confidence in the efficiency of the zakat fund is still an ongoing issue. Therefore, the potential of blockchain technology for improving the zakat management system is examined. Design/Methodology/Approach — An exploratory study involving two informants with expertise in blockchain technology and Islamic finance was conducted to investigate how the application of blockchain in the zakat management system will accelerate the future implementation and potential of zakat management in Malaysia. Findings — This research finds an accord between the features of blockchain technology and the objectives of zakat. The features are transparency, traceability and security, which align closely with the goals of zakat. As such, a new model has been proposed for the zakat management system, one empowered by blockchain technology that harmonises with the existing system and enhances these elements. Originality/Value — This research can motivate zakat institutions in Malaysia to implement blockchain technology in their zakat management systems by using the proposed model. The research shows the synchronisation of blockchain principles with zakat, which would build trust and confidence. Practical Implications — The discussion on how blockchain can be embedded in the existing zakat management system will contribute towards enhancing zakat management in Malaysia and improve the performance of zakat institutions, enabling them to better serve the community. Given the scarce literature on blockchain adoption in zakat management, this study can spur further research and discussion within this area.","PeriodicalId":54072,"journal":{"name":"ISRA International Journal of Islamic Finance","volume":"55 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2023-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139153227","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: 0
Lack of Profit-and-Loss Sharing Contracts in Moroccan Islamic Banks: An Investigation During the Coronavirus Pandemic 摩洛哥伊斯兰银行缺乏损益分享合同:冠状病毒大流行期间的调查
ISRA International Journal of Islamic Finance Pub Date : 2023-09-30 DOI: 10.55188/ijif.v15i3.616
Dalila Tarriko, Abdelati Hakmaoui
{"title":"Lack of Profit-and-Loss Sharing Contracts in Moroccan Islamic Banks: An Investigation During the Coronavirus Pandemic","authors":"Dalila Tarriko, Abdelati Hakmaoui","doi":"10.55188/ijif.v15i3.616","DOIUrl":"https://doi.org/10.55188/ijif.v15i3.616","url":null,"abstract":"Purpose — The purpose of this paper is to examine the challenges and barriers to implementing profit-and-loss sharing (PLS) contracts in Moroccan Islamic banks (IBs).&#x0D; Design/Methodology/Approach — The paper presents the results of exploratory qualitative research based on face-to-face interviews with local managers of Moroccan IBs in the Rabat–Casablanca region. The investigation was carried out in September 2020, during the Coronavirus (COVID-19) pandemic.&#x0D; Findings — The findings reveal that various challenges, mainly institutional and operational, as well as the implications of the COVID-19 pandemic have been the main barriers to implementing PLS contracts in Moroccan IBs.&#x0D; Originality/Value — The findings are supported by field research targeting the managers who are directly concerned with the commercialisation of PLS contracts. Moreover, the present paper discusses the subject within the Moroccan context, where Islamic banking is a relatively recent phenomenon.&#x0D; Research Limitations/Implications — Given the limited number of IBs in Morocco and the COVID-19 lockdown measures, bank managers in the Rabat–Casablanca region were considered. Consequently, only 14 managers agreed to contribute to the present research. The findings depend on the experience of the respondents on the topic of the research; therefore, other factors and challenges may exist.&#x0D; Practical Implications — The present paper may remind scholars and practitioners of the importance of PLS instruments, especially under the pressure of COVID-19. It is an attempt to explain the challenges faced by these agreements and to make some recommendations in the hope that they will see the light of day in the Moroccan market.","PeriodicalId":54072,"journal":{"name":"ISRA International Journal of Islamic Finance","volume":"92 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136343988","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: 0
Impact of COVID-19 on the Behaviour of Islamic and Conventional Investors: Evidence from the Indonesia Stock Market Crash 2020 2019冠状病毒病对伊斯兰和传统投资者行为的影响:来自2020年印度尼西亚股市崩盘的证据
ISRA International Journal of Islamic Finance Pub Date : 2023-09-30 DOI: 10.55188/ijif.v15i3.615
Faris Azzam Shiddiqi, Akhmad Akbar Susamto
