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Economic growth and sustainable development: evidence from OIC countries 经济增长与可持续发展:伊斯兰会议组织国家的证据
IF 3 3区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2024-09-18 DOI: 10.1108/imefm-06-2024-0284
Inzamam Ul Haq, Chunhui Huo, Irum Saba

Purpose

This paper aims to examine the dynamic relationship between economic growth and sustainable development, integrating the Environmental Kuznets Curve (EKC) in 22 Organization of Islamic Cooperation (OIC) member countries across income groups.

Design/methodology/approach

Using annual data between 1990 and 2022, the authors apply the cross-correlation coefficient (CCC) approach of Narayan et al. (Economic Modeling, 2016, 53, 388–397) to examine the lead/lag relationship between GDP per capita and sustainable development. This study further validates the findings through a panel Granger causality test and a fixed panel regression model.

Findings

This research provides evidence of a U-shaped EKC for only 1 out of 22 (5%) OIC countries. For 13 out of the 22 (59%) OIC countries, increasing income growth is expected to enhance sustainable development in the future. The results show that as income levels rise, there will be a more significant decline in sustainable development for high-income OIC countries in the future than for both middle-income groups, contradicting the EKC hypothesis. The findings from the panel Granger causality and panel regression models also support the CCC results.

Originality/value

This study proposes a reverse version of the EKC hypothesis and contributes to the literature on economic growth and environmental sustainability. With increasing economic growth, the results can assist OIC member governments and policy-makers in designing tailored policies and practical measures for future sustainable development.

本文旨在研究经济增长与可持续发展之间的动态关系,整合了 22 个伊斯兰合作组织(OIC)成员国不同收入群体的环境库兹涅茨曲线(EKC)。设计/方法/途径作者利用 1990 年至 2022 年的年度数据,采用 Narayan 等人(《经济建模》,2016 年,53 期,388-397)的交叉相关系数(CCC)方法,研究了人均 GDP 与可持续发展之间的领先/滞后关系。本研究通过面板格兰杰因果检验和固定面板回归模型进一步验证了这一结论。在 22 个伊斯兰会议组织国家中,有 13 个国家(59%)的收入增长有望促进未来的可持续发展。结果表明,随着收入水平的提高,伊斯兰会议组织高收入国家未来的可持续发展将比中等收入国家有更明显的下降,这与 EKC 假设相矛盾。面板格兰杰因果关系和面板回归模型的研究结果也支持 CCC 结果。随着经济的不断增长,研究结果有助于伊斯兰会议组织成员国政府和政策制定者为未来的可持续发展制定有针对性的政策和切实可行的措施。
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引用次数: 0
Economical rights versus God’s rights: criticising of the implementation Shariah economic in Indonesia 经济权利与神的权利:对印度尼西亚实施伊斯兰教法经济的批评
IF 3 3区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2024-09-13 DOI: 10.1108/imefm-01-2024-0054
Muhammad Syauqi Bin-Armia, Muhammad Siddiq Armia, Muhammad Fazlurrahman Syarif

Purpose

This study aims to evaluate the impact of Law No. 11 of 2018 on Islamic Financial Institutions in Aceh, Indonesia. It also aims to understand the balance between the economic rights of individuals under Shariah law and the broader concept of God’s rights, as interpreted by this legislation. In addition, the research argues that the implementation of Law No. 11 of 2018 is untimely, with a focus on examining its influence on the cumulative abnormal return (CAR) of Shariah banks and its slight contribution to the direct economic impact.

Design/methodology/approach

This study adopts a mixed-methods approach that integrates qualitative and quantitative analyses. The qualitative aspect uses a black-letter law approach for legislative scrutiny, whereas the quantitative aspect assesses economic indicators and firm performance using an event study analysis. The study also includes a two-tailed assessment to test hypotheses related to the law’s direct impact on institutional performance.

Findings

The study reveals that Law No. 11 of 2018 had minimal impact on national-scale corporate performance and a notable increase in poverty indices in Aceh, indicating a potential misalignment between the law’s intention and its economic consequences. The results also show the law’s ineffectiveness in significantly influencing the CAR of Islamic banks, highlighting a clash of norms and a lack of substantial economic substance in the implementation of Shariah compliance.

Research limitations/implications

This research is geographically and legally focused on Aceh, Indonesia, with a short-term analysis that may not fully capture the long-term impacts. It primarily considers the stock price performance of specific institutions for quantitative analysis and identifies potential clashes and disharmony-in-law implementation from a qualitative perspective.

Practical implications

The findings suggest the need for legal frameworks that better comply Shariah principles with economic realities. Regional governments should consider modifying policies to balance religious values and economic objectives.

Social implications

This research highlights the importance of balancing religious obligations with economic rights, indicating that strict interpretations of religious law can lead to adverse socioeconomic effects.

