scholarly journals An economic theory of Islamic finance

2017 ◽  
Vol 9 (2) ◽  
pp. 117-132 ◽  
Author(s):  
Mabid Ali Al-Jarhi
Keyword(s):  
Design Methodology ◽  
Islamic Finance ◽  
Economic Systems ◽  
Monetary Reform ◽  
Content Type ◽  
Reform Agenda ◽  
Banking And Finance ◽  
Economic Rationale ◽  
Islamic Economic ◽  
Set Up

Purpose This paper aims to provide an economic rationale for Islamic finance. Design/methodology/approach Its methodology is simple. It starts with listing the contributions to economic analysis relevant to the required rationale in the theories of banking, finance, price, money and macroeconomics, to identify the main rationale for Islamic finance. A concise description of the author’s model for an Islamic economic system, within which Islamic finance can be operational, is provided. Findings The paper finds distinct advantages of Islamic finance, when properly applied within the author’s model. Islamic finance can therefore be a candidate as a reform agenda for conventional finance. It opens the door for significant monetary reform in currently prevalent economic systems. Research limitations/implications The first limitation of the paper is that the distinct benefits of Islamic finance are all of macroeconomic types which are external to Islamic banking and finance institutions. They are therefore not expected to motivate such institutions to apply Islamic finance to the letter, without regulators interference to ensure strict application. The second limitation is the necessity to set up enabling institutional and regulatory arrangements for Islamic finance. Originality/value The results are unique as they challenge the received doctrine and provide non-religious rationale for Islamic finance.

scholarly journals The internal challenges facing Islamic finance industry

2016 ◽  
Vol 9 (2) ◽  
pp. 222-235 ◽  
Author(s):  
Abdulazeem Abozaid
Keyword(s):  
Product Development ◽  
Design Methodology ◽  
Islamic Finance ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Content Type ◽  
Banking And Finance ◽  
Finance Industry ◽  
Development Methodology ◽  
Shariah Governance

Purpose The paper aims to highlight the challenges facing Islamic finance industry and outline the prospectus of what constitutes a sound Islamic banking product in terms of both its Shariah control and product development methodology. Design/methodology/approach The paper analytically addresses the internal challenges facing Islamic finance industry by highlighting, first, the deficiencies in the existing Shariah supervisory work and, then, the deficiencies in the product development methodology followed in Islamic banks. Findings Islamic banking and finance is facing some internal challenges which require immediate action. Although facing the external challenges may be beyond the capacity of the industry players, Islamic banks have no excuse to overlook or turn a blind eye to their internal challenges which can be overcome by enacting Shariah governance for both products and Shariah control and reforming the methodology of product development. Originality/value This paper highlights an issue that has not received the needed attention, and it proposes the necessary solutions to the problems it identifies.

Riba and interest in Islamic finance: semantic and terminological ıssue

2018 ◽  
Vol 11 (1) ◽  
pp. 131-138 ◽  
Author(s):  
Ugi Suharto
Keyword(s):  
Design Methodology ◽  
Conceptual Analysis ◽  
Islamic Finance ◽  
Islamic Banking ◽  
Conceptual Level ◽  
Content Type ◽  
Banking And Finance ◽  
Islamic Jurisprudence ◽  
Practical Implications ◽  
Correct Expression

Purpose The aim of this paper is to argue analytically that interest and riba are not exactly the same and not an interchangeable terminology. There are similarities and differences between the two at the conceptual level. Design/methodology/approach To support the argument, the paper shows that it is possible to prove cases where the riba is involved but the interest is not. Hence, there is a situation of the presence of riba without interest. Furthermore, it is also possible to prove cases where the interest is involved but the riba is not. Hence, there is a situation of the presence of interest without riba. The notion and concept of interest in finance are analysed critically in comparison with riba in Islamic jurisprudence (fiqh Islami). So a comparative conceptual analysis is the main methodology of the paper. Findings The paper finally suggests that the correct expression should be that Islamic banking and finance is “a ribawi free of banking and finance” instead of “interest free of banking and finance” as it is popularised. Research limitations/implications The paper is conceptual in nature. No empirical analysis is pursued. Practical implications Islamic finance should not claim it self as interest-free finance, rather riba-free finance. Social implications It is more truthful to the society to say that Islamic finance is riba-free finance. Originality/value The paper is expected to contribute in the conceptual level of Islamic banking and finance’s understanding by clearing up the basic confusion and misconception about riba and interest. This would consequently minimise or even eliminate the taken-for-granted tendency of denoting the semantic of riba and interest as an interchangeable term, especially when writing in English and addressing the finance’s students and scholars. The semantic clarification between interest and riba hopefully becomes the main contribution of this paper.