{"title":"Impact of COVID-19 on the Behaviour of Islamic and Conventional Investors: Evidence from the Indonesia Stock Market Crash 2020","authors":"Faris Azzam Shiddiqi, Akhmad Akbar Susamto","doi":"10.55188/ijif.v15i3.615","DOIUrl":"https://doi.org/10.55188/ijif.v15i3.615","url":null,"abstract":"Purpose — The aim of this paper is to investigate the influence of the COVID-19 outbreak on Indonesia’s conventional and Islamic stock markets through the lens of behavioural finance in the digital age.&#x0D; Design/Methodology/Approach — The analysis in this paper is focused on the short-run and long-run impact of variables associated with COVID-19—such as the number of COVID-19 cases and mortality, the Google Search Volume (GSV) for the search query associated with COVID-19, and the panic index related to COVID-19—on the returns of the LQ45 Conventional Index and Jakarta Islamic Index (JII), using the Autoregressive Distributed Lag (ARDL) model.&#x0D; Findings — In the short run, increasing mortality and GSV significantly decreases the returns on LQ45 and JII. By contrast, the returns of LQ45 and JII are unaffected by an increase in the number of cases or the panic index. In the long run, only the panic index affects the LQ45 returns.&#x0D; Originality/Value — This article makes three contributions to the literature. First, it compares the COVID-19 outbreak’s impact on conventional and Islamic stock markets. Second, it discusses the short-run dynamics and long-run impact of the COVID-19 outbreak on stock returns. Third, it provides an explanation of the empirical relationship between the COVID-19 outbreak and the stock market using a behavioural finance viewpoint.&#x0D; Practical Implications — Digital behavioural science-based policies are needed to prevent or lessen financial market crashes during future crises.","PeriodicalId":54072,"journal":{"name":"ISRA International Journal of Islamic Finance","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136344519","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: 0
Model Design of Sociopreneurship: Halal Based-Development of Micro, Small and Medium Enterprises Through Zakat Institutions 社会创业模式设计:以清真为基础的中小微企业通过天课制度的发展
ISRA International Journal of Islamic Finance Pub Date : 2023-09-30 DOI: 10.55188/ijif.v15i3.610
Siti Nur Azizah, Annisa Nur Salam, Ahmad Zaenal Arifin
{"title":"Model Design of Sociopreneurship: Halal Based-Development of Micro, Small and Medium Enterprises Through Zakat Institutions","authors":"Siti Nur Azizah, Annisa Nur Salam, Ahmad Zaenal Arifin","doi":"10.55188/ijif.v15i3.610","DOIUrl":"https://doi.org/10.55188/ijif.v15i3.610","url":null,"abstract":"Purpose — This study aims to examine the extent to which halal branding and digital media utilisation affect consumer behaviour. It also intends to provide an overview of the sociopreneurship model—a model that targets both financial and social benefits, while also working to solve problems in the community—to empower micro, small and medium enterprises (MSMEs) through the use of halal branding and digital media managed by zakat institutions.&#x0D; Design/Methodology/Approach — In the first stage, this study employs a quantitative approach to analyse the factors of digital use and halal branding in influencing consumer behaviour. In this respect, multiple linear regression was used to analyse 172 research respondents. In the second stage, it uses a qualitative approach in designing a sociopreneurship model based on the results of the first stage.&#x0D; Findings — This study found that religiosity and halal branding have a positive and significant effect on Muslim interest in buying halal products. In addition, the factors of price, religiosity and halal branding also positively and significantly affect satisfaction in consuming halal products. The sociopreneurship model can be applied to zakat institutions to facilitate MSMEs in developing product quality through halal branding and digital utilisation.&#x0D; Originality/Value — The unique characteristic of this study lies in the use of both the quantitative and qualitative approaches in carrying out this research. It is hoped that the model offered in this study will be able to develop the MSME sector to keep abreast of modern trends despite the limited capital available to such institutions.&#x0D; Research Limitations/Implications — The sample used in this study was restricted to Indonesia, with a limited number of respondents. Moreover, data collection was conducted through questionnaires without in-depth interviews with consumers, MSMEs and zakat institutions.&#x0D; Practical Implications — The zakat institution’s scheme or model of sociopreneurship will be beneficial for the modern development of MSMEs even though they possess limited capital. Zakat institutions provide three types of assistance: 1) direct monitoring that starts from production inputs to the production process and which continues to the distribution process to ensure that the products developed by the fostered MSMEs are truly halal; 2) assistance at the digital marketing stage; and 3) assistance in accessing loan funds under qarḍ ḥasan (benevolent loans) schemes.&#x0D; Social Implications — This research has a social impact on the development of MSMEs through the implementation of the concept of sociopreneurship. In this case, MSME actors who are classified as donation recipients can turn into donors, which would assist in reducing poverty levels. Therefore, social and business benefits will be achieved through the modern development of MSMEs.","PeriodicalId":54072,"journal":{"name":"ISRA International Journal of Islamic Finance","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136344101","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: 0
