Search results for: Islamic architectural history

Authors: Farshad Negintaji, Hamid Reza Zeraat Pisheh, Mahshid Ghanea, Zahra Khalifeh, Mohammad Bagher Rahami

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This study has been examined the anatomical components of mosques with the approach of attending to Islamic wisdom and investigated the distinction between the anatomical design of mosques (traditional and modern) by considering the category of perception in Islamic architecture. To this end, this article by reviewing the theoretical and empirical literature of mosques' anatomy and the role of anatomy on the architectural design of Iranian mosques by examining the quantitative and qualitative indicators and in order to understand and identify the anatomy of mosques, indicators such as: entrance, portico, minarets, domes, bedchamber and pool have been used. The aim of this study has been to investigate materials, the functional properties, technology, sizes and fitness of (traditional and modern) mosques. For this purpose, a questionnaire was prepared in which the anatomical and spiritual elements of the mosque shape have been questioned. Research is related to field and is of descriptive, analytical and inferential type and quantitative and qualitative indicators have been examined.

Keywords: Islamic wisdom, Islamic architecture, mosque anatomy, the minaret, dome, bedchamber, entrance, pool, perception

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Authors: Asma Ammar

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Being different in theory and practice from their conventional counterparts, this research aims to assess the performance of Islamic banks beyond the financial performance by emphasizing their ethical and social identity based on the higher purposes of Islamic law, namely Maqasid al-Shariah. Using Imam al-Ghazali’s theory of Maqasid al-Shariah and Sekaran’s (2000) method, we develop a Maqasid-based index including the five objectives of Shariah (preservation of life, religion, intellect, posterity, and wealth). Our sample covers 9 Islamic banks considered among the largest Islamic banks in the world. For the five years of study (2017-2021), our results reveal that the highest score is performed by Bank Muamalat while the least score is given to Dubai Islamic Bank. The overall Maqasid performance of the sample is unimpressive, indicating that there is a lack of achievement in Maqasid al-Shariah performance of Islamic banks. Consequently, serious measures should be taken by Islamic banks to improve their Maqasid performance and thus contribute effectively to the socio-economic development of the countries in which they operate.

Keywords: Maqasid al-Shariah, Maqasid al-Shariah index, Islamic banks, performance assessment

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Authors: Yunice Karina Tumewang

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As we have seen, the number of Muslim and their awareness toward financial products and services that conform to Islamic principles are growing rapidly today. Thus, it makes the market environment potentially beneficial for Shari-compliant funds with the expanding prospective client base. However, over the last decade, only small portion of this huge potential market has been covered by the established Islamic asset management firms. This study aims to examine the factors of this untapped market particularly in the demand side. This study will use the qualitative method with primary data through a questionnaire distributed to 500 samples of Muslim population. It will shed light on Muslim attitudes and expectations toward Sharia-compliant retirement planning and pensions. It will also help to raise the awareness of market players to see Islamic pension fund as a promising industry in the foreseeable future.

Keywords: Islamic marketing, Islamic finance, Islamic asset management, Islamic pension fund

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Authors: Hideki Kitamura

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Since Islamic banking has broadly started in the late 1970s, Islamic economy has been paid much attention by both academia and the business world. However, despite abundant studies, descriptive exploration of practices of Islamic economy from a sociological/anthropological perspective is underrepresented, and most are basically designed for evaluating current practice or proposing ideal types of Islamic economy in accordance with their religious conviction. Overall, their interest is not paid to actors of Islamic economy such as practitioner’s decision-making and thought, while sociological/anthropological studies on Muslim’s religious life can be observed well. Herein, the paper aims to look into the possibilities of sociology/anthropology for exploration of the role of actors of Islamic economy, by revisiting the benefit of sociological/anthropological studies on the religion of Islam and its adaptability to the research on Islamic economy. The paper suggests that practices of Islamic economy can be assumed as results of practitioner’s dilemma between Islamic ideals and market realities in each society, by applying the perspective of social constructivism. The paper then proposes focusing on the human agency of practitioners in translating Islamic principles into economic behavior, thereby enabling a more descriptive inquiry into how Islamic economy is produced and operated.