Using transfer learning for diabetic retinopathy stage classification

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Enas M.F. El Houby
Keyword(s):  
Diabetic Retinopathy ◽  
Transfer Learning ◽  
Grade Level ◽  
Design Methodology ◽  
Content Type ◽  
Stage Classification ◽  
Set Up ◽  
Retinal Fundus ◽  
Automated Methods

PurposeDiabetic retinopathy (DR) is one of the dangerous complications of diabetes. Its grade level must be tracked to manage its progress and to start the appropriate decision for treatment in time. Effective automated methods for the detection of DR and the classification of its severity stage are necessary to reduce the burden on ophthalmologists and diagnostic contradictions among manual readers.Design/methodology/approachIn this research, convolutional neural network (CNN) was used based on colored retinal fundus images for the detection of DR and classification of its stages. CNN can recognize sophisticated features on the retina and provides an automatic diagnosis. The pre-trained VGG-16 CNN model was applied using a transfer learning (TL) approach to utilize the already learned parameters in the detection.FindingsBy conducting different experiments set up with different severity groupings, the achieved results are promising. The best-achieved accuracies for 2-class, 3-class, 4-class and 5-class classifications are 86.5, 80.5, 63.5 and 73.7, respectively.Originality/valueIn this research, VGG-16 was used to detect and classify DR stages using the TL approach. Different combinations of classes were used in the classification of DR severity stages to illustrate the ability of the model to differentiate between the classes and verify the effect of these changes on the performance of the model.

Excellence and gender

2015 ◽  
Vol 34 (1) ◽  
pp. 37-54 ◽  
Author(s):  
Farinaz Fassa
Keyword(s):  
Gender Equality ◽  
Common Good ◽  
Design Methodology ◽  
Local Level ◽  
National Level ◽  
Academic Careers ◽  
Content Type ◽  
And Gender ◽  
Set Up ◽  
Feminist Movements

Purpose – Discussing the Swiss case, the purpose of this paper is to examine how gender equality policies deal with the present requirements for scholars to be considered “excellent”. It aims to pinpoint the lines of tension or coherence between excellence, meritocracy and gender politics. Design/methodology/approach – In order to specify the norms of academic careers and their different renditions, the author draws on two studies (at local and national levels) to illustrate where the changes and resistances are taking place. Findings – The translations of a number of demands of feminist movements into the policies set up to favour equality between the sexes may combine to challenge the norms of academia as a gendered realm. Nevertheless, without strong pressure from feminists at local level and the conduct of research pursuing the enterprise of deconstructing norms, top-down policies may prove less “corrective” than affirmative action. This pressure is not only useful to build gender equality in science but also to broaden the spectrum of knowledge that can become a common good. Research limitations/implications – As neither the names nor the positions of the experts who select the candidates at national level are made public, we had to opt for other, less satisfactory means. Originality/value – The originality of the paper lies in the link made between the enhancements brought by Equalities policies and the changes they bring. It attempts to bring to light the extent to which gender equality policies conform to the neo-managerial order or challenge its norms to build a world that is more just.

