Islamic Banking and Finance: Social Failure

Asutay, Mehmet

doi:10.2139/ssrn.1735674

Cited by 36 publications

(36 citation statements)

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“…The narrow framework of Zakat distribution and other non-systemic philanthropic activities is dominant among IFIs, rather than any significant capacity-building efforts in communities (Asutay, 2008). However, we do not subscribe to these views, particularly on the proven impacts of direct cash transfers in the development literature, built on the "realisation that you cannot pull yourself up by your bootstraps if you have no boots" (Hanlon et al, 2010).…”

Section: )mentioning

confidence: 92%

Corporate Social Responsibility and Islamic Financial Institutions (IFIs): Management Perceptions from IFIs in Bahrain

Aribi

Arun

2014

J Bus Ethics

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Islamic finance is gaining greater attention in the finance industry, and this paper analyses how Islamic Financial Institutions (IFIs) are responding to the welfare needs of society.Using interview data with managers and content analysis of the disclosures, this study attempts to understand management perceptions of Corporate Social Responsibility (CSR) in IFIs. A thorough understanding of CSR by managers, as evident in the interviews, has not been translated fully into practice. The partial use of IFIs' potential role in social welfare would add further challenges in the era of financialisation.

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Section: )mentioning

confidence: 92%

Corporate Social Responsibility and Islamic Financial Institutions (IFIs): Management Perceptions from IFIs in Bahrain

Aribi

Arun

2014

J Bus Ethics

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“…Mehmet Asutay (, 43) criticizes Islamic banks because they prioritize their involvement with markets over services to communities. He argues that they have failed to provide socio‐economic developments for the large part of Muslims (Asutay ). Furthermore, Mahmoud Amin El‐Gamal () notes the failure of Islamic finance to serve the objectives of shari᾽a.…”

Section: Commitments To Ethicsmentioning

confidence: 99%

How Ethical is Islamic Banking in the Light of the Objectives of Islamic Law?

Mansour¹,

Jedidia²,

Majdoub³

2015

Journal of Religious Ethics

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Islamic banking is based on moral foundations that make it distinct from conventional banking. Some argue that because of its foundation in Islam, Islamic banking may represent a more morally appealing alternative. Yet, evidence shows that this is not the case. Indeed, the current practice of Islamic banking has not been able to achieve its goals which are based on Islam's moral values: to enhance justice, equitability, and social well‐being. This essay examines the extent to which Islamic banking is ethical and concludes that the practice of the industry does not seem to be de facto ethical from the Islamic perspective of ethical values. It only consists in trading the same instruments of conventional banks without genuinely enforcing Islam's ethical vision. The practice of Islamic banking misrepresents Islam and does not contribute to solving social problems. The interaction between maqasid al‐shari᾽a (objectives of Islamic law) and qiyās (deductive analogy) provides a supplementary tool for interpreting the failure of the prior in terms of the practical misuse of the latter by Islamic banks. This essay provides an interpretive approach to the current debate about why Islamic banking has failed and suggests ways to move cautiously in the future.

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“…This provides hope to the global Muslim community to see a more promising rather than a failure of Islamic banking and finance in its socioeconomic obligations such as highlighted by Asutay (2008). Second is to ensure that Islamic banking and financial system works in an economy, educating both the public as potential customers as well as the people within the banking system that moving forward is crucial.…”

Section: Journal Of Public Administration and Governancementioning

confidence: 99%

Measuring the Performance of Jordanian Islamic Banks

Qasim¹,

Mohamad²,

Ibrahim

2017

jpag

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The banking sector is believed to be one of the driving forces of economic growth of many countries. Muslim jurists have realized the need to get the benefit of banking activities that adopts a lawful way with Islamic rule. Jordanian Islamic banks suffer from measure the financial performance using effective measurement tool based on various indicators. The main aim of this research is to analysis and ranks the performance levels of the Jordanian Islamic banks using suitable measurement methods. This study utilizes secondary data to measures the performance of three Jordanian Islamic banks (JIBFI, IIAB, and JDIB) over the period 2010-2013 by integrated tools; FRA, DEA, and MI. The significant results indicate that JDIB recorded the best performance rank based the three measurements tools, followed IIAB, and lowest rank is JIBFI. The contribution of this study is performance measurements of Jordanian Islamic banks based on the combination of FRA, DEA, and MI rather than ISSN 2161-7104 2017 utilize one measurement tool. Journal of Public Administration and Governance

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Islamic Banking and Finance: Social Failure

Cited by 36 publications

References 0 publications

Corporate Social Responsibility and Islamic Financial Institutions (IFIs): Management Perceptions from IFIs in Bahrain

Corporate Social Responsibility and Islamic Financial Institutions (IFIs): Management Perceptions from IFIs in Bahrain

How Ethical is Islamic Banking in the Light of the Objectives of Islamic Law?

Measuring the Performance of Jordanian Islamic Banks

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