Institutional Islamic Economics and Finance

Shafiq, Ahsan

doi:10.4324/9781003227649

Cited by 2 publications

(1 citation statement)

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“…It is the technological leveraging and fintech applications that have the potential to amplify the universally appealing nature of IoK as the natural model to reform and renew economic and financial practices. In this case, the third sector, or waqf sector of IE, has only a chance to unleash the potential within such a reformed IF development in view of Cizakca (2000), Kahf (2022) and Shafiq (2022). Hence, the sound foundations and this research's IoK methodological approach are genuine and reliable to redirect IE development along SDGs and other global agendas.…”

Section: Literature Reviewmentioning

confidence: 98%

Bridging Islamic and Conventional Finance through Integration of Knowledge (IoK): The Potential of the Third Sector

Omercic¹

2023

IJIEF

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Finance is integral to civilizational prosperity yet has impacted the global development of recent centuries, proved inherently inconsistent, and created multiple issues, i.e., inequalities. In this regard, Islamic finance (IF) offers solutions. Moreover, contemporary appraisals of the Integration of Knowledge (IoK) methodology represent a novel alternative to extant challenges and issues. The paper’s objectives are, therefore, to propose an IoK model of Islamic and conventional financial (CF) convergence with leverage to fintech and demonstrate the potential of the waqf sector for such convergence and its equivalent revival and reform along such methodological contours. This paper is a methodological contribution. However, library research, critical content analysis, and heterodox methods of concretization, synthesis, and transdisciplinary analytical reasoning substantiate the paper’s methodology. Islamic sources of knowledge, i.e., Qur’an, justify this study’s unorthodox methodology. A background depicts the CF problems and persistent issues that justify alternatives. It is followed by rationalizing IE development via IoK to converge IF and CF. The IoK model developed for IE development follows and is schematically demonstrated as novel findings of this paper to bridge the gap between IF and CF and leverage waqfs’ role and potential. Greater reference to waqf projects institutionalized implications for IF and integration with CF. Further, leveraging waqf and even fintech as an indicator of digitalization within the IoK model has implications for attaining the defined maqāṣid and developing IE genuinely. A conclusion summarizes and provides actionable recommendations linked with the IoK model’s objectives to reform extant IF and conventional practice based on sound Islamic philosophical foundations and maqāṣid-oriented envisioning of IE development.

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Section: Literature Reviewmentioning

confidence: 98%

Bridging Islamic and Conventional Finance through Integration of Knowledge (IoK): The Potential of the Third Sector

Omercic¹

2023

IJIEF

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Fintech innovations and Islamic banking performance: Post-pandemic challenges and opportunities

Aziz Abdul Rahman,

Ur Rahiman,

Meero

et al. 2023

Banks and Bank Systems

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This study explores the pivotal role of financial technology (FinTech) in the performance of Islamic banks and financial institutions, considering both challenges and opportunities encountered during the pandemic-induced market disruptions. Amid lockdowns and economic uncertainties, the study delves into the strategies adopted by several countries, with a particular emphasis on Gulf Cooperation Council (GCC) countries, along with Jordan, Indonesia, Malaysia, and Pakistan, underscoring the importance of technological innovation in fostering a dynamic Islamic finance sector. Utilizing a data analysis approach, the study assesses the impact of heightened digitalization and the integration of FinTech on the resilience of the Islamic finance industry within an inherently volatile environment, marked by challenges during pre and post pandemics. The findings reveal that the adoption of FinTech fortifies the industry’s resilience and unveils novel growth prospects. However, the study also identifies potential avenues for expansion, particularly in Sukuk issuance, through the implementation of regulatory guidelines and faster adoption. The research underscores the transformative influence of financial technology reforms on the growth trajectory of Islamic banks. In light of the superior performance of Islamic banking in selected domains, this study advocates for a paradigm shift within the industry, encouraging the robust development of FinTech solutions to enhance its global market presence. AcknowledgmentThe authors would like to acknowledge that this research work was partially financed by Kingdom University, Bahrain from the research grant number: 2023 - 10 - 012.

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Institutional Islamic Economics and Finance

Cited by 2 publications

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Bridging Islamic and Conventional Finance through Integration of Knowledge (IoK): The Potential of the Third Sector

Bridging Islamic and Conventional Finance through Integration of Knowledge (IoK): The Potential of the Third Sector

Fintech innovations and Islamic banking performance: Post-pandemic challenges and opportunities

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