Keywords: Islamic economy, economic sociology/anthropology, human agency, social constructivism

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Authors: Ayoub Ali Maulana

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“The success and sustainability of an Islamic finance system depends on the ability to establish a comprehensive legal and regulatory framework that supports synergy amongst the components in the system”. Numbers of banks have introduced Islamic banking windows claiming that their products follow Islamic banking values without any compromise. National Bank of Commerce Limited, Stanbic Bank Limited, Kenya Commercial Bank, The Peoples Bank of Zanzibar and Amana Bank Limited are some of the banks which offer Islamic banking products in Tanzania. To date, there is no single provision in Tanzanian laws that speak of Islamic banking activities in the country. Despite the fact that consultancy commissioned to International Monetary Fund (IMF) to research on the best laws to govern Islamic banking industry in the country, the speed is not encouraging in making sure that the same is introduced as soon as possible. This paper highlights the trend of the banking services in Tanzania and examines the application of Islamic banking system in the Tanzanian conventional banking environment. In particular the paper considers whether the Islamic banking services in Tanzania can survive without an appropriate legal framework that accommodates it.

Keywords: islamic banks, interest, islamic windows, Tanzania

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Authors: Parisa Göker

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With the birth of Islam, the definitions of paradise in Quran have spread across three continents since 7^th century, showing itself in the palace gardens as a reflection of Islamic Culture. The design characteristics of Islamic gardens come forth with the influence of religious beliefs, as well as taking its form as per the cultural, climatic and soil characteristics of its geography, and showing its difference. It is possible to see these differences from the garden examples that survived to present time from the civilizations in the lands of Islamic proliferation. The main material of this research is the Islamic gardens in Iran and Spain. Field study was carried out in Alhambra Palace in Spain, Granada and Shah Goli garden in Iran, Tabriz. In this study, the birth of Islamic gardens, spatial perception of paradise, design principles, spatial structure, along with the structural/plantation materials used are examined. Also the characteristics and differentiation of the gardens examined in different cultures and geographies have been revealed. In the conclusion section, Iran and Spain Islamic garden samples were evaluated and their properties were determined.

Keywords: Islamic civilization, Islamic architecture, cultural landscape, Islamic garden

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Authors: Muhammad Jumat Dasuki

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The curbing of excesses of women in politics is a topic that has been extensively studied in the field of Islamic law. This issue is complex and involves various cultural and religious factors, making it a highly debated topic. This paper examines the role of Islamic law in regulating the behavior of women in politics. In many Islamic societies, women face restrictions and limitations when it comes to their participation in the political sphere. This paper investigates the reasons behind these restrictions and analyzes how Islamic law can be used to curb any excesses that may arise from women's involvement in politics. By examining various case studies and analyzing the principles of Islamic law, this paper sheds light on the issue of women's participation in politics and provides potential solutions for balancing their rights and duties according to Islamic law. The methodology includes primary sources through in-depth oral interviews and secondary sources like textbooks and journals, aiming for a holistic understanding of the ethical dimensions of support initiatives within the context of Islamic Law to establish the fairness of Islam Law in its approach to women in politics. The paper concludes with suggestions and recommendations.

Keywords: excess, Islamic law, principles, women

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Authors: Khalid Hassan Abdesamed, Kalsom Abd Wahab

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Economic development and growth are significantly linked to the consistent and sustainable sector of small and medium enterprises (SMEs). Banks are the frontrunners in financing and advising SMEs. The main objective of the study is to assess the tendency of SMEs to use the Islamic bank. Model was developed using quantitative method with a hypothetical-deductive testing approach. Model (N = 364) used primary data on the tendency of SMEs to use Islamic banks gathered from questionnaire. It is found by Mann-Whitney test that the tendency to use Islamic bank varies between those firms which consider formal financing with the ones relying on informal financing with the latter tends more to use Islamic bank. This study can serve academic researchers, policy makers, and developing countries as a model of SMEs’ desirability to Islamic banking.

