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

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Exploring IFRS in Islamic finance: a bibliometric and coding analysis of emerging topics and perspectives 探索伊斯兰金融中的国际财务报告准则:对新出现的主题和观点进行文献计量和编码分析
IF 3 3区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2024-07-11 DOI: 10.1108/imefm-11-2023-0444
Davide Calandra, Federico Lanzalonga, Paolo Pietro Biancone

Purpose

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.

Design/methodology/approach

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.

Findings

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 Murabaha compatibility; (4) IFRS and Takaful; and (5) IFRS and auditing organisation for Islamic financial institution: governance strategies.

Originality/value

The contribution is original as the authors discover institutional theory perspectives and a diatribe between positivist and ontological approaches.

目的 新兴经济体越来越多地受益于伊斯兰金融原则。甚至发达经济体也开始考虑这种非常规金融形式的显著特点。伊斯兰金融根据《古兰经》、《圣训》、"伊斯玛 "和 "启雅思 "中的教条,禁止利息、赌博、投机和复杂的衍生品。国际财务报告准则(IFRS)允许公司跨越国界,吸引全球资本。然而,伊斯兰金融并不能适用所有的会计准则。因此,本研究旨在探讨国际会计准则在伊斯兰金融领域的实施情况,以提出应用和未来的研究领域。设计/方法/途径本研究采用文献计量和编码分析方法,分析了从 Scopus 数据库中提取的 226 篇同行评审期刊论文。作者使用文献计量软件包探索了文献的知识、概念和社会结构,并将研究结果归类为与传统和伊斯兰金融范式相关的主题集群。研究结果从概念、知识和社会结构的角度揭示了新的有趣元素。此外,作者还发现了三大主题集群:(1)《国际财务报告准则》与伊斯兰金融:一般原则;(2)《国际财务报告准则》与天课;(3)《国际财务报告准则》与穆拉巴哈(Murabaha)的兼容性;(4)《国际财务报告准则》与回教保险;以及(5)《国际财务报告准则》与伊斯兰金融机构的审计组织:治理策略。
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引用次数: 0
Impact of capital inflows on bank profitability: a comparative analysis of dual banking systems 资本流入对银行盈利能力的影响:双重银行体系的比较分析
IF 3 3区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2024-07-10 DOI: 10.1108/imefm-04-2023-0148
Osamah AlKhazali, Iness Aguir, Mohamad Helmi, Ali Mirzaei
<h3>Purpose</h3><p>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.</p><!--/ Abstract__block --><h3>Design/methodology/approach</h3><p>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:</p><p><span><mml:math display="inline" xmlns:mml="http://www.w3.org/1998/Math/MathML"><mml:mrow><mml:msub><mml:mi>P</mml:mi><mml:mrow><mml:mi>i</mml:mi><mml:mi>c</mml:mi><mml:mi>t</mml:mi></mml:mrow></mml:msub><mml:mo>=</mml:mo><mml:msub><mml:mi>α</mml:mi><mml:mn>0</mml:mn></mml:msub><mml:mo>+</mml:mo><mml:msub><mml:mi>α</mml:mi><mml:mn>1</mml:mn></mml:msub><mml:mo>·</mml:mo><mml:mi>C</mml:mi><mml:msub><mml:mi>F</mml:mi><mml:mrow><mml:mi>c</mml:mi><mml:mi>t</mml:mi></mml:mrow></mml:msub><mml:mo>+</mml:mo><mml:msub><mml:mi>α</mml:mi><mml:mn>2</mml:mn></mml:msub><mml:mo>·</mml:mo><mml:mi>I</mml:mi><mml:mi>s</mml:mi><mml:mi>l</mml:mi><mml:mi>a</mml:mi><mml:mi>m</mml:mi><mml:mi>i</mml:mi><mml:msub><mml:mi>c</mml:mi><mml:mi>i</mml:mi></mml:msub><mml:mo>+</mml:mo><mml:msub><mml:mi>α</mml:mi><mml:mn>3</mml:mn></mml:msub><mml:mo>·</mml:mo><mml:mi>C</mml:mi><mml:msub><mml:mi>F</mml:mi><mml:mrow><mml:mi>c</mml:mi><mml:mi>t</mml:mi></mml:mrow></mml:msub><mml:mo>×</mml:mo><mml:mi>I</mml:mi><mml:mi>s</mml:mi><mml:mi>l</mml:mi><mml:mi>a</mml:mi><mml:mi>m</mml:mi><mml:mi>i</mml:mi><mml:msub><mml:mi>c</mml:mi><mml:mi>i</mml:mi></mml:msub><mml:mo>+</mml:mo><mml:mi>δ</mml:mi><mml:mo>·</mml:mo><mml:msub><mml:mi>X</mml:mi><mml:mrow><mml:mi>i</mml:mi><mml:mi>c</mml:mi><mml:mi>t</mml:mi></mml:mrow></mml:msub><mml:mo>+</mml:mo><mml:mi>θ</mml:mi><mml:mo>·</mml:mo><mml:msub><mml:mi>Y</mml:mi><mml:mrow><mml:mi>c</mml:mi><mml:mi>t</mml:mi></mml:mrow></mml:msub><mml:mo>+</mml:mo><mml:msub><mml:mi>ε</mml:mi><mml:mrow><mml:mi>i</mml:mi><mml:mi>c</mml:mi><mml:mi>t</mml:mi></mml:mrow></mml:msub></mml:mrow></mml:math></span> (1)</p><p>where the dependent variable (<em>P<sub>ict</sub></em>) refers to bank profitability, measured by either <em>ROA</em> or <em>ROE</em> for bank <em>i</em>, country <em>c</em> and year <em>t</em>. <em>ROA</em> 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. <em>ROE</em> 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.</p><!--/ Abstract__block --><h3>Findings</h3><p>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
目的本文利用2012年至2019年22个二元银行体系国家739家银行的数据,研究资本流入是否会影响接受国银行的盈利能力。Pict=α0+α1-CFct+α2-Islamici+α3-CFct×Islamici+δ-Xict+θ-Yct+εict (1)其中,因变量(Pict)是指银行盈利能力,用i银行、c国家和t年的ROA或ROE衡量。ROA 的定义是净利润与平均总资产的比率,用百分比表示,它决定了银行利用资产创造利润的效率。ROE 被定义为净利润与平均总股本的比率,以百分比表示,它是衡量股东财富增长的一个指标。然而,与传统银行相比,跨境资本流入降低了伊斯兰银行的收益率。在按工具分解资本流入时,作者发现,资本流入对银行盈利能力的促进作用主要来自债务流入和借款人;作者观察到,记录的结果主要来自流入金融部门的资本。在银行风险不变的情况下,这些结果保持不变。总体而言,以金融部门为目标的债务流入形式的外国资金可以不成比例地提高接受国商业银行的业绩。 原创性/价值 本文是一个原创性研究项目。分析从几个方面对现有文献做出了贡献:作者通过研究伊斯兰银行体系和传统银行体系,研究了资本流入对银行盈利能力的影响是否随银行经营模式的不同而变化。银行系统的盈利能力是经济增长和稳定的重要催化剂。作者还将流入接受国的资本分解为股权和债务部分,并研究这些部分对伊斯兰银行和传统银行盈利能力的不同影响。
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引用次数: 0
Security tokens, ecosystems and financial inclusion: Islamic perspectives 安全代币、生态系统和金融包容性:伊斯兰视角
IF 3 3区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2024-07-10 DOI: 10.1108/imefm-04-2024-0195
Habib Ahmed