Originality/value

This study is unique in its comprehensive analysis of the convergence between religious law and economic rights, offering insights into the challenges faced in implementing Shariah-based economic policies in diverse economies, such as Indonesia.

目的 本研究旨在评估 2018 年第 11 号法律对印度尼西亚亚齐伊斯兰金融机构的影响。研究还旨在了解伊斯兰教法规定的个人经济权利与该法律所解释的更广泛的神权概念之间的平衡。此外,研究认为 2018 年第 11 号法律的实施不合时宜,重点考察其对伊斯兰教银行累计异常回报率(CAR)的影响及其对直接经济影响的微小贡献。设计/方法/方法本研究采用混合方法,将定性分析与定量分析相结合。定性分析采用黑字法进行立法审查,定量分析采用事件研究分析法评估经济指标和公司业绩。该研究还包括一项双尾评估,以检验与法律对机构绩效的直接影响相关的假设。研究结果该研究显示,2018 年第 11 号法律对全国规模的企业绩效影响甚微,而亚齐的贫困指数却显著上升,这表明该法律的意图与其经济后果之间可能存在错位。研究结果还表明,该法律未能有效地对伊斯兰银行的资本充足率产生重大影响,这凸显了在执行伊斯兰教法过程中存在规范冲突,且缺乏实质性的经济实质。研究主要考虑了特定机构的股价表现,以进行定量分析,并从定性角度确定了实施过程中可能出现的冲突和不和谐因素。社会影响这项研究强调了平衡宗教义务与经济权利的重要性,表明对宗教法的严格解释可能会导致不利的社会经济影响。原创性/价值这项研究的独特之处在于它对宗教法与经济权利之间的趋同性进行了全面分析,为在印度尼西亚等多元化经济体中实施基于伊斯兰教法的经济政策所面临的挑战提供了见解。
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引用次数: 0
Does diversity in top management and boards affect ESG performance? Evidence from Islamic and conventional banks in the MENA region 高层管理人员和董事会的多样性会影响 ESG 业绩吗?中东和北非地区伊斯兰银行和传统银行的证据
IF 3 3区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2024-09-12 DOI: 10.1108/imefm-06-2024-0281
Mustafa Raza Rabbani, Madiha Kiran, Abul Bashar Bhuiyan, Ahmad Al-Hiyari

Purpose

This study aims to investigate the impact of gender diversity in top management teams and boards on environmental, social and governance (ESG) performance. The authors propose a corporate social responsibility (CSR) committee as a moderating variable in this relationship, drawing on resource dependence and legitimacy theories. This study is crucial in understanding the dynamics of gender diversity and its impact on ESG performance in the banking sector.

Design/methodology/approach

The study examines a sample of Islamic and conventional banks from 10 Middle Eastern and North African countries during 2008–2022. Initial analysis was conducted using fixed effects panel regression, whereas the robustness test used the generalized method of movement dynamic system.

Findings

The findings, which are significant for both conventional and Islamic banks, indicate that female directors are crucial in promoting ESG performance in conventional banks. In contrast, female executives do not appear to contribute significantly. However, for Islamic banks, neither board nor executive gender diversity significantly affects ESG performance. Moreover, the find that the positive moderating role of the CSR committee is significant only for the nexus between board gender diversity and conventional banks’ ESG performance and for the connection between executive gender diversity and Islamic banks’ ESG performance.

Originality/value

Despite the widespread belief that gender diversity in top management teams is pivotal in promoting ESG performance, empirical studies supporting these claims are scarce, particularly in the banking sector. The study, therefore, brings a novel perspective to this discourse. These findings have the potential to significantly assist stakeholders in evaluating how gender diversity in top management teams influences banks’ sustainability practices, thereby empowering them to make more informed and impactful investment decisions.

目的 本研究旨在探讨高层管理团队和董事会中的性别多样性对环境、社会和治理(ESG)绩效的影响。作者借鉴资源依赖和合法性理论,提出企业社会责任(CSR)委员会是这一关系中的调节变量。本研究对于了解银行业性别多样性的动态及其对环境、社会和治理绩效的影响至关重要。 本研究对 2008-2022 年间 10 个中东和北非国家的伊斯兰银行和传统银行进行了抽样调查。使用固定效应面板回归法进行了初步分析,而稳健性检验则使用了广义运动动态系统法。相比之下,女性高管似乎贡献不大。然而,对于伊斯兰银行来说,董事会和高管的性别多样性都不会对环境、社会和公司治理绩效产生重大影响。此外,研究还发现,企业社会责任委员会的积极调节作用仅对董事会性别多元化与传统银行的环境、社会和公司治理绩效之间的关系以及高管性别多元化与伊斯兰银行的环境、社会和公司治理绩效之间的关系具有重要意义。 原创性/价值尽管人们普遍认为高层管理团队中的性别多元化对促进环境、社会和公司治理绩效至关重要,但支持这些说法的实证研究却很少,尤其是在银行业。因此,本研究为这一论述带来了新的视角。这些发现有可能极大地帮助利益相关者评估高层管理团队中的性别多元化如何影响银行的可持续发展实践,从而使他们能够做出更明智、更有影响力的投资决策。
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引用次数: 0
Exploring the stock market development and sustainable development nexus: insights from emerging market economies 探索股票市场发展与可持续发展的关系:新兴市场经济体的启示
IF 3 3区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2024-09-03 DOI: 10.1108/imefm-03-2024-0136
Yilmaz Bayar, Valentin Toader, Marius Dan Gavriletea, Oguzhan Yelkesen

