ISSN:1111-1111E-ISSN:Open Access
Journal of Islamic Financial Research
Editor-in-Chief:Muneer Maher Alshater
The University of Jordan
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Showing 4 of 4 articles
Mohammed Abdullah Khan, Sara Ahmed El-Sayed
This paper investigates the relationship between sukuk (Islamic bonds) market development and economic growth using panel data from 15 countries with significant Islamic finance sectors over the period 2010-2023. Employing dynamic panel GMM estimation techniques, we find robust evidence of a positive bidirectional relationship between sukuk market capitalization and GDP growth. Our results indicate that a 10% increase in sukuk market depth is associated with a 0.8% increase in long-term economic growth. We also document significant spillover effects, with sukuk issuance in one country positively influencing economic outcomes in neighboring markets. The findings have important policy implications for governments seeking to leverage Islamic capital markets as engines of sustainable economic development.
Yusuf Abdulrahman Bakare
Islamic microfinance has emerged as a promising tool for financial inclusion and poverty alleviation in Muslim-majority communities. However, existing evaluation frameworks often fail to capture the holistic objectives of Islamic finance beyond mere financial sustainability. This paper proposes a comprehensive evaluation framework grounded in Maqasid al-Shariah (objectives of Islamic law), incorporating the five essential elements of protection: religion (din), life (nafs), intellect (aql), progeny (nasl), and wealth (mal). Through case studies of three Islamic microfinance institutions in Indonesia, Pakistan, and Bangladesh, we demonstrate how this framework provides richer insights into program effectiveness compared to conventional impact assessment methods. Our findings suggest that programs explicitly designed around Maqasid principles achieve higher social impact scores while maintaining financial viability.
Ahmad Hassan Al-Rashid, Fatima Zahra Mohammed, Ibrahim Khalil Osman
This study examines the transformative effects of digital banking technologies on Islamic financial institutions across the Gulf Cooperation Council (GCC) region. Using a mixed-methods approach combining quantitative analysis of financial performance metrics with qualitative interviews of industry executives, we investigate how digital transformation initiatives have influenced operational efficiency, customer engagement, and Shariah compliance frameworks. Our findings reveal that institutions adopting comprehensive digital strategies demonstrate 23% higher customer retention rates and 15% improved cost-to-income ratios compared to traditional counterparts. However, we also identify significant challenges related to cybersecurity, regulatory adaptation, and the preservation of Islamic banking principles in automated systems. The study contributes to the emerging literature on fintech in Islamic finance and provides practical recommendations for practitioners navigating the digital transformation journey.