Value- based Islamic banking and reporting in Bahrain

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Akhtar Ali Saeed Mohammed ◽  
Fadillah Mansor
Keyword(s):  
Annual Reports ◽  
Islamic Finance ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Reporting Standard ◽  
Content Type ◽  
Islamic Financial Institutions ◽  
Islamic Economic ◽  
Practical Implications ◽  
Specific Contribution

Purpose This paper aims to analyse whether the practices of Islamic banks in Bahrain are in line with value-based Islamic banking (VBIB) and reporting disclosure in the annual reports towards achieving their fundamental objectives of human-centred economic development and social justice. Design/methodology/approach Based on Islamic finance, Islamic economic principles and perception of Maqasid al-Shari’ah, this paper examines and assesses the current practices of Islamic financial institutions (IFIs) in Bahrain through content analysis of financial and annual reports of Islamic banks in Bahrain and interviews of Islamic banking experts. Findings The findings reveal that value-based banking (VBB) has not been translated fully into practice by the Islamic banks in Bahrain. Research limitations/implications The data analysis was restricted to Islamic banks in Bahrain. Practical implications This paper identifies the need for reporting standard development to improve the VBB practice in Bahrain in the future. Looking at the objectives of the IFIs, this paper introduces the concept of VBB in Bahrain, which includes ethical banking, responsible banking and social responsibility. The study adds value not only to the current Islamic finance literature but also helps many stakeholders, including prospective academics, who may conduct comparative studies in different jurisdictions throughout the world. Originality/value The specific contribution of this paper is the identification of the VBB practices and related disclosure in the Islamic banking industry in Bahrain. The study is useful to harmonise and standardise the practices of VBIB by the contemporary Islamic banks in Bahrain.

scholarly journals How can econometrics help fight the COVID-19 pandemic?

2020 ◽  
Vol 4 (3) ◽  
pp. 29-36
Author(s):  
Kevin Alvarez ◽  
Vladik Kreinovich
Keyword(s):  
Incubation Period ◽  
Rapid Growth ◽  
Design Methodology ◽  
Control Measures ◽  
Economic Systems ◽  
Negative Effects ◽  
Content Type ◽  
Infected People ◽  
The Past ◽  
Highly Oscillatory

Purpose The current pandemic is difficult to model – and thus difficult to control. In contrast to the previous epidemics, whose dynamics were smooth and well described by the existing models, the statistics of the current pandemic are highly oscillating. The purpose of this paper is to explain these oscillations and to see how this explanation can be used to fight the epidemic. Design/methodology/approach The authors use an analogy with economic systems. Findings The authors show that these oscillations can be explained if we take into account the disease’s long incubation period – as a result of which our control measures are determined by outdated data, showing number of infected people two weeks ago. To better control the pandemic, the authors propose to use the experience of economics, where also the effect of different measures can be observed only after some time. In the past, this led to wild oscillations of the economy, with rapid growth periods followed by devastating crises. In time, economists learned how to smooth the cycles and thus to drastically decrease the corresponding negative effects. The authors hope that this experience can help fight the pandemic. Originality/value To the best of our knowledge, this is the first explanation of the highly oscillatory nature of this epidemic’s dynamics.

Inclusive leadership: new age leadership to foster organizational inclusion

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Sunaina Chetan Kuknor ◽  
Shubhasheesh Bhattacharya
Keyword(s):  
Theoretical Model ◽  
Literature Review ◽  
Human Resources ◽  
Design Methodology ◽  
Human Resources Development ◽  
Inclusive Leadership ◽  
Content Type ◽  
Set Up ◽  
The Relationship ◽  
Practical Implications

Purpose This paper aims to investigate the relationship between inclusive leadership (IL) and organizational inclusion (OI) in literature and explores the contribution of IL and OI in human resources development (HRD). Design/methodology/approach The systematic literature review was undertaken from peer-reviewed journals. In total, 68 articles were critically analyzed to be included in the review highlighting the relationship between IL and OI. Findings The paper provides insights into leader behaviors that foster IL and how it differs from other styles of leadership. The paper also proposes a theoretical model to show the relationship between IL and OI. Practical implications The study will facilitate creating awareness in practitioners and academicians who think inclusion is mostly concerned with disabled learners, which is misleading. The paper will help the concerned stakeholders to formulate HRD practices to foster an inclusive culture at work. Originality/value The paper explores an area less researched and is among the few review papers investigating through the relationship between IL and OI and how they impact HRD practices in an organizational set-up.

scholarly journals Agent-based modelling and economic complexity: a diversified perspective