Keywords: formal financing, informal financing, Islamic bank, SMEs

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Authors: Siswoyo Haryono

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Purpose – The fundamental goal of this research is to see if the integrative organizational behavior model can be used effectively in Islamic boarding schools. This paper also seeks to assess the effect of Islamic organizational culture, leadership, and spiritual intelligence on teachers' organizational commitment to Islamic Boarding schools. The goal of the mediation analysis is to see if the Islamic work ethic has a more significant effect on the instructors' organizational commitment than the direct effects of Islamic organizational culture, leadership, and Islamic spiritual intelligence. Design/methodology/approach – A questionnaire survey was used to obtain data from teachers at Islamic Boarding Schools. This study used the AMOS technique for structural equation modeling to evaluate the expected direct effect. To test the hypothesized indirect effect, employed Sobel test. Findings – Islamic organizational culture, Islamic leadership, and Islamic spiritual intelligence significantly affect Islamic work ethic. When it comes to Islamic corporate culture, Islamic leadership, Islamic spiritual intelligence, and Islamic work ethics have a significant impact. The findings of the mediation study reveal that Islamic organizational culture, leadership, and spiritual intelligence influences organizational commitment through Islamic work ethic. The total effect analysis shows that the most effective path to increasing teachers’ organizational commitment is Islamic leadership - Islamic work ethic – organizational commitment. Originality/value – This study evaluates the Integrative Model of Organizational Behavior by Colquitt (2016) applied in Islamic Boarding School. The model consists of contemporary leadership and individual characteristic as the antecedent. The mediating variables of the model consist of individual mechanisms such as trust, justice, and ethic. Individual performance and organizational commitment are the model's outcomes. These variables, on the other hand, do not represent the Islamic viewpoint as a whole. As a result, this study aims to assess the role of Islamic principles in the model. The study employs reliability and validity tests to get reliable and valid measures. The findings revealed that the evaluation model is proven to improve organizational commitment at Islamic Boarding School.

Keywords: Islamic leadership, Islamic spiritual intelligence, Islamic work ethic, organizational commitment, Islamic boarding school

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Authors: P. Nafisi Poor, P. Javid

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Religion and divinity have always held important meaning to humans, and therefore it affects different aspects of life including art and architecture. Numerous works of art are related to religion whether supporting or denying it. Religion and religious scholars have influenced and changed art throughout history. This paper focuses on Islam and Christianity because these two religions have been the most discussed and most popular of all time, starting from the birth of Jesus to the arrival of Mohammad. Based on this popularity, these religions have influenced the arts and especially architecture. Islam on one hand changed Iranian and Arabian architecture and they applied it in different places around the world. From the appearance of Islam at 622 AD to this day, Islamic architecture has been evolving; however, one of the most important periods for this style was between 1501 AD and 1736 AD in Iran. Christianity, on the other hand, changed European architecture especially between 1150 AD and 1450 AD or the so-called "Gothic" era, which begins at medieval time and reaches its peak at International Gothic ages. At both of these periods, designing buildings based on spiritual concepts and divine statements reached its peak, and architects were considering God and religion as their center of attention. This article studies the focus on the religions of Islam and Christianity in terms of architecture and presents a general philosophy of both styles to comprehend the idea behind each one, followed by an analysis of their geometry and architectural aspects derived from the best examples, all to understand the purpose of each style and to realize, which one was more successful in reaching their purpose. Subsequently, a comprehensive review of each building is provided including 3D visualizations to help achieve the goal of the article. These studies can support diverse inquiries about both Islamic and Gothic architecture and can be used as a resource to support studies and research towards designing based on religion or for divine purposes.

Keywords: architecture, Gothic, Islamic, religion

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Authors: Nada Hamed, Mariam Aldhaheri, Sonia Abdennadher

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Islamic Finance is not a new term that emerging in the global market, but it is still under scope by many countries. Its characteristics and regulation are not widely clear and implemented. In 2015, The United Nation announced a plan about potential benefits of using Islamic Finance as a sustainable development approach. Enhancing its application in financial markets could protect from unexpected crisis that might be created from the traditional tools of finance. This paper focuses on this area to test if Islamic finance could be used for maintaining sustainable development and if the term of 'Green Islamic Finance' could be implemented to minimize the deficiencies and 'pollution’ generated from traditional techniques and tools of finance. This paper intends to measure the impact on financial performance and sustainability when financial institutions use Islamic finance or better practice it. The objective of this explanatory research is to measure the performance of Islamic Finance with using a case study of an Islamic bank. The paper would analyze and compare the behavior of financial institutions that used traditional financing tools and converted to Islamic banking system. The methodology used is based on a case study of an Islamic bank in Dubai with comparing its performance before implementing Islamic Finance and after. The selected case study represents the first national bank in Emirates Arab Unis who adopt the Islamic finance approach. Based on a time series analysis, a quantitative analysis would be also used through looking at various set of ratios that are routinely used to measure bank performance.