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Originality/value

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.

目的 符合伊斯兰教法的证券代币可在开发创新解决方案方面发挥重要作用,以解决穆斯林社会中自愿和非自愿的金融排斥问题。本文旨在介绍符合伊斯兰教法的证券代币及其支持生态系统的特点,这些特点可以为中小型企业(SMEs)提供额外的融资来源,并为散户投资者创造另类投资机会。本文通过回顾有关加密资产及其生态系统的当代文献,并根据伊斯兰法律和道德价值观及原则对其进行了分析。研究结果本文提供了一个框架,说明中小型企业如何利用符合伊斯兰教法的资产和股权型证券代币在加密货币交易所快速高效地筹集资金。鉴于所涉及技术的新颖性和复杂性,以及中小企业缺乏开发基于区块链系统的理解和技能,本文建议在国家证券市场的监督下,以受控方式开发证券代币和交易所。 原创性/价值虽然有几项研究从伊斯兰教的角度研究了加密货币,但有关其他加密资产及其在普惠金融中的作用的文献却很少。本文确定了符合伊斯兰教法的基于资产和股权的证券代币和支持生态系统,它们有助于数字资本市场的发展,在这些市场中,中小企业可以高效地筹集资金,散户投资者可以投资于另类资产。
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引用次数: 0
Shari’ah governance and transparency: evidence from stock price synchronicity of Islamic banks 伊斯兰教法治理与透明度:来自伊斯兰银行股价同步性的证据
IF 3 3区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2024-07-02 DOI: 10.1108/imefm-10-2023-0402
Majdi Anwar Quttainah, Yosra BenSaid

Purpose

The purpose of this study is to investigate internal governance mechanisms factors, focusing on Shari’ah-based governance mechanisms that affect the price synchronicity of Islamic banks (IBs).