2019 ◽  
Vol 26 (2) ◽  
pp. 170-188 ◽  
Author(s):  
Christophe Schinckus
Keyword(s):  
Design Methodology ◽  
Scientific Literature ◽  
Economic Systems ◽  
Content Type ◽  
Agent Based ◽  
Agent Based Modelling ◽  
Economic Complexity ◽  
Epistemic Function ◽  
Micro Foundations

PurposeThe term “agent-based modelling” (ABM) is a buzzword which is widely used in the scientific literature even though it refers to a variety of methodologies implemented in different disciplinary contexts. The numerous works dealing with ABM require a clarification to better understand the lines of thinking paved by this approach in economics. All modelling tasks are a means and a source of knowledge, and this epistemic function can vary depending on the methodology. this paper is to present four major ways (deductive, abductive, metaphorical and phenomenological) of implementing an agent-based framework to describe economic systems. ABM generates numerous debates in economics and opens the room for epistemological questions about the micro-foundations of macroeconomics; before dealing with this issue, the purpose of this paper is to identify the kind of ABM the author can find in economics.Design/methodology/approachThe profusion of works dealing with ABM requires a clarification to understand better the lines of thinking paved by this approach in economics. This paper offers a conceptual classification outlining the major trends of ABM in economics.FindingsThere are four categories of ABM in economics.Originality/valueThis paper suggests a methodological categorization of ABM works in economics.

scholarly journals Complaints on abortuses handling: policy recommendations for Hong Kong

2019 ◽  
Vol 22 (1) ◽  
pp. 71-81
Author(s):  
Celine S.M. Cheng ◽  
Amanda P.Y. Lau
Keyword(s):  
Hong Kong ◽  
Design Methodology ◽  
Mainland China ◽  
Ethical Concern ◽  
Policy Recommendations ◽  
Content Type ◽  
The Public ◽  
Hong Kong Sar ◽  
Set Up ◽  
Clinical Wastes

Purpose The purpose of this paper is to review cases about complaints of abortuses handling in Hong Kong, and to further propose policy recommendations to help comfort parents with respect and dignity toward abortuses. Design/methodology/approach There is a systematic review of articles/newspapers related to the practice and regulation of abortuses handling in Hong Kong and overseas countries. Also, point of views among stakeholders are selected from: newspapers, patients’ groups, Hong Kong SAR Government’s websites, radio programmes’ interviews, related organizations’ websites, blogs from legislative councilors and lawyers. Findings Since parents suffered from miscarriage before 24 weeks’ pregnancy are increasingly willing to share their experiences and struggled for arranging a legal funeral for their children, Hong Kong SAR Government is able to understand these parents’ needs and hence set up more “Angel Garden” in both the public and the private cemeteries. Yet, the provision of funeral and cremation services are still not comprehensive. Existing measures from Mainland China and overseas countries to handle abortuses and to provide support for parents are analyzed. More critically, ethical concern on handling abortuses as one of the clinical wastes is further included in the discussion. Originality/value Although all less than 24 weeks’ fetuses cannot be given any Certificate of Stillbirth, respect and dignity can still be presented toward their parents by flexible regulation. After discussing the related measures on handling abortuses from other countries, some of their humane regulations are feasible to be applied to Hong Kong.

Getting the best out of yourself

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Keyword(s):  
Case Studies ◽  
Design Methodology ◽  
Reading Time ◽  
Cutting Edge ◽  
Content Type ◽  
Holocaust Denial ◽  
Political Outcomes ◽  
Pertinent Information ◽  
Set Up ◽  
Practical Implications

Purpose This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies. Design/methodology/approach This briefing is prepared by an independent writer who adds his/her own impartial comments and places the articles in context. Findings What would the world’s biggest tech companies look like if they had been started by women? It is an interesting question because, as everyone will have noticed, almost without exception all of Silicon Valley’s biggest companies were set up by men. For each one, one wonders what would have happened if women had had the original ideas that first brought them to life and grew them to be the business behemoths they are today. Would Facebook continue to host harmful posts and sites relating to Holocaust denial? Would Twitter allow bots to exaggerate reactions to certain political outcomes? Practical implications This paper provides strategic insights and practical thinking that have influenced some of the world’s leading organizations. Originality/value The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

Sign in / Sign up

Export Citation Format

Share Document