Purpose

Sustainable development is considered a key factor in addressing environmental issues, global inequalities and poverty. This study aims to investigate the impact of stock market indicators on sustainable development across 16 emerging markets from 2003 to 2020.

Design/methodology/approach

The research uses causality and cointegration analyses to explore the relationships between stock market indicators and sustainable development.

Findings

Univariate causality analysis reveals a bidirectional causal relationship between the stock market turnover ratio and sustainable development, as well as a unidirectional relationship from sustainable development to stock market capitalization and total value traded. Panel-level cointegration analysis suggests that only stock market capitalization has a weak positive influence on sustainable development. However, the impact of stock market indicators on sustainable development varies significantly among countries, as revealed by country-level cointegration analysis.

Research limitations/implications

While this study provides valuable insights, it is not without limitations. The findings are limited to the selected emerging markets and the specified timeframe (2003–2020). The complexity of factors influencing sustainable development suggests the need for further exploration in diverse contexts.

Practical implications

Understanding the nuanced relationships between stock market indicators and sustainable development can offer valuable insights for policymakers, investors and stakeholders.

Originality/value

This research contributes to the existing literature by examining the multifaceted connections between stock market indicators and sustainable development, focusing on country-specific causality relationships. The study highlights the reciprocal nature of this relationship, where financial market development can both influence and be influenced by a country's progress toward sustainability. This approach provides a more nuanced understanding of the complex interaction between stock market maturity and sustainability goals.

目的可持续发展被认为是解决环境问题、全球不平等和贫困问题的关键因素。本研究旨在调查 2003 年至 2020 年 16 个新兴市场的股票市场指标对可持续发展的影响。研究采用因果关系分析和协整分析来探讨股票市场指标与可持续发展之间的关系。研究结果多元因果关系分析表明,股票市场换手率与可持续发展之间存在双向因果关系,可持续发展与股票市场资本化和交易总值之间也存在单向关系。面板层面的协整分析表明,只有股票市场资本化对可持续发展有微弱的正向影响。然而,国家层面的协整分析表明,股票市场指标对可持续发展的影响在不同国家之间存在显著差异。研究结果仅限于选定的新兴市场和指定的时间范围(2003-2020 年)。影响可持续发展因素的复杂性表明,有必要在不同的背景下进行进一步探索。研究强调了这种关系的互惠性,即金融市场的发展既能影响一个国家在可持续发展方面的进展,也能受其影响。这种方法让我们对股票市场成熟度与可持续发展目标之间复杂的互动关系有了更细致的了解。
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引用次数: 0
The new legalities of Islamic contractual interpretation: institutional frameworks and the displacement of intention 伊斯兰合同解释的新法律性:制度框架和意图的转移
IF 3 3区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2024-09-03 DOI: 10.1108/imefm-03-2024-0156
Jonathan G. Ercanbrack, Ali Ali

Purpose

This study aims to examine the extent to which traditional juristic approaches to determining intention in Islamic law are altered in the institutional framework and standard-setting project of the Malaysian state.

Design/methodology/approach

The study used the transnational law theory, which views normativity as culturally, socially and religiously embedded. The development of norms, customs and laws is also contingent on self-maximizing behavior. The Sharīʿa Advisory Council’s interpretation of the bayʿ al-ʿīnah standard is a case study of this approach to the development of law.

Findings

This study shows that traditional approaches to determining the validity of an Islamic contract have been displaced by the institutional logic of the state, which prioritizes uniformity and certainty in law and reflects liberal, Western and capitalistic values. Islamic standard setting is part of the state’s objective to uniformize law due to the globalization of financial markets. The normative collisions in the standard-setting project produce a new jurisprudence based on the state’s uniform and purposive determination of a contract’s validity.

Research limitations/implications

Further research on institutional frameworks is needed to conceptualize how Islamic commercial principles and ethics can be incentivized in the state’s legal systems.

Originality/value

Few works, if any, have examined the interaction of the state’s institutional environment with jurists’ traditional approaches to determining contractual intention. Most scholarship assumes the decisive role of market forces, but the role of law and institutions in this context is under-researched.