Malaysian Consumer Income and Spending Behaviour During the COVID-19 Pandemic: An Insight from Maqāṣid Al-Sharīʿah 2019冠状病毒病大流行期间马来西亚消费者的收入和消费行为:来自Maqāṣid al - shari ā ah的见解
ISRA International Journal of Islamic Finance Pub Date : 2023-09-30 DOI: 10.55188/ijif.v15i3.611
Nur Alisya Nabila Ros Hisham, Shahrina Ismail, Sharifah Fairuz Syed Mohamad
{"title":"Malaysian Consumer Income and Spending Behaviour During the COVID-19 Pandemic: An Insight from Maqāṣid Al-Sharīʿah","authors":"Nur Alisya Nabila Ros Hisham, Shahrina Ismail, Sharifah Fairuz Syed Mohamad","doi":"10.55188/ijif.v15i3.611","DOIUrl":"https://doi.org/10.55188/ijif.v15i3.611","url":null,"abstract":"Purpose — Spending patterns changed during the COVID-19 pandemic due to the health crisis turning into an economic challenge. This study examines the Malaysian public’s awareness level and changes in their spending behaviour during COVID-19. It also aims to identify the spending patterns on different items based on the consumers’ income and establish whether the awareness level of maqāṣid al-Sharīʿah (objectives of Islamic law) on spending affects the public’s perception of future spending behaviour.&#x0D; Design/Methodology/Approach — Quantitative approaches were implemented through questionnaire outcomes, and further analysis was carried out through the SPSS software. The survey included 420 participants, and the results were analysed using inferential and descriptive statistics such as the Chi-Square test and regression.&#x0D; Findings — Important findings of this paper show that the situation following the COVID-19 pandemic led to behavioural changes in many aspects, especially in Malaysians’ spending patterns. The findings show that most items related to awareness of maqāṣid al-Sharīʿah and spending are less than 3, which means that respondents are not aware or slightly aware of the concept. Only one item related to spending more on necessities during the pandemic achieves an average of more than 3. Secondly, changes in spending behaviour are seen on all items included in the study, which means the pandemic caused various changes in the spending patterns of Malaysians. Furthermore, certain categories of items (e.g., food and groceries, meal delivery services, entertainment items, face masks/hand sanitisers/disinfectants, and internet services) have shown significant differences among income groups in this study. Finally, from the regression results, it is found that the awareness level of maqāṣid al-Sharīʿah and its impact on spending is significant for the future perception of spending.&#x0D; Originality/Value — The novelty of this study comes from the concept of relating spending behaviour to maqāṣid al-Sharīʿah, especially during challenging moments such as the COVID-19 pandemic.&#x0D; Practical Implications — This paper reflects the importance of enhancing the maqāṣid al-Sharīʿah concept in spending patterns, especially in Muslim-majority countries. The current research added to knowledge in regard to how consumer behaviour changed during the COVID-19 pandemic. The findings may be useful in developing marketing strategies, considering psychological elements to suit the feelings and demands of genuine customers.","PeriodicalId":54072,"journal":{"name":"ISRA International Journal of Islamic Finance","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136344268","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: 0
Maqāṣid Entrepreneurial Finance: An Islamic Approach to Small Business Capital Structure Theory Maqāṣid创业金融:小型企业资本结构理论的伊斯兰方法
ISRA International Journal of Islamic Finance Pub Date : 2023-09-30 DOI: 10.55188/ijif.v15i3.609
Wida Purwidianti, Bambang Agus Pramuka, Rio Dhani Laksana, Rabiatul Adawiyah Wiwiek
{"title":"Maqāṣid Entrepreneurial Finance: An Islamic Approach to Small Business Capital Structure Theory","authors":"Wida Purwidianti, Bambang Agus Pramuka, Rio Dhani Laksana, Rabiatul Adawiyah Wiwiek","doi":"10.55188/ijif.v15i3.609","DOIUrl":"https://doi.org/10.55188/ijif.v15i3.609","url":null,"abstract":" Purpose — This research aims to develop a novel construct, maqāṣid entrepreneurial finance (MEF), based on an Islamic perspective to measure small and medium enterprises’ (SMEs) capital structure. Design/Methodology/Approach — The MEF construct was developed using indicators based on maqāṣid al-Sharīʿah (the objectives of Islamic law) and entrepreneurial finance. A series of empirical studies were conducted to develop and validate an instrument to capture