IDEAS home Printed from https://ideas.repec.org/p/osf/osfxxx/t5jeh.html
   My bibliography  Save this paper

Developments in Islamic Finance Literature: Evidence from Specialized Journals

Author

Listed:
  • Hanif, Muhammad
  • Zafar, Kiran

Abstract

This study documents the literary developments and classifies the literature in the area of Islamic Financial Services Industry (IFSI). Our findings are based on articles published in selected Islamic finance specialized journals for six years (2012-2017). Classification is based on multiple factors including subject/specialization areas, country of origin and publications, research methodology, and yearly progress in investigations. Findings suggest that the majority of publications are in the area of general Islamic finance and follow qualitative research methodology. Malaysia and Pakistan were found to be the most significant contributors to the literature. Although the results of empirical studies are mixed, however, the majority favor resilience of IFSI to the global financial crisis (GFC). The potential role of IFSI in poverty alleviation and corporate social responsibility (CSR) has also been highlighted. Demand for IFSI with quality services exists. The literature highlights the lack of Islamic financial literacy and skepticism about Sharīʿah compliance in practice. Need for regulatory framework and application of Islamic accounting is documented. Future research needs to focus on an objective assessment of IFSI in the light of Islamic finance objectives. Also, further investigations are needed to highlight the social role of IFSI – with a focus on CSR, zakāh, waqf and microfinance. Additionally, certain specialized areas including accounting, management, and corporate governance need more attention in future researches.

Suggested Citation

  • Hanif, Muhammad & Zafar, Kiran, 2020. "Developments in Islamic Finance Literature: Evidence from Specialized Journals," OSF Preprints t5jeh, Center for Open Science.
    • Handle: RePEc:osf:osfxxx:t5jeh
    DOI: 10.31219/osf.io/t5jeh
    as