本研究旨在探讨在马来西亚国家的制度框架和标准制定项目中,伊斯兰法中确定意图的传统法学方法在多大程度上发生了改变。规范、习俗和法律的发展也取决于自我最大化行为。该研究表明,确定伊斯兰合同有效性的传统方法已被国家的制度逻辑所取代,后者优先考虑法律的统一性和确定性,并反映了自由主义、西方和资本主义价值观。由于金融市场的全球化,伊斯兰标准的制定是国家统一法律目标的一部分。标准制定项目中的规范碰撞产生了一种新的法理学,其基础是国家对合同有效性的统一和有目的的判定。研究局限性/影响需要对制度框架进行进一步研究,以构思伊斯兰商业原则和道德如何在国家法律体系中得到激励。大多数学者都认为市场力量起着决定性作用,但对法律和制度在其中的作用却研究不足。
{"title":"The new legalities of Islamic contractual interpretation: institutional frameworks and the displacement of intention","authors":"Jonathan G. Ercanbrack, Ali Ali","doi":"10.1108/imefm-03-2024-0156","DOIUrl":"https://doi.org/10.1108/imefm-03-2024-0156","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study aims to examine the extent to which traditional juristic approaches to determining intention in Islamic law are altered in the institutional framework and standard-setting project of the Malaysian state.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The study used the transnational law theory, which views normativity as culturally, socially and religiously embedded. The development of norms, customs and laws is also contingent on self-maximizing behavior. The Sharīʿa Advisory Council’s interpretation of the bayʿ al-ʿīnah standard is a case study of this approach to the development of law.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>This study shows that traditional approaches to determining the validity of an Islamic contract have been displaced by the institutional logic of the state, which prioritizes uniformity and certainty in law and reflects liberal, Western and capitalistic values. Islamic standard setting is part of the state’s objective to uniformize law due to the globalization of financial markets. The normative collisions in the standard-setting project produce a new jurisprudence based on the state’s uniform and purposive determination of a contract’s validity.</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>Further research on institutional frameworks is needed to conceptualize how Islamic commercial principles and ethics can be incentivized in the state’s legal systems.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>Few works, if any, have examined the interaction of the state’s institutional environment with jurists’ traditional approaches to determining contractual intention. Most scholarship assumes the decisive role of market forces, but the role of law and institutions in this context is under-researched.</p><!--/ Abstract__block -->","PeriodicalId":47091,"journal":{"name":"International Journal of Islamic and Middle Eastern Finance and Management","volume":"5 1","pages":""},"PeriodicalIF":3.0,"publicationDate":"2024-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142202995","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}
引用次数: 0
A proposed model for Zakah on financial instruments: accounting approach 金融工具天课的拟议模式:会计方法
IF 3 3区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2024-09-02 DOI: 10.1108/imefm-01-2024-0055
Muhannad Ahmad Atmeh, Bassam Mohammad Maali, Usama Fendi

Purpose

This paper aims to propose a model of Zakah treatment for financial instruments. The model depends on the link between the financial assets and liabilities that emerge from a financial instrument contract.

Design/methodology/approach

The determination of Zakah on contemporary financial instruments is controversial, with various conflicting Fatwas being presented. This paper introduces a theoretical model that integrates Fiqh rules, accounting, finance and economic principles to propose a method for calculating Zakah on financial instruments. This theoretical model can be the foundation for future empirical and statistical testing.

Findings

The proposed model advocates omitting the financial assets/liabilities when determining the Zakah base for companies, as the Zakah burden relies on the owner of the real asset. The paper elaborates on the implementation of the model on debts, investments and cash accounts.

Research limitations/implications

The paper does not investigate whether or not the accounting approach in dealing with financial contracts is deemed acceptable by Fiqh scholars, nor does it discuss whether or not this may affect the Zakah fatwas regarding these types of accounts.

Practical implications

The paper establishes a conceptual framework for the Zakah on financial assets. This will pave the way for future empirical research and testing to validate the framework in different contexts. In addition, if regulators adopt this model and apply it to all companies, it would promote fairness and justice at the national level.

Social implications

The proposed model advocates omitting the financial assets/liabilities when determining the Zakah base for companies, as the Zakah burden relies on the owner of the real asset. The paper elaborates on the implementation of the model on debts, investments and cash accounts.

Originality/value

To the best of the authors’ knowledge, this is the first attempt to utilize the accounting approach in order to determine the amount of Zakah.