Keywords: Islamic finance, financial stability, green finance, Islamic finance practices, financial ratios

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Authors: Muhammad Taimoor Hassan, Kausar Abbas

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The Islamic Banking Services is one of the growing businesses in financial sector around the globe with 15 to 18 percent growth all over the world and 10-12 percent growth rate in Pakistan. This research study is aimed at measuring the impact of religiosity on the customer loyalty of Islamic Banking in Pakistan. The study has utilized cause and effect research design to assess the impact of religiosity on Islamic Banking. Data from 350 respondents have been collected to meet the purpose of the study. The results revealed that the religiosity has a significant impact on the customer loyalty of Islamic Banking through the customer attitude and customer trust on the sequential model. The results suggest that the religiosity, customer attitude, and customer trust are the interconnected variables which lead to customer loyalty in Islamic Banking of Pakistan. The study is useful in the setting of Pakistan to further increase the customer loyalty for Islamic Banks.

Keywords: Islamic banks, customer loyalty, attitude, Pakistan

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Authors: Sulihantoro, Muhamad Irga Fahreza

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Age of onset of the crisis makes more advanced understanding of the values of Islam that has been etched in architectural design. The majority Muslim mosque architecture designing buildings when they designed the architecture of Islam has always stuck in a cultural symbol, the shape of the facade, carving calligraphy, and all things that are closely related to the culture of the Middle East. As well as the interpretation of symbols, by designing a dome in every mosque, calligraphy carvings inside the mosque, and the other elements in the building which is interpreted by middle eastern culture. So here we have a problem understanding the meaning of Islam with kaf fah (overall), which appears distorted understanding to distinguish between cultural values and theological in design. This paper will try to evaluate the design of a contemporary mosque in Indonesia, with a case study in Masjid Kauman Yogyakarta Indonesia. building characteristics focused on the function of the building, history, aesthetics, comfort, and safety. The results of this study should be found on the evaluation of the integrated design of contemporary mosques are based on a study of the Quran and Hadith.

Keywords: characteristics, Islamic concept, culture, Kauman Mosque

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Authors: Ahmed S. Attia

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This paper includes a study of modern sustainable architectural techniques and elements that are originally found in vernacular and traditional architecture, particularly in the Arab region. Courtyards, Wind Catchers, and Mashrabiya, for example, are elements that have been developed in contemporary architecture using modern technology to create sustainable architecture designs. An analytical study of the topic will deal with some examples of the Islamic House in Fatimid Cairo city in Egypt, analyzing its elements and their relationship to the environment, in addition to the examples in southern Egypt (Nubba) of sustainable architecture systems, and traditional houses in Sana'a city, Yemen, using earth resources of mud bricks and other construction materials. In conclusion, a comparative study between traditional and contemporary techniques will be conducted to confirm that it is possible to achieve sustainable architecture through the use of low-technology in buildings in Arab regions.

Keywords: Islamic context, cultural environment, natural environment, Islamic house, low-technology, mud brick, vernacular and traditional architecture

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Authors: Ihjaz Zubair Pallakkan Tharammal, Lakshmi S. R.

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Storytelling has been an important part of human life over the course of history. It allows corporations to unlearn, examine and relearn. There are unique mediums of storytelling which can be used in an individual's normal life. For instance, the mind is shared through oral stories, comics, music, art, shape, etc. The research dreams of studying and looking at the ability of museums and the importance of incorporating architectural narratives in museums, mainly in 21st-century India. The research is also an exploratory and comparative assessment of narrative elements like semiotics, symbolism, spatial form, etc., and in the long run, derives strategies to format regions that communicate to the users.

Keywords: museum, architectural narrative, narratology, spatial storytelling

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Authors: Umar Sheikh Tahir

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Before al-Ghazālī, Islamic scholars perceived logic as an intrusive knowledge. The knowledge therefore, did not receive ample attention among scholars on how it should be adapted into Islamic sciences. General scholarship in that period rejects logic as an instrumental knowledge. This attitude became unquestionable to the scholars from different perspectives with diversification of suggestions in the pre-al-Ghazālī’s period. However, al-Ghazālī proclaimed with new perspective that transform Logic from ‘intrusive knowledge’ to a useful tool for Islamic sciences. This study explores the contributions of al-Ghazālī to epistemology regarding the use and the relevance of Logic. The study applies qualitative research methodology dealing strictly with secondary data from medieval age and contemporary sources. The study concludes that al-Ghazālī’s contributions which supported the transformation of Logic to useful tool in the Muslim world were drawn from his experience within Islamic tradition. He succeeded in reconciling Islamic tradition with the wisdom of Greek sciences.