Design/methodology/approach

This study analyzes and compares the effect of Shari’ah 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 Shari’ah and regular governance mechanisms.

Findings

The findings generally reveal that Shari’ah-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. Shari’ah governance plays a detrimental role in improving the association between bank stock price synchronicity and transparency.

Research limitations/implications

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).

Practical implications

Both Shari’ah 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.

Originality/value

This research studies IBs, unlike most other works that focus on firms.

本研究以中东和南亚地区 13 个国家的 51 家上市伊斯兰银行为样本,分析并比较了 2013-2022 年伊斯兰教法和常规治理机制对股价同步性的影响。本文使用广义最小二乘法检验了针对伊斯兰教法和常规治理机制的九个假设。研究结果研究结果普遍表明,基于伊斯兰教法的治理机制对国际商业银行的股价同步性有显著影响。伊斯兰银行股价同步性的主要决定因素包括:伊斯兰监管机构的规模、伊斯兰监管机构的多样性、伊斯兰监管机构成员在金融伊斯兰法学方面的资质以及伊斯兰监管机构之间的互锁。伊斯兰教法治理在改善银行股价同步性与透明度之间的关联方面起着不利作用。研究局限性/启示本文有三个主要局限性,可能会影响研究结果的准确性。首先,本文依赖于网上公开的国际银行财务报表。因此,本研究的数据来自每个国家的少数国际银行,这就限制了分析,因为依赖的是该国表现最好的国际银行。其次,研究结果仅限于中东和南亚地区,可能无法推广到其他地区。第三,样本以中东国家为主(即 51 家国际银行中的 37 家)。政策制定者或监管者可以鼓励国际银行将伊斯兰教法治理纳入其内部治理结构,因为伊斯兰教法治理对股价同步性和透明度有积极影响。
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引用次数: 0
Governance of Islamic social finance: learnings from existing literature 伊斯兰社会融资的管理:从现有文献中汲取的经验教训
IF 3 3区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2024-06-27 DOI: 10.1108/imefm-06-2023-0222
Rodame Monitorir Napitupulu, Raditya Sukmana, Aam Slamet Rusydiana

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Research limitations/implications

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.

Practical implications

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.

Social implications

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.

Originality/value

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.

目的 本研究旨在对有关伊斯兰社会融资(ISF)管理的现有文献进行全面分析。主要目的是确定和强调全球研究模式,并提出值得注意的见解,供世界各地的伊斯兰社会融资机构借鉴。设计/方法/途径本研究采用了一种混合方法,将文献计量学和内容分析法结合在一起。作者从 Scopus 数据库中收集了 73 篇学术文献(文章),涵盖 2010 年至 2023 年。数据收集过程于 2023 年 3 月进行。研究结果作者从现有的关于基础设施服务框架治理的文献中归纳出六个不同的类别。这些类别包括问责制、治理实践、绩效、效率、伊斯兰会计和治理意识。对这六个类别进行了广泛的讨论,以提高它们在伊斯兰学生资助机构中的重要性。此外,本研究的结果还为这一领域的未来研究提供了宝贵的方向。研究限制/影响本研究使用 Scopus 数据库中的英文文章,确保了所选论文在所研究的特定知识领域内具有相当高的水准。实际意义加强伊斯兰服务基金机构的治理实践可以提高其整体绩效,从而在优化其对社会和经济环境的贡献方面发挥关键作用。社会意义这项工作为众多利益相关者提供了有关社会融资机构的启迪,营造了一个符合伊斯兰经济学原则的知情决策和有效治理的环境。
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引用次数: 0
Designing waqf-based financing model for livestock project: empirical evidence from Indonesia 为畜牧业项目设计基于宗教基金的融资模式:印度尼西亚的经验证据
IF 3 3区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2024-06-20 DOI: 10.1108/imefm-06-2023-0211
Raditya Sukmana, Ririn Tri Ratnasari, Rifaldi Majid, Muhammad Hakimi Mohd Shafiai

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Research limitations/implications

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.

