Demystifying the Theoretical Framework of Research in Islamic Finance: A Review of Literature

Authors

  • Nanik Kustiningsih Universitas Airlangga Indonesia
  • Soesilowati Soema Atmadja SITE Mahardhika, Indonesia
  • Syed Alamdar Ali Shah Universitas Airlangga

DOI:

https://doi.org/10.13135/2421-2172/3735

Keywords:

Islamic Socialism, Islamic Capitalism, Capitalism, Islamic Socialistic Capitalism

Abstract

This research takes insights into the research on Islamic finance before and after the occurrence of financial crisis to rediscover its linkages with Islamic socialism and capitalism across international boundaries to establish grounds of Islamic finance theoretical framework. It takes extensive review of literature on Islamic Socialism, Capitalism and Islamic Capitalism taking into account differences in practices of Islamic finance in Islamic and non Islamic countries. Research in Islamic finance has great linkages with Islamic socialism, Islamic capitalism and capitalism as affected by the occurrence of financial crisis during the period of research. The originality value of this research work lies in the novel selection of period of research literature, and the discovery of theoretical framework in Islamic finance research, “Islamic socialistic capitalism”.

 

Author Biography

Nanik Kustiningsih, Universitas Airlangga Indonesia

Visiting Faculty

Punjab Group of Colleges 

References

. Abbas, M., Azid, T., and HjBesar, M.H.A. (2016). Efficiency, effectiveness and performance profile of Islamic and conventional banks in Pakistan. Humanomics, 32(1), 2-18.

. Abedifar, P., Molyneux, P., & Tarazi, A. (2013). Risk in Islamic banking. Review of Finance, 17(6), 2035-2096.

. Ahmad, A.U.F., & Hassan, M.K. (2006). The adoption of the UK finance bill proposals on Islamic finance into Islamic banking in Australia. Review of Islamic Economics, 10(1), 41-57.

. Ahmed, E., Rahman, Z., & Ahmed, R. I. (2006). Comparative analysis of loan recovery among nationalized, private and islamic commercial banks of Bangladesh. BRAC University Journal, 3(1), 35.

. Ahmad, A.U.F., & Hassan, M.K. (2006). The time value of money concept in Islamic finance. American Journal of Islamic Social Sciences, 23(1), 66.

. Ahmad, A.U.F., & Ahmad, A.R. (2008). Islamic microfinance: A case study of Australia. Journal of Islamic Economics, Banking and Finance, 4(2), 59-80.

. Ali Shah, S.A., and Masood, O. (2017). Input Efficiency of Financial Services Sector: A Non-parametric analysis of Banking and Insurance Sectors of Pakistan., European Journal of Islamic Finance, 6, 1-12.

. Bellalah, M., & Ellouz, S. (2004). Islamic Finance, Interest Rates and Islamic Banking: A Survey of Literature. Finance India, 18, 533-546.

. Biancone, P. P., & Radwan, M. (2015). Sharia Compliant “Possibility for Italian SMEs”. European Journal of Islamic Finance, (1), 1-9. DOI: http://dx.doi.org/10.13135/2421-2172/908

. Biancone, P. P., & Radwan, M. (2016). European Companies: Evaluation for Shariah Compliance “Opportunities and Challenges”. European Journal of Islamic Finance, (5), 1-7. DOI: http://dx.doi.-org/10.13135/2421-2172/1803

. Biancone, P., & Secinaro, S. (2016). The equity crowdfunding italy: a model sharia compliant. European Journal of Islamic Finance, 5, 1-10.

. Biancone, P. P., & Radwan, M. (2018). Sharia-Compliant financing for public utility infrastructure. Utilities Policy, 52, 88-94.

. Biancone, P. P., & Radwan, M. (2018). Social Finance And Unconventional Financing Alternatives: An Overview. European Journal of Islamic Finance, (10).

DOI: http://dx.doi.org/10.13135/2421-2172/2818.

. Biancone, P. P., & Radwan, M. (2019). Social Finance and Financing Social Enterprises: An Islamic Finance Prospective. European Journal of Islamic Finance. DOI: http://dx.doi.org/10.13135/24212172/3176

. Block, F. Somers, M. R. (2014). The Power of Market Fundamentalism: Karl Polyani's Critique. Cambridge, MA: Harvard University Press. ISBN 978-0-674-05071-6.