    Download full text from publisher

    File URL: https://osf.io/download/65bcad9d35be2005bda50042/
    Download Restriction: no
    File URL: https://libkey.io/10.31219/osf.io/t5jeh?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Mohammad Hanif Akhtar, 2013. "After the financial crisis: a cost efficiency analysis of banks from Saudi Arabia," International Journal of Islamic and Middle Eastern Finance and Management, Emerald Group Publishing Limited, vol. 6(4), pages 322-332, November.
    2. Rizvi , Syed Aun R & Arshad , Shaista, 2014. "An Empirical Study of Islamic Equity as a Better Alternative during Crisis Using Multivariate GARCH DCC," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 22, pages 159-184.
    3. Michael S. Bennett & Zamir Iqbal, 2013. "How socially responsible investing can help bridge the gap between Islamic and conventional financial markets," International Journal of Islamic and Middle Eastern Finance and Management, Emerald Group Publishing Limited, vol. 6(3), pages 211-225, August.
    4. Hassan, M. Kabir & Aliyu, Sirajo, 2018. "A contemporary survey of islamic banking literature," Journal of Financial Stability, Elsevier, vol. 34(C), pages 12-43.
    5. Riham R. Rizk, 2014. "Islamic environmental ethics," Journal of Islamic Accounting and Business Research, Emerald Group Publishing Limited, vol. 5(2), pages 194-204, September.
    6. Saeed Akbar & Syed Zulfiqar Ali Shah & Shahin Kalmadi, 2012. "An investigation of user perceptions of Islamic banking practices in the United Kingdom," International Journal of Islamic and Middle Eastern Finance and Management, Emerald Group Publishing Limited, vol. 5(4), pages 353-370, November.
    7. Rasoul Amirzadeh & Mohammad Reza Shoorvarzy, 2013. "Prioritizing service quality factors in Iranian Islamic banking using a fuzzy approach," International Journal of Islamic and Middle Eastern Finance and Management, Emerald Group Publishing Limited, vol. 6(1), pages 64-78, March.
    8. Rasoul Amirzadeh & Mohammad Reza Shoorvarzy, 2013. "Prioritizing service quality factors in Iranian Islamic banking using a fuzzy approach," International Journal of Islamic and Middle Eastern Finance and Management, Emerald Group Publishing Limited, vol. 6(1), pages 64-78, March.
    9. Saeed Akbar & Syed Zulfiqar Ali Shah & Shahin Kalmadi, 2012. "An investigation of user perceptions of Islamic banking practices in the United Kingdom," International Journal of Islamic and Middle Eastern Finance and Management, Emerald Group Publishing Limited, vol. 5(4), pages 353-370, November.
    10. Narayan, Paresh Kumar & Phan, Dinh Hoang Bach, 2019. "A survey of Islamic banking and finance literature: Issues, challenges and future directions," Pacific-Basin Finance Journal, Elsevier, vol. 53(C), pages 484-496.
    11. Michael S. Bennett & Zamir Iqbal, 2013. "How socially responsible investing can help bridge the gap between Islamic and conventional financial markets," International Journal of Islamic and Middle Eastern Finance and Management, Emerald Group Publishing Limited, vol. 6(3), pages 211-225, August.
    12. Mohammad Hanif Akhtar, 2013. "After the financial crisis: a cost efficiency analysis of banks from Saudi Arabia," International Journal of Islamic and Middle Eastern Finance and Management, Emerald Group Publishing Limited, vol. 6(4), pages 322-332, November.
    13. Alsadek Gait & Andrew C. Worthington, 2015. "Attitudes of Libyan retail consumers toward Islamic methods of finance," International Journal of Islamic and Middle Eastern Finance and Management, Emerald Group Publishing Limited, vol. 8(4), pages 439-454, November.
    14. Muhammad Tariq Majeed & Abida Zainab, 2017. "How Islamic is Islamic banking in Pakistan?," International Journal of Islamic and Middle Eastern Finance and Management, Emerald Group Publishing Limited, vol. 10(4), pages 470-483, October.
    15. Alsadek Gait & Andrew C. Worthington, 2015. "Attitudes of Libyan retail consumers toward Islamic methods of finance," International Journal of Islamic and Middle Eastern Finance and Management, Emerald Group Publishing Limited, vol. 8(4), pages 439-454, November.
    16. Ghada Altarawneh & Mike Lucas, 2012. "Understanding the dominance of Western accounting and neglect of Islamic accounting in Islamic countries," Journal of Islamic Accounting and Business Research, Emerald Group Publishing Limited, vol. 3(2), pages 99-120, September.
    17. Muhannad Ahmed Atmeh & Bassam Maali, 2017. "An accounting perspective on the use of combined contracts and donations in Islamic financial transactions," Journal of Islamic Accounting and Business Research, Emerald Group Publishing Limited, vol. 8(1), pages 54-69, February.
    18. Jamid Ul Islam & Zillur Rahman, 2017. "Awareness and willingness towards Islamic banking among Muslims: An Indian perspective," International Journal of Islamic and Middle Eastern Finance and Management, Emerald Group Publishing Limited, vol. 10(1), pages 92-101, April.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Muhammad Hanif & Kiran Zafar, 2020. "Developments in Islamic Finance Literature: Evidence from Specialized Journals التطورات في أدبيات التمويل الإسلامي: أدلة من دوريات متخصصة," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 33(2), pages 3-23, July.