Social implications

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.

Originality/value

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.

目的本研究旨在通过优化伊斯兰寄宿学校(pesantren)拥有的闲置宗教基金土地,为畜牧业提出一种基于宗教基金的生产性融资模式,用于牲畜饲养和育肥项目。大多数寄宿学校都建立在宗教基金的土地上,位于农村地区,具有实施基于宗教基金的畜牧业项目的巨大潜力。然后,利用长老会拥有的宗教基金土地,设计了一个以畜牧业为重点的拟议模式。为了加强拟议的模式,作者邀请了畜牧业、宗教基金、长老会和经济赋权方面的监管者、学者、从业人员/顾问,举行了一次焦点小组讨论(FGD)。研究结果 长老会作为宗教基金土地的保管人,可以与作为现金宗教基金保管人的 baitul maal wat tamwil(BMT)合作,成立一个饲养者合作社,作为开展牛的生产和育肥过程的工具。该项目根据 mudharaba、musharakah 或 ijara 合同实施,由 pesantren 和 BMT 监督。尽管如此,本研究中的一些发现仍可为其他穆斯林国家的宗教基金资产管理者所采用,这些国家在pesantren和宗教基金资产的数量方面也具有潜力。社会影响本研究提出的模式可通过满足牛肉消费需求和可持续的经济赋权来提高偏远地区贫困人口的生活质量。原创性/价值这项研究的重点是通过让长老会发挥作用,优化畜牧业的生产性宗教基金,从而解决满足牛肉基本需求的问题。
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引用次数: 0
Integrating environmental, social and governance (ESG) principles with Maqasid al-Shariah: a blueprint for sustainable takaful operations 将环境、社会和治理(ESG)原则与伊斯兰教法(Maqasid al-Shariah)相结合:可持续发展的回教保险业务蓝图
IF 3 3区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2024-05-21 DOI: 10.1108/imefm-11-2023-0422
Fahru Azwa Mohd Zain, Siti Fariha Muhamad, Hamdy Abdullah, Sheikh Ahmad Faiz Sheikh Ahmad Tajuddin, Wan Amalina Wan Abdullah
<h3>Purpose</h3><p>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.</p><!--/ Abstract__block --><h3>Design/methodology/approach</h3><p>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.</p><!--/ Abstract__block --><h3>Findings</h3><p>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.</p><!--/ Abstract__block --><h3>Research limitations/implications</h3><p>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.</p><!--/ Abstract__block --><h3>Practical implications</h3><p>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
目的本概念性论文旨在以 "伊斯兰教法"(Maqasid al-Shariah)原则为指导,为在回教保险业务框架内整合环境、社会和治理(ESG)原则勾勒出一个全面的蓝图。主要目的是为回教保险的可持续转型奠定坚实的基础,使其符合道德金融和伊斯兰价值观。设计/方法/途径本研究采用理论研究方法,深入探讨了回教保险业务背景下环境、社会和治理原则以及伊斯兰教法原则的多个层面。17 项可持续发展目标/环境、社会和公司治理原则与伊斯兰教法相结合,为从西方和伊斯兰伦理角度理解信息披露指数提供了一个全面的框架。本研究对现有文献、学术著作和权威资料进行了批判性分析,并从既定方法中汲取灵感。定性内容分析对相关观点进行了研究和汇编,专家对披露指数进行了验证。论文确定了环境、社会和公司治理原则与伊斯兰教法之间的主要契合点、兼容性和分歧点,从而构建了一个以伊斯兰教法为导向的环境、社会和公司治理融入回教保险的综合框架。这种一致性在保护生命、宗教、智力、血统和财富方面尤为明显。该蓝图强调了协调环境、社会和公司治理原则与伊斯兰教法原则的潜力,为回教保险经营者提供了提高其道德可信度、社会影响和环境管理水平的路线图。该指数将成为回教保险经营者的重要工具,以透明的方式传达他们对道德和可持续发展实践的承诺,促进人们更深入地了解由 Maqasid 驱动的环境、社会和公司治理整合,并提高所有利益相关者的透明度。我们鼓励对这一披露指数的实际实施、经验验证和战略意义开展进一步研究,以推动回教保险行业内的责任金融。在回教保险中纳入伊斯兰教义驱动的环境、社会和公司治理原则,意味着对更广泛的社会福祉的承诺。通过旨在保护生命、宗教、智力、血统和财富的举措,回教保险经营者可以在促进社会凝聚力、增强社区能力和积极推动可持续发展目标方面发挥关键作用。 原创性/价值这篇概念性论文提出了一个独特的蓝图,在伊斯兰教法的指导下,将环境、社会和公司治理原则纳入回教保险业务,从而为该领域做出了贡献。这种方法的新颖之处在于它从整体角度看待道德金融,将伊斯兰价值观与当代全球道德要求结合起来。这里提供的蓝图是负责任的回教保险实践的原创框架,与不断发展的道德标准和伊斯兰金融的持久原则产生了共鸣。
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引用次数: 0
Exploring the greenium in the green Sukuk universe: evidence from the primary market 探索绿色债券领域中的 "绿金":来自一级市场的证据
IF 3 3区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2024-05-06 DOI: 10.1108/imefm-05-2023-0186
Burak Pirgaip, Ozgur Arslan-Ayaydin