. Buksh, Z. (2010). Can Islamic banking work in South Africa?.(Unpublished thesis): Accessed from: http://www.repository.up.ac.za/handle/-2263/23616.

. Burghardt, I., & Fuss, C. (2004). Islamic banking credit products in Germany and in the United Kingdom. European Business School, International University Schloss Reichartshausen, Working Paper, (12).

. Chammas, G. (2006). Islamic Finance Industry in Lebanon: Horizons, Enhancements and Projection (Doctoral dissertation, Thesis Presented To The Ecole Superieure Des Affaires, ESA Beirut. Beirut, Lebanon).

. Chaffai, M., and Hassan, M.K. (2019). Technology Gap and Managerial Efficiency: A Comparison between Islamic and Conventional Banks in MENA. Journal of Productivity Analysis, 51(1), 39-53.

. Chapra, M.U. (2017). The Looming International Financial Crisis : Can the Introduction of Risk Sharing in the Financial System as Required by Islamic Finance , Play a Positive Role in Reducing Its Severity ?. Islamic Economic Studies, 25(2),1–13. doi:10.12816/0038220.

. Chemmanur, T., Karthik K., and Debarshi N. (2011). How does venture capital financing improve efficiency in private firms? A look beneath the surface. Review of Financial Studies, 24(12), 4037-90.

. Cizakca, M. (2011). Islamic capitalism and finance. Origins, evolution and the future. Cheltenham, UK, and Northampton, MA, USA: Edward Elgar Publishing.

. De Jonge, A. (1996). Islamic law and the finance of international trade. Melbourne: Department of Banking and Finance, Monash University Working Paper.

. Elsiefy, E., (2014). Fundamental Requirements for Building an Islamic Venture Capital Model, Accounting and Finance Research, 3(1), 35-61.

. Farooq, M.O. (2005). The Riba-Interest Equation and Islam: Reexamination of the Traditional Arguments. Unpublished paper, http://globalw-ebpost.com/farooqm/writings/islamic/ribainterest.html.

. Farooq, M. O. (2007). Partnership, equity-financing and Islamic finance: whither profit-loss-sharing?. Review of Islamic Economics, 11, 67-88.

. Fetscherin, M., and Heinrich, D. (2015). Consumer brand relationships research: A bibliometric citation meta-analysis, Journal of Business Research, 68(2), 380–390. doi:10.1016/j.j-busres.2014.06.010

. Grais, W., & Pellegrini, M. (2006). Corporate governance in institutions offering Islamic financial services: issues and options (Vol. 4052). World Bank Publications.

. Grais, W. and Pellegrini, M. (2006). Corporate governance and stakeholders’ financial interests in institutions offering Islamic financial services, (Vol. 4053). World Bank Publications.

. Grais, W., and Pellegrini, M. (2006), Corporate governance and Shari’ah compliance in institutional offering Islamic financial services, (Vol. 4054) World Bank Publications.

. Hanna, S A. (1967). Al-Afghani: A Pioneer of Islamic Socialism. The Muslim World, 57(1), 24-32.

. Hassan, M.K. (2006). The X-efficiency in Islamic banks. Islamic economic studies, 13(2), 49-78.

. Hoque, M.Z., & Choudhury, M. A. (2003). Islamic Finance: A Western Perspective–Revisited. International Journal of Islamic Financial Services, 5(1). 71-107.

. Jaffe, C.A. (2002). ‘Financial Forms Tailor Products to Lure Muslims’ Boston Globe, 20 January.

. Jang, J.H. (2005). Taming Political Islamists by Islamic Capital: The Passions and the Interests in Turkish Islamic Society. The University of Texas at Austin, (Unpublished Ph.D thesis Accessed from: https://www.lib.utexas.edu/etd/d/2005/jangj05548/jangj05548.pdf.

. John Esposito, ed. (1995). Socialism and Islam. Oxford Encyclopedia of the Modern Islamic World. 4. Oxford University Press. 81–86. ISBN 0-19-506613-8.

. Kahf, M. (2004) Islamic Banks: The Rise of a New Power Alliance of Wealth and Shari'ah Scholarship. Henry, Clement and Wilson, Rodney. (eds.). The Politics of Islamic Finance, Edinburgh University Press, 17-36.