目的 本文旨在提出一种处理金融工具天课的模式。该模型取决于金融工具合同所产生的金融资产和负债之间的联系。设计/方法/途径当代金融工具天课的确定存在争议,各种相互矛盾的法特瓦都有提出。本文介绍了一个理论模型,该模型综合了教法规则、会计、金融和经济原理,提出了一种计算金融工具天课的方法。该理论模型可作为未来实证和统计测试的基础。研究结果该建议模型主张在确定公司的天课基础时省略金融资产/负债,因为天课负担依赖于实际资产的所有者。本文详细阐述了该模型在债务、投资和现金账户上的实施情况。研究局限性/影响本文并未调查处理金融合同的会计方法是否被伊斯兰教律学者所接受,也未讨论这是否会影响有关这些类型账户的天课教令。这将为未来的实证研究和测试铺平道路,以便在不同情况下验证该框架。此外,如果监管机构采用这一模式并将其应用于所有公司,将在国家层面上促进公平和公正。社会影响所提议的模式主张在确定公司的天课基础时省略金融资产/负债,因为天课负担依赖于实际资产的所有者。据作者所知,这是首次尝试利用会计方法来确定天课的数额。
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引用次数: 0
Investigating the role of Fintech innovations and green finance toward sustainable economic development: a bibliometric analysis 调查金融科技创新和绿色金融对可持续经济发展的作用:文献计量分析
IF 3 3区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2024-09-02 DOI: 10.1108/imefm-01-2024-0018
Bakir Illahi Dar, Nemer Badwan, Jatinder Kumar
<h3>Purpose</h3><p>The purpose of this study is to present a bibliometric and network analysis that uses the Scopus and Dimension databases to provide new insights into the progression toward the study of sustainable economic development.</p><!--/ Abstract__block --><h3>Design/methodology/approach</h3><p>This analysis has been drawn on 665 papers published between 2015 and 2023. Bibliometric analysis characterizes a research topic by identifying leading nations, the most significant authors and expressive publications. Network analysis revealed keyword evolution over time, co-citation patterns and study grouping. Content analysis was used to identify major topic in the discipline, with a focus on their interrelationships. Each publication in the data set is briefly described, along with its methodological approach.</p><!--/ Abstract__block --><h3>Findings</h3><p>The results of this study show that green finance plays a major role in long-term economic growth, having a significant influence on the preservation of environmental quality, economic efficacy and a more comprehensive economic system. Financial technology also accelerates the transition to a carbon-neutral economy by enhancing the beneficial effects of green finance on aspects of the economic system and environmental conservation.</p><!--/ Abstract__block --><h3>Research limitations/implications</h3><p>The investigation is based only on Scopus and Dimensions-indexed journal articles. However, additional studies should incorporate publications from other reputable databases, such as Web of Science, PubMed and Science Direct, for the bibliometric analysis, so that the findings of the model analysis become more reliable and valid with examination of more documents. The visualization of similarity viewer was used for data analysis in the study, there is a scope for using other tools such as Biblioshiney and CitNet Explorer.</p><!--/ Abstract__block --><h3>Practical implications</h3><p>To support long-term economic growth, authorities should encourage Fintech companies to actively participate in various green finance initiatives and environmental conservation businesses. Financial managers should facilitate the integration of technology and green finance for financial services. It is important to encourage institutional and individual investors alike to look into more environmentally friendly ways to invest and save money. Policymakers should provide a platform for global awareness and government agencies should enhance their recommendations to state governments to increase the efficacy of green finance.</p><!--/ Abstract__block --><h3>Originality/value</h3><p>This study contributes to the literature by investigating the relationship between Fintech and green financing. This study holds significance for financial intermediaries, industrialists, investors and policymakers by providing insights into the integration of Fintech with green finance for sustainable development. These find
本研究的目的是利用 Scopus 和 Dimension 数据库进行文献计量学和网络分析,为经济可持续发展研究的进展提供新的见解。文献计量分析通过确定领先国家、最重要的作者和有表现力的出版物来描述研究课题的特征。网络分析揭示了关键词随时间的演变、共引模式和研究分组。内容分析法用于确定学科中的主要课题,重点是它们之间的相互关系。本研究结果表明,绿色金融在长期经济增长中发挥着重要作用,对保护环境质量、提高经济效益和建立更全面的经济体系具有重大影响。金融技术还通过增强绿色金融对经济体系和环境保护方面的有益影响,加快了向碳中性经济的过渡。然而,更多的研究应纳入其他著名数据库(如 Web of Science、PubMed 和 Science Direct)中的出版物,以进行文献计量分析,从而使模型分析的结果在研究更多文献后变得更加可靠和有效。为支持长期经济增长,当局应鼓励金融科技公司积极参与各种绿色金融倡议和环境保护业务。金融管理者应促进科技与绿色金融在金融服务中的融合。必须鼓励机构和个人投资者研究更环保的投资和储蓄方式。政策制定者应提供一个提高全球意识的平台,政府机构应加强对州政府的建议,以提高绿色金融的效率。本研究为金融中介机构、实业家、投资者和政策制定者提供了金融科技与绿色金融相结合促进可持续发展的见解,具有重要意义。这些研究结果肯定了金融科技和绿色金融在促进经济可持续发展方面的关键作用。该主题的新颖性和发表该主题的各种出版物表明,可持续经济发展已引起广泛领域的兴趣。
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引用次数: 0
An insight into the signaling role of Sharia status: a case from an emerging IPO market 深入了解伊斯兰教法地位的信号作用:一个新兴 IPO 市场的案例
IF 3 3区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2024-08-28 DOI: 10.1108/imefm-08-2023-0290
Ali Albada