Keywords: Al-Ghazālī, classical logic, epistemology, Islamdom and Islamic sciences

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Authors: Muhammad Ali Khan

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Although most Muslims are aware that Riba is a great sin in Islamic Shariah, they still do not find themselves inclined toward Islamic banking for their financial needs/activities/requirements. The main purpose of this research work is to analyse the general trend of people's views and miss conceptions among them regarding Islamic Banking and therefore suggest promoting Islamic banking. Scholars believe that Islamic finance is more stable than conventional banking because of the nature of its banking practices, which are based on real assets or partnerships. This is why Islamic banking is growing fastly worldwide, particularly in the wake of global financial crisis. Even though the scope of Islamic banking is expanding on a daily basis yet, it is not gaining the popularity it deserves. Islam declares war against Allah and his last messenger Hazrat Muhammad (PBUM) as it is a great sin and strictly forbids all interest-based transactions. Holy Quran revealed, O you who believe, do not eat up the amounts acquired through Riba (interest), doubled and multiplied. Fear Allah, so that you may be successful. Therefore a, true Muslim who believe in Judgement day always make all efforts in their life to avoid gambling and other speculative activities like Riba for themselves and their loved ones. If a Muslim does not fight against Riba to protect himself and his family, then his faith is meaningless. Allah issues warnings at numerous places in the holy Quran regarding Riba and its sin. Thus, Islamic banking is an alternative banking system where banking transactions are based on Islamic principles. The major component of Islamic Banking is Profit and loss sharing (PLS), as well as ensuring economic justice and equity.

Keywords: Islamic banking, Riba, interest, financial crises

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Authors: Rahmoune Abdelhaq

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Systemic Islamic banking has been in practice for long but started receiving due attention and high popularity since last decade. It has received a warm welcome from all over the world and these banks operating on Islamic principles have been able to get a sizeable business not only in Islamic countries but in non-Islamic countries too. Despite exemplary advancements and achievements, there remains number of controversies over various underlying concepts and practices. This paper basically explores and highlights all those controversies and challenges which are in minds of different school of thoughts and are needed to be addressed and overcome if Islamic banking continues flourishing the way it is at present. The authors have also tried to suggest suitable remedies to overcome these challenges where appropriate. As well, This paper makes an attempt to review major principles surrounding the working of Islamic banking and its historical growth. A brief overview of main differences between the Islamic banking and the conventional banking. In addition, references are particularly made to implications arising from the emergence of e-commerce and the realities that the Islamic Shari’ah law has to consider in adopting the new phenomenon into its banking system. This paper shows, whilst the conventional banking and financial system is based on the principle of rationality and interest, the Islamic financial system is based on morality and social justice which prohibits interest as a means of speculation and injustice. The concepts of e-business such as e-commerce and e-banking are acceptable in Islam as since in Islam anything is halal unless prohibited by Shari’ah, dealing with business by internet is considered as Shari’ah compliant. This paper, therefore, provides the latest thinking of e-business from an Islamic viewpoint, thus creating a reference point and valued information for a future research.

Keywords: Islamic Finance, principles of Islamic banking, Islamic commerce, Shari’ah compliant

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Authors: Md. Abdul Kader, Md. Akiz Uddin

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The Islamic banking system is based on the Islamic shariah principles. Islamic banking is set up to avoid riba (interest)--which is prohibited in Islam-- and to prevent unscrupulous practices and participate actively in achieving the welfare-oriented Islamic economy. In the process of offering Islamic banking services, practitioners have been facing several challenges. Out of many challenges, this paper particularly highlights the need for a centralized legal framework for Islamic banks that should be compliant with the shariah law. The researchers employed a qualitative method to collect case studies from high-profile Islamic Bankers and analyzed respective legal documents and policy papers to conduct the study. This study investigates the Shariah Governance Framework (SGF), amended Banking Companies Act, 1991 (Act No. 14 of 1991), and the Shariah Supervisory Board (SSB) of Islamic banks in Bangladesh to evaluate how legal framework supervise and/or monitor Islamic banking system under the jurisdiction of shariah law. The study reveals that the Shariah governance system in Bangladesh is mainly voluntary rather than regulatory, and there is an absence of full-fledged SGF. Though there is no complete Islamic Banking Act for controlling, guiding, and supervising the Islamic banks in Bangladesh, some Islamic banking provisions have already been incorporated in the amended Banking Companies Act, 1991 (Act No. 14 of 1991). Bangladesh Bank did not set up any separate Department at its Head Office to control, guide and supervise the operation of the Islamic banks. So, ensuring the implementation of Shariah principles concurrent with the legal framework of banking policies is recommended in this study. This study also prescribes that the government should enact a law or policy for the operations of Islamic banks in order to improve the Islamic Banking system of Bangladesh. In addition, the central bank can set up a Central Shariah Supervisory Board (CSSB) or authorize the existing Central Shariah Board for Islamic Banks of Bangladesh (CSBIB) to supervise and monitor overall activities of Islamic banks and resolve the disputes among the stakeholders concerning the Shariah issues of Islamic banks.

