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What is wrong with Islamic economics? : analysing the present state and future agenda
What is wrong with Islamic economics? takes an objective look at the state of the art in Islamic economics and finance. It analyses reasons for perceived stagnation and also suggests a way forward. As well as probing various myths, the book presents several innovative ideas and a methodology for developing the subject on new foundations. It also highlights weaknesses in the conventional position on prohibition of interest, which has led Islamic banks devise a series of legal tricks. The author notes how the original aim of devising a new brand of banking has become less prominent whilst.
Book
The Impact of Corporate Social Responsibility Disclosure on Financial Performance: Evidence from the GCC Islamic Banking Sector
This paper examines the relationship between corporate social responsibility (CSR) and financial performance for Islamic banks in the Gulf Cooperation Council (GCC) region over the period 2000-2014 by generating CSR-related data through disclosure analysis of the annual reports of the sampled banks. The findings of this study indicate that there is a significant positive relationship between CSR disclosure and the financial performance of Islamic banks in the GCC countries. The results also show a positive relationship between CSR disclosure and the future financial performance of GCC Islamic banks, potentially indicating that current CSR activities carried out by Islamic banks in the GCC could have a long-term impact on their financial performance. Furthermore, despite demonstrating a significant positive relationship between the composite measure of the CSR disclosure index and financial performance, the findings show no statistically significant relationship between the individual dimensions of the CSR disclosure index and the current financial performance measure except for 'mission and vision' and 'products and services'. Similarly, the empirical results detect a positive significant association only between 'mission and vision' dimension and future financial performance of the examined banks.
Journal Article
Banking and financial systems
This book explores the intricate interconnections between states and banking and financial systems, examining how the dominance of banks influences global politics. It delves into the multifaceted impact of government regulations on business operations and the economy, emphasizing the crucial role of central banks in managing money supply and inflation. Positioned at the nexus of society, banks and financial institutions exert significant influence on various societal concerns and play vital roles in the global economy. The book proposes that banks can drive social impact by focusing on areas such as their employees, customers, and the ripple effect created by their investments. It raises essential questions about whether the financial system's influence extends beyond shaping choices to impacting policy decisions, societal behaviors, and even opposition to state determinations. The work advocates for scholarly inquiries into the modern functions of states and financial institutions, addressing the pivotal actors shaping decisions within societies. While referencing preceding research, the book establishes a novel typology of research, recognizing the need for further refinement and elaboration within this relatively scarce domain of study, aiming to contribute to a deeper understanding of the evolving dynamics between states and financial systems.
Book
Competing Logics in the Islamic Funds Industry: A Market Logic Versus a Religious Logic
In contrast to the conventional fund management industry with a profit-oriented logic based on risk and return, ethical and faith-based funds should follow the religious principles of their investment-style philosophy. Islamic funds should obey the theological teachings of the primary sources of Islam, the Quran and Sunnah, as stakeholders expect these religious teachings to influence the investment decisions of fund managers. In practice, Islamic fund managers use Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)'s screening criteria, based on secondary sources of Islam, which allow investments that are only partially halal (allowable) to be included in their portfolios. This study finds that a more religious logic in screening practices, although impairing diversification, does not necessarily harm performance. Thus, Islamic investment funds, and the wider ethical fund management industry, should, and could, adopt stricter screening criteria that match their investment mandates and bring more ethical business practices to the industry.
Journal Article
Financial Networks and Contagion
We study cascades of failures in a network of interdependent financial organizations: how discontinuous changes in asset values (e.g., defaults and shutdowns) trigger further failures, and how this depends on network structure. Integration (greater dependence on counterparties) and diversification (more counterparties per organization) have different, nonmonotonic effects on the extent of cascades. Diversification connects the network initially, permitting cascades to travel; but as it increases further, organizations are better insured against one another's failures. Integration also faces trade-offs: increased dependence on other organizations versus less sensitivity to own investments. Finally, we illustrate the model with data on European debt cross-holdings.
Journal Article
Financial Intermediation, International Risk Sharing, and Reserve Currencies
I model the equilibrium risk sharing between countries with varying financial development The most financially developed country takes greater risks because its financial intermediaries deal with funding problems better. In good times, the more financially developed country consumes more and runs a trade deficit financed by the higher financial income that it earns as compensation for taking greater risk. During global crises, it suffers heavier losses. Its currency emerges as the reserve currency because it appreciates during crises, thus providing a good hedge. I provide evidence that financial net worth plays a crucial role in understanding this asymmetric risk sharing.
Journal Article
Contagion in Financial Networks
The recent financial crisis has prompted much new research on the interconnectedness of the modern financial system and the extent to which it contributes to systemic fragility. Network connections diversify firms' risk exposures, but they also create channels through which shocks can spread by contagion. We review the extensive literature on this issue, with the focus on how network structure interacts with other key variables such as leverage, size, common exposures, and short-term funding. We discuss various metrics that have been proposed for evaluating the susceptibility of the system to contagion and suggest directions for future research.
Journal Article
Banking system and economic growth linkages in MENA region: complementarity and substitutability between Islamic and conventional banking
Purpose
The purpose of this paper is to investigate empirically the channels through which Islamic and/or conventional banking can spur economic growth in MENA region.
Design/methodology/approach
The study uses a range of developed econometric approaches, including panel cointegration technique, panel Granger causality test and a panel-based vector error correction model (VECM), to analyze explicitly all the causal relationships among Islamic banking, conventional banking development and economic growth in a unified framework.
Findings
The empirical results show that Islamic banking in MENA countries not only leads to economic growth but also affects positively and significantly conventional banking development. Thus, Islamic banking has an active role and could be classified as “supply-following” since its development only leads to economic growth, whereas conventional banking, with passive role, could be classified as “demand-following” since it only reacts to economic growth in long run.
Research limitations/implications
The study has two principal limitations. It is conducted within a relatively limited time period and sample of countries. Also, the used models did not take into account the impact of others financial and macroeconomic variables like stock market development, interest rate, inflation and financial crisis.
Practical implications
The results have two main implications. First, in MENA countries, well-functioning Islamic banking sector could not only promote economic growth but also can be served as a development factor for their conventional one. Second, unlike conventional banks, the customer of Islamic banks seems not to be motivated by interest and profits. Rather religious factors are recommended as the main motive for investing and saving in Islamic banks.
Originality/value
The study tries to perceive whether there exists a substitution or complementarity effect between Islamic and conventional banking in promoting economic growth for MENA countries. This situation is neither revealed nor clarified in the relevant literature.
Journal Article
Task technology fit and corporate entrepreneurship in Islamic banking: post-merger perspective
This research is intended to investigate the effect of task technology fit either directly or indirectly on company performance through corporate entrepreneurship and human resource competence as moderation. This research used a sample of Islamic Bank in Indonesia employees using a quota sampling technique. A sample of 183 respondents was obtained which was analyzed using structural equation modeling partial least squares with Smartpls software. The research results show that task technology fit does not directly affect employee performance. However, with the mediating variable corporate entrepreneurship, these two variables become significant. Furthermore, this study failed to prove that human resource competence in moderating the role of task technology fit on the performance of Islamic banking industry employees.
Journal Article