the MEF and its parameters. The development stages involved two steps: the item development and scale measurement stages. Findings — The results of the factor analysis showed that five factors make up the MEF. These factors are generating and distributing profit, interest-free source of capital, distribution of income for the payment of zakat (compulsory alms) and ṣadaqah (optional alms), the provision from income for reinvestment, and avoiding haram (prohibited) investment. Originality/Value — The paper’s overarching contributions are: first, it contributes to the development of the capital structure theory based on the Sharīʿah perspective; second, it contributes to the advancement of the capital structure theory for SMEs; third, it provides policy input to stakeholders in the SME field; and fourth, it provides practical guidelines relevant to SMEs. Practical Implications — This research provides insight to academicians and managers on how MEF is constituted. For SME owners, the results of this study confirmed that maqāṣid al-Sharīʿah can be integrated into the capital structure decision of SMEs.","PeriodicalId":54072,"journal":{"name":"ISRA International Journal of Islamic Finance","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136343989","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: 0
Developing an Islamic Business Model: A Case for Agricultural Value Chain Finance in Agrobank, Malaysia 发展伊斯兰商业模式:马来西亚农业银行农业价值链金融案例
ISRA International Journal of Islamic Finance Pub Date : 2023-09-30 DOI: 10.55188/ijif.v15i3.612
Aris Anwaril Muttaqin, Muhammad Adib Samsudin, Ahmad Dahlan Salleh, Azlin Alisa Ahmad, Akhmad Syakir Kurnia
{"title":"Developing an Islamic Business Model: A Case for Agricultural Value Chain Finance in Agrobank, Malaysia","authors":"Aris Anwaril Muttaqin, Muhammad Adib Samsudin, Ahmad Dahlan Salleh, Azlin Alisa Ahmad, Akhmad Syakir Kurnia","doi":"10.55188/ijif.v15i3.612","DOIUrl":"https://doi.org/10.55188/ijif.v15i3.612","url":null,"abstract":"Purpose — This study aims to analyse the development of an Islamic business model in the form of an agricultural value chain finance (AVCF) in Agrobank, Malaysia, from 2016 to 2020.&#x0D; Design/Methodology/Approach — This qualitative research adopted the case study approach, and data were collected by using the interview and document analysis methods. The interviews involved a member of the Shariah committee as well as the Chairperson of the Shariah department in Agrobank. The document analysis involved Agrobank’s annual report and its official website (www.agrobank.com.my).&#x0D; Findings — Findings indicate that Agrobank’s business model not only considers how to make profit but also how to practice and propagate Islamic values. Hence, Agrobank has modified the AVCF from trade finance to Sharīʿah finance contracts. This ensures that Agrobank’s business does not contradict Sharīʿah principles. However, mushārakah (participatory mode of finance) and muzāraʿah (temporary sharecropping) contracts, which are appropriately reputed, were not applied by Agrobank for the last five years. Findings show that qarḍ (loan), bayʿ al-ʿīnah (sale and buyback), bayʿ bi thaman ājil (deferred-payment sale), murābaḥah (sale with profit disclosure), tawarruq (two sale-and-purchase contracts, involving at least three parties, with the intention being to attain liquidity), and ijārah (lease) are contracts that positively affect businesses in Agrobank. These contracts provide flexibility for some people who are involved in the value chain.&#x0D; Originality/Value — This is an attempt to study the application of AVCF from an Islamic perspective in Agrobank.&#x0D; Research Limitations/Implications — Discussions in this paper are limited to AVCF as an Islamic business model in Agrobank.&#x0D; Practical Implications — This study encourages Islamic financial institutions (IFIs) to adopt the Islamic AVCF system through lessons learnt from Agrobank.","PeriodicalId":54072,"journal":{"name":"ISRA International Journal of Islamic Finance","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136344413","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: 0
Investor Sentiments, the COVID-19 Pandemic and Islamic Stock Return Volatility in Indonesia 投资者情绪、2019冠状病毒病大流行和印度尼西亚伊斯兰股票回报波动
ISRA International Journal of Islamic Finance Pub Date : 2023-09-30 DOI: 10.55188/ijif.v15i3.613
Maulidya Firdaus Irwaningtyas, Puji Sucia Sukmaningrum, Sulistya Rusgianto