Keywords: islamic banking, shariah law, banking policies, shariah governance framework (SGF)

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Authors: Maulana Ayoub Ali

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Malayan Pilgrims Savings Corporation was introduced in 1963. Six years later, Malaysian Pilgrims Fund Board (Tabung Haji) was formed. The board used to collect funds from pilgrims who expected to perform pilgrimage in the future dates. Money was collected and kept as per given rules and procedures emanated from Islamic sources of law. Twenty years later, the country was ready to run a fully fledged Islamic bank where the Bank Islam Malaysia Berhad (BIMB) came into existence in the year 1983. This paper investigates stages of development of Islamic banking system in Malaysia from 1983 to date. This study discovered that Malaysia had enough time to make Islamic banking system works alongside conventional banking system and for sure, has successfully managed to come up with the comprehensive and workable financial system which accommodates both the conventional and Islamic banking. As a result, Malaysia stands to be the hub of Islamic banking products and services in the world today.

Keywords: Tabung Haji, Islamic Banks, conventional law, Malaysia

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Authors: Ahmed Sameer El Khatib

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The aim of the present paper is to examine the revenue efficiency of the Indonesian Islamic banking sector. The study also seeks to investigate the potential internal (bank specific) and external (macroeconomic) determinants that influence the revenue efficiency of Indonesian domestic Islamic banks. We employ the whole gamut of domestic and foreign Islamic banks operating in the Indonesian Islamic banking sector during the period of 2009 to 2018. The level of revenue efficiency is computed by using the Data Envelopment Analysis (DEA) method. Furthermore, we employ a panel regression analysis framework based on the Ordinary Least Square (OLS) method to examine the potential determinants of revenue efficiency. The results indicate that the level of revenue efficiency of Indonesian domestic Islamic banks is lower compared to their foreign Islamic bank counterparts. We find that bank market power, liquidity, and management quality significantly influence the improvement in revenue efficiency of the Indonesian domestic Islamic banks during the period under study. By calculating these efficiency concepts, we can observe the efficiency levels of the domestic and foreign Islamic banks. In addition, by comparing both cost and profit efficiency, we can identify the influence of the revenue efficiency on the banks’ profitability.

Keywords: Islamic Finance, Islamic Banks, Revenue Efficiency, Data Envelopment Analysis

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Authors: Muhammad A. Ishaq, S. U. R. Aliyu

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This paper on an exposition of Islamic fiscal policy attempts to discuss the basic principles of Islamic fiscal policy in an Islamic economy. The paper presents a number of definitions of the subject matter, its nature and its tools of application. Government spending, taxation and public borrowings were identified as the tools of the policy. The paper identifies zakat both as a veritable source of revenue and a major instrument of economic stabilization. Furthermore, the paper presents an algebraic 2-sector and 3-sector models from the basic Keynesian model. The paper posits that in view of uniqueness of its instruments, absence of interest rate in the economy and the policy’s derive towards socioeconomic justice and redistribution, Islamic fiscal policy is capable of stabilizing Islamic economy and ushering it into the path of long term economic growth and prosperity.

