Exploring the Epistemology of Utility Function in Islamic Economics: Foundation of Islamic Finance

Khaleel, Fawad; Avdukić, Alija

doi:10.1007/978-3-030-34420-7_2

Cited by 2 publications

(3 citation statements)

References 4 publications

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“…The financial engineering and the positive reframing based on theological reasoning have been critiqued by both academics and practitioners (Asutay, 2012; El‐Gamal, 2009; Khaleel & Avdukić, 2020). Our data suggest that any financial instruments which re‐configure interest‐bearing student loans through theological framing and financial engineering as interest‐free financial instruments (similar to contracts used in Islamic banks) may also not achieve the intended purpose.…”

Section: Influence Of Social Origins and The Power Of Economic Ration...mentioning

confidence: 99%

Religion as a barrier to the use of student loans for higher education: A community‐based participatory study with Somalis living in England

Avdukić

Khaleel

Abdullah

et al. 2022

British Educational Res J

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The unwillingness of the Somali community to finance higher education has largely gone unnoticed within the academic literature and government policy documents. This study explores the role of religion and the influence of Shari'ah scholars on the use of interest-bearing student loans within the Somali community. In the absence of any theoretical framework on this topic, we explore the multiple socioeconomic factors that may influence the attitude, perception of need, motivation and action of using student loans for higher education, by proposing the UK Somali Muslims Acceptance of Interest-bearing Student Loan Model. This is also a community-based participatory study that actively involved Somali community members in exploring and interpreting the results. This was achieved through regular consultations with the sampled Somali Muslim communities within the UK. Our results contribute to the broader debate on the effect of cultural, religious and social values of marginalised communities on inclusion and widening access policies for higher education. The findings reemphasise that people sharing the same location do not necessarily share the same level of opportunities for higher education because of the intersectionality of race, religion, gender and class.

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Section: Influence Of Social Origins and The Power Of Economic Ration...mentioning

confidence: 99%

Religion as a barrier to the use of student loans for higher education: A community‐based participatory study with Somalis living in England

Avdukić

Khaleel

Abdullah

et al. 2022

British Educational Res J

Self Cite

View full text Add to dashboard Cite

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“…In his work, Gossen argued that psychological and sociological factors, including the value systems that respective customers adhered to, played a substantial role in the individual consumer's satisfaction, or utility, derived from the consumption of that good [95]. Over the decades, the concept of utility was employed in diverse fields of research, including psychology, philosophy, sociology, biology, medicine, and, of course, the social sciences including economics and management [98][99][100]. Over the years, research on utility involved quantitative methods, including statistics and econometrics [101,102].…”

Section: The Concept Of Utility: a General Insightmentioning

confidence: 99%

“…In other words, while explicit metatheoretical reflection on the concept of utility has not been of particular interest to the research community yet, implicitly, the ontological and epistemological implications thereof instigated several debates across issues and domains [98][99][100]. In this paper, without engaging in an in-depth metatheoretical explanation of the virtues and limitations of the concept of utility, we seek to employ it to frame and operationalize the variety of factors that influence walking and walkability in the smart city.…”

Section: The Concept Of Utility: New Openings and Research Imperativesmentioning

confidence: 99%

Conceptualizing Walking and Walkability in the Smart City through a Model Composite w2 Smart City Utility Index

et al. 2021

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This paper explores walking and walkability in the smart city and makes a case for their centrality in the debate on the resilience and sustainability of smart cities, as outlined in the United Nations’ (UN) Sustainable Development Goals (SDGs). It is argued that, while the human/inhabitant-centric paradigm of urban development consolidates, and research on walking, walkability, and pedestrian satisfaction flourishes, the inroads of ICT render it necessary to reflect on these issues in the conceptually- and geographically-delimited space of the smart city. More importantly, it becomes imperative to make respective findings useful and usable for policymakers. To this end, by approaching walking and walkability through the lens of utility, the objective of this paper is to develop a conceptual framework in which the relevance of walking and walkability, hereafter referred to as w2, as a distinct subject of research in the smart cities debate is validated. This framework is then employed to construct a model of a composite w2smart city utility index. With the focus on the development of the conceptual framework, in which the w2 utility index is embedded, this paper constitutes the first conceptual step of the composite index development process. The value added of this paper is three-fold: First, the relevance of walking and walkability as a distinct subject of research in the realm of smart cities research is established. Second, a mismatch between end-users’ satisfaction derived from walking and their perception of walkability and the objective factors influencing walking and walkability is identified and conceptualized by referencing the concept of utility. Third, a model smart city w2 utility index is proposed as a diagnostic and prognostic tool that, in the subsequent stages of research and implementation, will prove useful for decisionmakers and other stakeholders involved in the process of managing smart cities.

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Exploring the Epistemology of Utility Function in Islamic Economics: Foundation of Islamic Finance

Cited by 2 publications

References 4 publications

Religion as a barrier to the use of student loans for higher education: A community‐based participatory study with Somalis living in England

Religion as a barrier to the use of student loans for higher education: A community‐based participatory study with Somalis living in England

Conceptualizing Walking and Walkability in the Smart City through a Model Composite w2 Smart City Utility Index

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