. Kotz, D.M. (2009). The financial and economic crisis of 2008: A systemic crisis of neoliberal capitalism. Review of Radical Political Economics, 41(3), 305-317.

. Kumru, C.S., and Sarntisart, S. (2016). Banking for those unwilling to bank: Implications of Islamic banking systems. Economic Modelling, 54, 1-12.

. Lewis, M.K. and Algaoud L.M. (2001). Islamic Banking, Cheltenham, UK and Northampton, Mass: Edward Elgar.

. Miah, M.D., and Uddin, H. (2017). ‘Efficiency and stability: A comparative study between Islamic and conventional banks in GCC countries’, Future Business Journal, 3(2), 172-185.

. Rammal, H.G. (2004). “Financing Through Musharaka: Principles And Application”, Business Quest, Online, available at: http://www.westga.edu-/~bquest/2004/musharaka.htm.

. Rammal, H.G. (2006). The importance of Shari'ah supervision in Islamic financial institutions. Corporate Ownership and Control, 3(3), 204-208.

. Rauf, M.U., and Malik, Q.A. (2014). Term Deposit Returns and Profitability-A Comparitive Study of Islamic and Conventional Banking Efficiency. Pakistan, Middle-East Journal of Scientific Research, 19 (3), 127-266.

. Sabahi, B. (2005). Islamic financial structures as alternatives to international loan agreements: Challenges for US financial institutions. Annual Review of Banking & Finance, 24, 487-531.

. Saeed, A. (1996). Islamic Banking and Interest: A Study of the Prohibition of Riba and Its Contemporary Interpretation. Leiden, The Netherlands: E.J.Brill.

. Samad, A., Gardner, N.D., & Cook, B.J. (2005). Islamic Banking and Finance in Theory and Practice: The Experience of Malaysia and Bahrain. The American Journal of Islamic Social Sciences, 22(2), 69-86.

. Shachmurove, Y. (2004). Economic development in the Middle East. Philadelphia, PA: Penn Institute for Economic Research, PIER Working Paper, 04-022.

. Shams, R. A. (2004), Critical Assessment of Islamic Economics, HWWA Discussion Paper No. 281. Available at SSRN: http://ssrn.com/abstract=567062 or http://dx.doi.org-/10.2139/ssrn.567062.

. Shawtari, F.A., Salem, A.M., and Bakhit, I. (2018). Decomposition of efficiency using DEA window analysis: a comparative evidence from Islamic and conventional banks, Benchmarking: An International Journal, 25(6), 1681-1705.

. Siddiqi, M.N. (2006). Islamic banking and Finance in Theory and Practice: A Survey of the State of the Art. Islamic Economic Studies, 13(2), 1-48.

. Soumaré, I., & Hassan, K. (2006). Financial Guarantee as Innovation Tool in Islamic Project Finance. Available at SSRN 890673.

. Stilwell, Frank. (2002). Political Economy: the Contest of Economic Ideas. First Edition. Oxford University Press. Melbourne, Australia.

. Susenok, P. (2004). Capital Regulation on Islamic Banking Online Accessed: from http://fis.uii.ac.id/images/al-mawarid-edisi-xi-2004-01-suseno.pdf.

. Williams, R. (1983). Capitalism. Keywords: A vocabulary of culture and society, revised edition. Oxford University Press. p. 51. ISBN 0-19-520469-7.

Downloads

Published

2019-12-27

How to Cite

Kustiningsih, N., Atmadja, S. S., & Shah, S. A. A. (2019). Demystifying the Theoretical Framework of Research in Islamic Finance: A Review of Literature. European Journal of Islamic Finance, (14). https://doi.org/10.13135/2421-2172/3735

Issue

No. 14 (2019): EJIF - European Journal of Islamic Finance, 14, 2019

Section

Peer-reviewed Articles

License

Authors keep the copyrights for their work and give the journal the work's first publication copyright, which is at the same time licensed under a Creative Commons License – Attribution, which in turn allows other parties to share the work with an acknowledgement of the work's authorship and initial publication in this journal.

Similar Articles

<< < 2 3 4 5 6 7 8 9 10 11 > >> 

You may also start an advanced similarity search for this article.