Purpose

This study aims to examine the potential of Sharia status as ex ante information to signal the quality of an issuing firm by improving the decision-making process of potential investors when assessing initial public offerings (IPOs) in an environment where information asymmetry is pronounced. Potential investors face challenges in evaluating and determining the true value of IPO issues, which inherently influences their decision-making. Consequently, this results in pronounced price fluctuations in IPO shares, leading to higher underpricing.

Design/methodology/approach

This study uses a sample of 350 IPOs listed on the Kuala Lumpur Stock Exchange (KLSE) between 2004 and 2021 to examine the signaling role of Sharia-compliance status. A three-model approach is used to ensure that the study's objectives are met. The first model investigates the effect of Sharia status on underpricing to determine whether the main beneficiary of such a signal is the investor or the issuer. The second model examines the effect of Sharia status on investor demand to determine if such a signal influences prospective investors' investment decision-making processes. The third model inspects the effect of Sharia status on investor divergence of beliefs to measure the signal's ability to reduce information asymmetry within the Malaysian IPO market.

Findings

The Malaysian IPO market relies heavily on the fixed-price mechanism, which exacerbates high information asymmetry, affecting potential investors' behavior, asset price formation and return generation on the first day of listing. The study results indicate that Sharia status does not have any signaling role in the Malaysian IPO market. This is because investors in the Malaysian market are driven by ex ante information that helps unveil relevant information that leads to capital gains. Furthermore, most new issues in the Malaysian IPO market fall under Sharia status, diluting the relevance of such information for prospective investors in determining profitable investments.

Practical implications

The findings highlight the challenges faced by issuing firms in estimating market demand due to limited premarket insights and the difficulties prospective investors face in identifying the quality of issuing firms. Efforts to provide more information on investor demand can reduce uncertainty and facilitate more informed decision-making.

Originality/value

This research stands as one of the pioneering efforts to provide an empirical explanation of the potential signaling influence of Sharia status in an emerging IPO market.