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Originality/value

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.

目的 本研究旨在通过提供证据证明初级伊斯兰债券市场中存在 "绿金",从而填补文献空白。在本研究中,"greenium "一词被定义为与非绿色债券相比,绿色债券的资本成本较低或收益率降低,这反映了投资者愿意接受较低的绿色投资回报。因此,本研究的主要目的是调查 "greenium "作为激励发行人资助生态友好型项目的潜在作用,从而为可持续环境做出贡献。本研究采用倾向得分匹配技术,对 2017-2022 年期间在全球一级市场发行的绿色和非绿色伊斯兰债券的定价差异进行了精确比较。这表明投资者认为绿色债券具有吸引力,愿意接受较低的回报。鉴于投资者对市场上的绿色倡议反应积极,发行者可以利用对绿色债券日益增长的需求,从而获得低成本资金。特别是,它关注绿色债券市场的定价动态,强调了发行绿色债券的潜在好处,有助于实现可持续发展目标,同时为向低碳经济过渡提供了获得低成本资金的途径。
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引用次数: 0
The impact of inflation on bank stability: evidence from the MENA banks 通货膨胀对银行稳定性的影响:来自中东和北非银行的证据
IF 3 3区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2024-04-15 DOI: 10.1108/imefm-10-2023-0388
Ali Awdeh, Chawki El Moussawi, Hassan Hamadi

Purpose

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.

Design/methodology/approach

The study adopts a dynamic GMM models and exploits a sample of 188 banks operating in 14 MENA economies, over the period 1999–2021.

Findings

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.

Originality/value

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.

目的最近,由于通货膨胀率不断上升以及随之而来的控制通货膨胀的程序,人们对国际金融体系的稳定性产生了严重的担忧。因此,本研究旨在从实证角度研究通胀压力/冲击对银行业稳定性的影响。本研究采用动态 GMM 模型,并利用了 1999-2021 年期间在 14 个中东和北非经济体运营的 188 家银行的样本。此外,对通货膨胀与银行特定变量和机构质量变量之间交互项影响的研究表明,更好的资本化水平、更高的流动性缓冲、更大的资产规模、更强的市场力量、外资所有权和整体政治稳定性,都可以抵消通货膨胀压力对中东和北非地区银行金融稳定性的影响。 原创性/价值除了从经验上揭示通货膨胀冲击如何恶化金融稳定性之外,本研究的主要创新之处在于研究了通货膨胀与银行特定变量和机构质量之间的交互作用如何影响银行稳定性。
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引用次数: 0
Ethical banking behavior among millennials and Gen-Z in Malaysia 马来西亚千禧一代和 Z 世代的道德银行行为
IF 3 3区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2024-04-09 DOI: 10.1108/imefm-04-2023-0152
Siti Aisyah Binti Zahari, Shahida Shahimi, Suhaili Alma'amun, Mohd Mursyid Arshad

Purpose

This study aims to determine the factors that influence ethical banking behavior among millennials and Gen-Z in Malaysia.

Design/methodology/approach

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.

Findings

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.

Practical implications

This study could be a central reference point and assist banking institutions in understanding the preferences of millennials and Gen-Z.

Originality/value

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.

目的本研究旨在确定影响马来西亚千禧一代和 Z 世代道德银行行为的因素。研究结果研究结果表明,千禧一代和 Z 世代参与道德银行业务受意向、判断和意识等因素的影响,这些因素塑造了两代人的道德银行业务行为。本文的独创性体现在三个方面,即千禧一代和 Gen-Z 行为的独特性、在 EDM 模型中加入新变量以及在马来西亚背景下进行研究。
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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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