{"title":"Investor Sentiments, the COVID-19 Pandemic and Islamic Stock Return Volatility in Indonesia","authors":"Maulidya Firdaus Irwaningtyas, Puji Sucia Sukmaningrum, Sulistya Rusgianto","doi":"10.55188/ijif.v15i3.613","DOIUrl":"https://doi.org/10.55188/ijif.v15i3.613","url":null,"abstract":"Purpose — This study aims to investigate the effect of investor sentiments, as measured by the Consumer Confidence Index (CCI), and the impact of COVID-19 on Islamic stock return volatility proxied by the Indonesia Sharia Stock Index (ISSI).&#x0D; Design/Methodology/Approach — This study employs the GARCH (1,1) model to test the impact of investor sentiments and COVID-19 on the volatility of Islamic stock returns using monthly data from July 2011 to December 2021.&#x0D; Findings — The findings of this study indicate that investor sentiments negatively impact the volatility of Islamic stock returns; while COVID-19 caused a high and persistent effect on Islamic stock return volatility.&#x0D; Originality/Value — Research on investor behaviour and volatility in the Islamic capital market (ICM) is limited. Investor sentiment is an essential variable in predicting the volatility level of stock returns. Investors must be aware of major events that are happening globally, such as COVID-19. This research specifically focuses on the sentiments of Islamic stock investors in Indonesia.&#x0D; Research Limitations/Implications — This study uses a traditional GARCH model for variance and is limited to the Islamic stock market in Indonesia. Only a few variables were assessed, notably investor sentiments and COVID-19 on the impact of stock return volatility, using monthly data.&#x0D; Practical Implications — Research on market volatility will significantly help investors, companies and regulators determine strategies to overcome risks. This research illustrates how investor behaviour can influence the movement of stock returns. A global event, notably the COVID-19 pandemic, proved to have significantly impacted the conditions of ICMs.","PeriodicalId":54072,"journal":{"name":"ISRA International Journal of Islamic Finance","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136343996","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: 0
An Empirical Investigation of the Factors Affecting Perceptions of University Students in Pakistan on the Usage of Islamic Equity Crowdfunding 影响巴基斯坦大学生对伊斯兰股权众筹运用认知因素的实证调查
ISRA International Journal of Islamic Finance Pub Date : 2023-09-30 DOI: 10.55188/ijif.v15i3.608
Iqra Sarfraz, Huma Ayub, Abida Ellahi
{"title":"An Empirical Investigation of the Factors Affecting Perceptions of University Students in Pakistan on the Usage of Islamic Equity Crowdfunding","authors":"Iqra Sarfraz, Huma Ayub, Abida Ellahi","doi":"10.55188/ijif.v15i3.608","DOIUrl":"https://doi.org/10.55188/ijif.v15i3.608","url":null,"abstract":"Purpose — This paper aims to explore the key motivational factors that influence investors to invest in Islamic equity crowdfunding (I-ECF) platforms.&#x0D; Design/Methodology/Approach — The study is quasi-experimental with a pre-test/post-test design where the respondents, including 350 business and computer studies students from public and private universities in Pakistan, were selected for experimental manipulations, i.e., showing videos. The questionnaire was used to assess the difference in the perceptions of potential investors. &#x0D; Findings — The results support the hypotheses that project innovativeness, return on investment, perceived informativeness, protection policy and a helping attitude positively influence the investors’ willingness to invest in I-ECF. However, risk of investment and third-party seal were proven to play an insignificant role in influencing the investors’ willingness to invest in I-ECF.&#x0D; Originality/Value — I-ECF is an unexplored phenomenon in Pakistan. This study is limited to finding the key factors that influence students’ inclination towards its usage. Future researchers can study it from an entrepreneur’s perspective.&#x0D; Research Limitations — This study is limited to potential investors’ perspectives towards the usage of I-ECF platforms. However, various other research areas need to be explored such as entrepreneurial intentions, usage of the capital market, platform and institution-related issues for the promotion of I-ECF.&#x0D; Practical Implications — This study will have practical implications for young entrepreneurs, regulators and researchers so that they may capitalise and give weightage to key identified factors for the promotion and usage of I-ECF platforms to raise seed money for new businesses. For example, crowdfunding as an alternative method of financing may gain popularity by making hundreds of connections through brand ambassadors. Universities could partner with equity-based crowdfunding (ECF) platforms like StartEngine as their intra-university platforms. Furthermore, the study provides valuable insights to regulatory bodies to assist them in formulating regulations for I-ECF. If startups (e.g., university incubators) get money from students via ECF platforms, ECF will grow into a sustainable model that can contribute to the country’s long-term development by fostering a knowledge economy as a source of wealth.","PeriodicalId":54072,"journal":{"name":"ISRA International Journal of Islamic Finance","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136344674","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: 0
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