目的 本研究旨在探讨在信息不对称明显的环境下,伊斯兰教法地位作为事前信息,通过改善潜在投资者评估首次公开发行股票(IPO)的决策过程,来提示发行公司质量的潜力。潜在投资者在评估和确定首次公开发行股票的真实价值时面临挑战,这从本质上影响了他们的决策。本研究以 2004 年至 2021 年间在吉隆坡证券交易所(KLSE)上市的 350 家 IPO 为样本,研究伊斯兰教法合规状况的信号作用。为确保达到研究目标,我们采用了三种模型方法。第一个模型研究伊斯兰教法地位对定价过低的影响,以确定这种信号的主要受益者是投资者还是发行人。第二个模型研究伊斯兰教法地位对投资者需求的影响,以确定这种信号是否会影响潜在投资者的投资决策过程。第三个模型考察伊斯兰教法地位对投资者信念分歧的影响,以衡量该信号在马来西亚 IPO 市场中减少信息不对称的能力。研究结果马来西亚 IPO 市场严重依赖固定价格机制,这加剧了高度的信息不对称,影响了潜在投资者的行为、资产价格的形成以及上市首日的回报产生。研究结果表明,伊斯兰教法地位在马来西亚 IPO 市场中没有任何信号作用。这是因为马来西亚市场的投资者受事前信息的驱动,而事前信息有助于揭示相关信息,从而带来资本收益。此外,马来西亚 IPO 市场上的大多数新股发行都属于伊斯兰教法管辖范围,这就削弱了这些信息对潜在投资者确定有利可图的投资的相关性。努力提供更多有关投资者需求的信息可以减少不确定性,促进更明智的决策。原创性/价值这项研究是对伊斯兰教法地位在新兴 IPO 市场的潜在信号影响进行实证解释的开创性工作之一。
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引用次数: 0
Sustainable and responsible investment (SRI) Sukuk: lessons from Khazanah’s Sukuk Ihsan 可持续和负责任投资 (SRI) 伊斯兰债券:从 Khazanah 的伊斯兰债券 (Sukuk Ihsan) 中汲取的经验教训
IF 3 3区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2024-08-27 DOI: 10.1108/imefm-05-2024-0219
Ziyaad Mahomed, Azmy Mahbot
<h3>Purpose</h3><p>SRI Sukuk, with its outcome-based emphasis, aims to align the Islamic finance industry with its original ideals and address criticisms related to form over substance. In Malaysia, while the pioneering Sukuk Ihsan was a “social” sukuk, recent SRI Sukuk issuances have predominantly been “green” or “sustainable” sukuk. This paper aims to evaluate the Malaysian SRI Sukuk market, identifying factors favouring “green” sukuk. It also examines whether structural issues in Sukuk Ihsan deterred subsequent issuers from “social” sukuk. The emergence of SRI Sukuk responds to sustainable development goals and the shift towards a low-carbon economy. Sukuk Ihsan, as the first <em>Shariah</em>-compliant pay-for-success structure, poses complexity and risk management challenges to meet performance criteria.</p><!--/ Abstract__block --><h3>Design/methodology/approach</h3><p>The study used a qualitative method in the form of a critical review of literature, interview sessions with experts and stakeholders who are familiar with SRI Sukuk and Sukuk Ihsan and a case study analysis of Sukuk Ihsan.</p><!--/ Abstract__block --><h3>Findings</h3><p>The popularity of “green” sukuk reflects the growing global environmental consciousness. The main factors driving the popularity of “green” sukuk are the maturity of the market and the existence of a strong supporting infrastructure for “green” issuances while the positive profiling benefits and availability of incentives for “green” issuances also contribute to a lesser extent. The recommendations include the promotion of “social” sukuk by regulators through a focus on establishing a similar supporting infrastructure for “social” sukuk as there are for SRI and standard Sukuk. In addition, issuers of “social” sukuk may want to reconsider the inclusion of key performance indicators (“KPI”) into the structure of future “social” sukuk issuances.</p><!--/ Abstract__block --><h3>Research limitations/implications</h3><p>Although all respondents considered Sukuk Ihsan to be a success, some potential areas of improvement were also noted. These include the structuring of future “social” sukuk issuances with a bigger discount to compensate for the additional risk being assumed by the investor; the need to be more careful in the KPI selection process; and one respondent even went so far as to suggest the possibility of totally removing the step-down feature of Sukuk Ihsan.</p><!--/ Abstract__block --><h3>Practical implications</h3><p>Industry implications of Sukuk Ihsan study include findings that require balancing disclosure and economics by providing additional disclosure requirements for SRI Sukuk that may pose risks without corresponding benefits for issuers. KPI selection and investor confidence should also be properly identified, as KPIs are essential for the pay-for-success model to work successfully. For sukuk holders, findings indicate that any approval for waivers during issuance can impact investor con
目的SRI 伊斯兰债券强调成果,旨在使伊斯兰金融业与其最初的理想保持一致,并解决形式重于内容的批评。在马来西亚,开创性的伊桑伊斯兰债券(Suk Ihsan)是一种 "社会 "伊斯兰债券,而最近发行的社会责任投资伊斯兰债券(SRI Sukuk)则主要是 "绿色 "或 "可持续 "伊斯兰债券。本文旨在评估马来西亚社会责任投资伊斯兰债券市场,找出有利于 "绿色 "伊斯兰债券的因素。本文还探讨了 Suk Ihsan 中的结构性问题是否阻碍了后续 "社会 "伊斯兰债券的发行。社会责任投资伊斯兰债券的出现是对可持续发展目标和向低碳经济转变的回应。作为首个符合伊斯兰教法的成功付费结构,伊桑伊斯兰债券在满足绩效标准方面面临着复杂性和风险管理方面的挑战。 研究结果 "绿色 "伊斯兰债券的流行反映了全球环保意识的增强。推动 "绿色 "伊斯兰债券流行的主要因素是市场的成熟度以及为 "绿色 "发行提供强大支持的基础设施的存在。建议包括监管机构通过重点为 "社会 "伊斯兰债券建立类似于社会责任投资和标准伊斯兰债券的支持性基础设施来推广 "社会 "伊斯兰债券。此外,"社会 "伊斯兰债券的发行者可能需要重新考虑在未来 "社会 "伊斯兰债券的发行结构中纳入关键绩效指标(KPI)。这些方面包括:未来 "社会 "伊斯兰债券发行的结构应具有更大的折扣,以补偿投资者承担的额外风险;在关键绩效指标选择过程中需要更加谨慎;一位受访者甚至建议完全取消伊桑伊斯兰债券的降级功能。关键绩效指标的选择和投资者的信心也应适当确定,因为关键绩效指标对成功付费模式的成功运作至关重要。对于伊斯兰债券持有者来说,调查结果表明,在发行过程中批准任何豁免都会对投资者的信心产生负面影响。要使社会债券取得成功,还应该提高投资者的知识水平和对影响的理解。投资者应了解不同的风险敞口和对可持续增长至关重要的不断变化的影响要求。这些影响包括:基于伊赫桑伊斯兰债券的开创性影响,为未来的社会影响债券发行提供了一个重要的案例研究。此外,Suk Ihsan 的无条件成功验证了社会责任伊斯兰债券的可行性。尽管推出时间尚早,但两期债券均获得全额认购,这反映了投资者的浓厚兴趣。原创性/价值虽然此前已有一些关于伊桑伊斯兰债券的研究,但这些研究的重点是其结构及其 "阶梯式 "回报结构的新颖性,即如果 Yayasan AMIR 在执行其信托学校计划的过程中达到了某些关键绩效指标("KPI"),投资者将获得较低的回报。考虑到第一张伊桑伊斯兰债券的到期日是 2022 年 6 月,而其关键绩效指标的结果是在 2021 年 12 月公布的,据作者所知,这是唯一一份全面回顾伊桑伊斯兰债券并确定经验教训和/或改进机会的案例研究,以利于未来潜在的社会责任投资伊斯兰债券发行者。
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引用次数: 0
Application of tàawun (mutual assistance) in cross-subsidisation of surplus among different takaful operators: an exploratory study in Malaysia 互助(tàawun)在不同回教保险经营者之间盈余交叉补贴中的应用:马来西亚的一项探索性研究
IF 3 3区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2024-08-27 DOI: 10.1108/imefm-12-2023-0479
Md. Habibur Rahman, Md. Faruk Abdullah, Noor Mohammad Osmani, Nur Suhailah Zakiyyah Binti Aziz