Keywords: automatic built-in-stabilizers, government spending, Islamic fiscal policy, taxation, zakat

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Authors: Amer Alzaidi

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Islamic banking is an alternative solution to those people who are worried about Riba (interest) in all forms of transaction while using banking services and products. Today, banks around the world have Islamic banking services and products the in one form or another. The use of Islamic banking is not only restricted to Muslims world but have reached to non-Muslim countries like UK, USA, Australia and Canada as well. Compared to conventional banking, the adoption rate of Islamic banking is low because of unawareness of customers, financial cost, and performance issues. The interest in Islamic banking by financial institutions as well as low adoption rate motivated us to look this matter into detail in order to identify Critical Success Factors, which are positively motivating customers to use Islamic banking services/ products and Critical Risk Factors, which have significantly negative effect on the adoption of Islamic banking. The CSFs and CRFs will be initially identified from the literature using methodology called Systematic Literature Review, followed by the empirical analysis of these factors using survey research method. Later, we will develop Islamic Banking Adoption Model (IBAM) to help banks to assess their Islamic banking strategic positioning and to improve their operational efficiency. The first potential contribution of this research study will be the development of IBAM protocol that will provide us guidelines for conducting our actual SLR. The second major contribution of this research will be the development of Islamic Banking Adoption Model (IBAM), and the third contribution of this research study will be the evaluation of the developed IBMA.

Keywords: Islamic banking, adoption model, protocol, technology

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Authors: Tahira Imtiaz, Karim Ullah

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This paper aims to incorporate the banks employees’ perspective on acceptability of Islamic banking by the customers of Peshawar. A qualitative approach is adopted for which six in-depth interviews with employees of Islamic banks are conducted. The employees were asked to share their experience regarding customers’ acceptance attitude towards acceptability of Islamic banking. Collected data was analyzed through thematic analysis technique and its synthesis with the current literature. Through data analysis a theoretical framework is developed, which highlights the factors which drive customers towards Islamic banking, as witnessed by the employees. The practical implication of analyzed data evident that a new model could be developed on the basis of four determinants of human preference namely: inner satisfaction, time, faith and market forces.

Keywords: customers’ attraction, employees’ perspective, Islamic banking, Riba

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Authors: Riaz Dhai

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The inherent differences between Islamic and conventional finance have given rise to a debate on whether conventional accounting standards provide sufficient disclosure in the annual financial statements of Islamic financial institutions (IFI). This issue has become more pronounced due to the rapid growth of IFIs over the last decade. This paper seeks to collate the literature surrounding this debate as well as summarise the key macro and micro level financial reporting differences between conventional and Islamic accounting. Based on these findings we propose some important areas of future research in this emerging field.

Keywords: Islamic financial institutions, financial reporting, critical analysis, conventional accounting standards

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Authors: Sharafat Karimi, Jamil Jafari

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The impact of Western Literature on other nations' pieces of literature (including Arabic) has caused critics to ignore the importance of Arabic cultural & literary heritage in the formation of contemporary Arabic fiction; but on the contrary, an important part of literary genres in any society, especially fiction has been formed in the past and depends on ancient literary events. The current paper, utilizing the descriptive-analytical method and by means of library studies, tries to challenge those critics who regard Western Literature as the only effective factor on the appearance of Arabic fiction. Furthermore, this research tries to find out effective Islamic-Arabic elements on the development of Arabic novel by the investigation of some fictional works. The results show that in addition to regarding Western literature as an important factor, Arab novelists have applied their heritage, culture, and ancient history, either written or orally transmitted to the current generation, in their innovations. Among great historical works containing moral stories, allegorical legends, myths, tales of heroes, and folklore, we can refer to Arabian Nights, Kalila & Dimna, romantic stories, historical puzzles, history of Islam, history of ancient Egypt, Maqama, and Quranic stories. Famous novels like 'Hadith Isa ibn-Hisham', 'Layali Alif Layla', 'Abas al-Aqdar', 'Radoubis', 'Ahlam Shahrzad, and 'Alam Bela Kharaet' were compiled on the basis of ancient literary heritage not only in the theme but also in the structure; so one can conclude that the ancient literary-cultural heritage and Islamic-Arabian history have been influential on Arabic novel appearance and development.

Keywords: Arabic fictional literature, culture, heritage, history, language, novel

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Authors: Mouldi Djelassi, Jamel Boukhatem

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Background: A relation has been established between Islamic banks' activities and interest rates. The aim of this study was to explore the impact of interest rates on the deposits and loans held by Islamic and conventional banks in Saudi Arabia. Methods: A time series data was performed over the period 2008Q1-2020Q2 on eight conventional banks and four Islamic banks. The impacts of interest rate shocks on deposits and loans were identified through panel vector autoregressive models. Results: Impulse response function analysis showed that increasing interest rates reduce loans and conventional deposits. For Islamic banks, deposits are more affected by interest rates than lending. Variance decomposition analysis revealed that deposits contribute to 61% of the Islamic financing variation and only 25% of the conventional loans. Conclusion: Interest rates impacted Islamic banks especially through deposits, which is inconsistent with the theoretical framework. Islamic deposits played an important role in Islamic financing variation and may provide to be a channel for the transmission of the monetary policy in a dual banking system. Monetary policy in Saudi Arabia works in part through “credits” (conventional bank credits) as well as through “money” (conventional and Islamic bank deposits).