    2. Aysan, Ahmet Faruk & Disli, Mustafa, 2019. "Small business lending and credit risk: Granger causality evidence," Economic Modelling, Elsevier, vol. 83(C), pages 245-255.
    3. Riaz, Umair & Burton, Bruce & Fearfull, Anne, 2023. "Emotional propensities and the contemporary Islamic banking industry," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 94(C).
    4. Izzeldin, Marwan & Johnes, Jill & Ongena, Steven & Pappas, Vasileios & Tsionas, Mike, 2021. "Efficiency convergence in Islamic and conventional banks," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 70(C).
    5. Dibooglu, Sel & Cevik, Emrah I. & Tamimi, Hussein A. Hassan Al, 2022. "Credit default risk in Islamic and conventional banks: Evidence from a GARCH option pricing model," Economic Analysis and Policy, Elsevier, vol. 75(C), pages 396-411.
    6. Jaffar Abbas & Iftikhar Hussain & Safdar Hussain & Sabahat Akram & Imrab Shaheen & Ben Niu, 2019. "The Impact of Knowledge Sharing and Innovation on Sustainable Performance in Islamic Banks: A Mediation Analysis through a SEM Approach," Sustainability, MDPI, vol. 11(15), pages 1-25, July.
    7. Kok, Seng Kiong & Filomeni, Stefano, 2021. "The holding behavior of Shariah financial assets within the global Islamic financial sector: A macroeconomic and firm-based model," Global Finance Journal, Elsevier, vol. 50(C).
    8. Alexakis, Christos & Kenourgios, Dimitris & Pappas, Vasileios & Petropoulou, Athina, 2021. "From dotcom to Covid-19: A convergence analysis of Islamic investments," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 75(C).
    9. Mohamed E. Chaffai, 2022. "New evidence on Islamic and conventional bank efficiency: A meta‐regression analysis," Bulletin of Economic Research, Wiley Blackwell, vol. 74(1), pages 221-246, January.
    10. Kok, Seng Kiong & Giorgioni, Gianluigi & Farquhar, Stuart, 2022. "The trade-off between knowledge accumulation and independence: The case of the Shariah supervisory board within the Shariah governance and firm performance nexus," Research in International Business and Finance, Elsevier, vol. 59(C).
    11. Kok, Seng Kiong & Shahgholian, Azar, 2023. "The impact of proximity within elite corporate networks on the Shariah governance-firm performance nexus: Evidence from the global Shariah elite," Emerging Markets Review, Elsevier, vol. 54(C).
    12. Khan, Abdullah & Rizvi, Syed Aun R. & Ali, Mohsin & Haroon, Omair, 2021. "A survey of Islamic finance research – Influences and influencers," Pacific-Basin Finance Journal, Elsevier, vol. 69(C).
    13. Yasser A. AL-Rawi & Yusri Yusup & Essa Ahmed & Ali F. Ali & Sofri Bin Yahya, 2023. "An examination of environmental taxes from the Islamic and Shariah perspectives," Journal of Environmental Studies and Sciences, Springer;Association of Environmental Studies and Sciences, vol. 13(1), pages 141-155, March.
    14. Mohamed, Toka S. & Elgammal, Mohammed M., 2023. "Credit risk in Islamic microfinance institutions: The role of women, groups, and rural borrowers," Emerging Markets Review, Elsevier, vol. 54(C).
    15. Abdullahi , Shafiu Ibrahim, 2021. "Islamic equities and COVID-19 pandemic: measuring Islamic stock indices correlation and volatility in period of crisis," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 29, pages 50-66.
    16. Janbaz, Mehdi & Hassan, M. Kabir & Floreani, Josanco & Dreassi, Alberto & Jiménez, Alfredo, 2022. "Political risk in banks: A review and agenda," Research in International Business and Finance, Elsevier, vol. 62(C).
    17. Wang, Xiaoying & Sadiq, Ramla & Khan, Tahseen Mohsan & Wang, Rong, 2021. "Industry 4.0 and intellectual capital in the age of FinTech," Technological Forecasting and Social Change, Elsevier, vol. 166(C).
    18. Kok, Seng Kiong & Akwei, Cynthia & Giorgioni, Gianluigi & Farquhar, Stuart, 2022. "On the regulation of the intersection between religion and the provision of financial services: Conversations with market actors within the global Islamic financial services sector," Research in International Business and Finance, Elsevier, vol. 59(C).
    19. Albaity, Mohamed & Noman, Abu Hanifa Md. & Saadaoui Mallek, Ray & Al-Shboul, Mohammad, 2022. "Cyclicality of bank credit growth: Conventional vs Islamic banks in the GCC," Economic Systems, Elsevier, vol. 46(1).
    20. Mansor Haji Ibrahim, 2019. "Rethinking Islamic Economics إعادة التفكير في الاقتصاد الإسلامي," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 32(2), pages 119-124, January.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:osf:osfxxx:t5jeh. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: OSF (email available below). General contact details of provider: https://osf.io/preprints/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.