Purpose

This study aims to investigate the possibility of practicing cross-subsidisation of underwriting surplus among different takaful operators. It responds to the recent discussion paper published by Bank Negara Malaysia (BNM) on broader application of tàawun (mutual assistance), which seeks insights into cross-tàawun of underwriting surplus within takaful industry.

Design/methodology/approach

A qualitative, semi-structured interview is used to gather primary data, featuring 13 one-to-one interviews with selected Sharìah and operational experts in takaful. Open-ended questions are drafted according to BNM’s discussion paper to guide the interview. A content analysis method is used to delve into the topic based on scholarly papers, books and regulatory guidelines. A thematic analysis is applied to explore the qualitative data.

Findings

This study establishes the feasibility of cross-subsidisation of underwriting surplus in takaful. Given that participants are the rightful owners of the underwriting surplus, cross-tàawun is deemed permissible with participants’ consent. With the view that underwriting surplus belongs to the fund due to outright transfer of contributions by participants, the regulators have discretion to permit cross-tàawun. The authorities can make any decision if it serves the public interest. Furthermore, the study provides Sharìah and regulatory requirements to govern the practice of cross-tàawun in takaful. Respondents of the study advocate for policy reviews and regulatory adjustments to facilitate cross-subsidisation of takaful surplus.

Practical implications

This study significantly contributes to the existing body of knowledge in Islamic insurance studies. It offers valuable insights for the regulators to formulate the required policies and guides takaful operators to develop products accordingly. Moreover, the study supports Sharìah scholars in making informed decisions about cross-tàawun practices.

Originality/value

This study fills a critical gap in the existing literature by being the first to examine cross-subsidisation of underwriting surplus in takaful. The proposed cross-subsidisation of underwriting surplus will enhance sustainability of takaful funds and contribute to stability of takaful industry. As a foundation, this study encourages future research to explore other relevant aspects of cross-subsidisation of underwriting surplus in takaful operation.

本研究旨在调查不同回教保险经营者之间对承保盈余进行交叉补贴的可能性。本研究回应了马来西亚中央银行(BNM)最近发布的关于更广泛应用互助(tàawun)的讨论文件,该文件寻求对回教保险行业内承保盈余交叉补贴的见解。根据英国国民银行的讨论文件起草了开放式问题,为访谈提供指导。采用内容分析法,以学术论文、书籍和监管指南为基础,深入探讨主题。本研究确定了回教保险承保盈余交叉补贴的可行性。鉴于参与者是承保盈余的合法所有者,在参与者同意的情况下,交叉补贴被认为是允许的。鉴于承保盈余因参与者直接转移缴款而属于基金,监管机构可酌情允许交叉补贴。只要符合公共利益,当局可以做出任何决定。此外,本研究还提供了伊斯兰教法和监管要求,以规范回教保险中的交叉tàawun做法。本研究的受访者主张进行政策审查和监管调整,以促进回教保险盈余的交叉补贴。它为监管机构制定必要的政策提供了宝贵的见解,并指导回教保险经营者开发相应的产品。此外,本研究还有助于伊斯兰学者就交叉补贴做法做出明智的决策。 原创性/价值 本研究填补了现有文献中的一个重要空白,首次研究了回教保险中承保盈余的交叉补贴问题。承保盈余交叉补贴的建议将提高回教保险基金的可持续性,并有助于回教保险行业的稳定。在此基础上,本研究鼓励未来的研究探索回教保险经营中承保盈余交叉补贴的其他相关方面。
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引用次数: 0
期刊
International Journal of Islamic and Middle Eastern Finance and Management
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