Keywords: Islamic banking, interest rates, monetary policy transmission, panel VAR

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Authors: Irena Paramita Pramono

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Islamic bank is a financial industry with huge potential to grow in Indonesia. Profit-sharing agreement in the operations of Islamic banks distinguishes Islamic banks with conventional banks. Profit-sharing agreement allows sharing of benefits and risks between shahibul maal and mudharib in islamic bank. This study aimed to observe the patterns of influence between the risk-sharing agreement, financing risk and Profitability in Islamic banks. This research used several Islamic banks as sample and path analysis method. The empirical results of this research shows that the profit-sharing agreement in deposits structure has no direct significant effect to ROA, but it has indirect effect to ROA through profit-sharing financing. On the other hand, profit-sharing financing has direct and indirect influence to ROA through financing risk. This research shows that profit-sharing financing has a positive significant effect to the financing risk and also to the ROA. The research recommends Islamic banks to continue using and developing profit-sharing agreement in its operational activities, hence to create value.

Keywords: Islamic bank, profit-loss sharing agreement, financing risk, profitability

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Authors: Mehmet Sener, Emre Kishali

Abstract:

The establishment of republic brought radical changes related to the modernization of life in early republican Turkey considering the revolutions in socio-economical, cultural and political aspects. These changes also had many influences on the formation of city planning and architectural medium that the arrangements related with health facility production had an important place amongst them. While the health services were witnessing great transformations with all its sides, socio-cultural and architectural framework of these facilities necessitated the adaption of new conceptual approaches which led to the construction new hospital buildings by the republican state with a name ‘Sample Hospital’. In this period, the state constructed sample hospitals in some cities (Adana, Ankara, Erzurum, İstanbul, Konya, Sivas and Trabzon) for the aim of being a good example for further hospitals sheltering all the characteristics of a contemporary health complex for that day. In this study, these six hospitals will firstly be elucidated considering their historical evaluations and current situations. Then, being one of the most significant modern heritages of republican history, the ways to provide the interrelationship of these complexes with the rapidly evolving current world will be discussed by proposing solutions or approaches coming from the fields of city planning, architectural preservation, engineering and architectural history together with an awareness of the socio-economic conditions, health services and architectural medium of Turkey. These hospitals are complexes composed of building ensembles which have functional relationships with each other. So, some strategies will be proposed for the preservation, renovation, and refurbishment of these complexes with an awareness of the possibility of the conflict between conservation practices and today’s health facility standards. Accordingly, the addition or removal of some elements in the complex or the suggestion of some architectural changes for the modernization of these health facilities will be investigated considering the requirements of the contemporary architectural design of health facilities. Since these hospitals are highly complex structures and have vastly changing design and construction standards, they cannot be used without adopting necessary architectural and technological interventions. So, the adaptive re-use of these buildings instead of demolition or the preservation of their overall characteristics becomes inevitable for the sustaining of these health facility heritages in Turkey. In this context, a multidisciplinary analysis will be made in this study on ‘Sample Hospital’ concept and buildings existing in Turkish modern architectural history within the framework of the adaptive reuse of these health complexes.

Keywords: adaptive re-use, conservation, early republican Turkey, sample hospital

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Authors: Imam Uddin, Imtiaz Ahmed Memon

Abstract:

This paper analyzes the ideological contextuality of market oriented strategy language used by Industry leaders to envision the future of Islamic financial Institutions (IFIs) in the light of Wittgenstein language-games and Foucault’s power-discourse framework. The analysis infers that the explicit market orientation of strategy language and modern knowledge of finance now defines various concepts related of Islamic finance, let alone Islamic finance theory itself. Theorizing and practicing Islamic finance therefore under the dominant influence of modern strategy discourse and modern knowledge of finance has significant implications for developing an ethical and spiritual orientation of Islamic banks. The concerned academia and scholarship therefore need to review such trends and work around the possible degradation to the public image of IFIs and resulting disappointments of religiously inspired customers.

Keywords: Islamic finance discourse, strategy discourse, language games, strategic intent, productive misunderstanding

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