Islamic Banking Institutions and their Role in Economic Development of Jordan

Soumadi, Mustafa M.; Smadi, Adnan A. Al

doi:10.26668/businessreview/2023.v8i5.1679

Cited by 4 publications

(4 citation statements)

References 1 publication

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“…The study by Soumadi & Al Smadi (2023) found that financing in Jordanian Islamic banks did not have a statistically significant impact on the gross domestic product and inflation. However, it did demonstrate a statistical influence of financing in Islamic banks on the public commercial sectors, housing, and construction.…”

Section: Literature Reviewsmentioning

confidence: 95%

The effect of Islamic development bank projects on economic growth in the Gulf Cooperation Council countries

Riache,

LOUAIL,

CHAHDI

et al. 2024

ACCESS

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Background: Islamic Development Bank in GCC countries facilitates economic growth by funding infrastructure projects, promoting Islamic finance, and fostering collaboration among member states. It supports diversification efforts, social development, and sustainable initiatives, aligning with regional priorities and Islamic finance principles for inclusive prosperity. Objectives: The study seeks to elucidate the significance of the Islamic Development Bank in fostering economic expansion in GCC countries via foreign direct investment. Methods/Approach: In this work, we employ the Panel data approach to analyze the GCC countries from 1980 to 2023. Results: We discovered a notable and meaningful correlation between foreign direct investment, the expansion of individuals, and the overall population with the economic growth of GCC countries. Additionally, we observed a detrimental effect of inflation on growth. The Islamic Development Bank's projects in the Gulf Cooperation countries are highly significant as they encourage intra-Arab investments among these nations. Initiating this study involves examining the pertinent literature on the programs of the Islamic Development Bank and their influence on the economies that receive benefits from them, either directly or indirectly. Conclusions: The findings of this study can serve as a reliable resource for decision-makers in the GCC countries to facilitate economic development through the implementation of projects by the Islamic Development Bank. Researchers and academics might derive advantages from it and regard it as a study that introduces novel perspectives to the issue being investigated.

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Section: Literature Reviewsmentioning

confidence: 95%

The effect of Islamic development bank projects on economic growth in the Gulf Cooperation Council countries

Riache,

LOUAIL,

CHAHDI

et al. 2024

ACCESS

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“…Indonesia. Pancasila is a unifying symbol for the global community to respect and respect each other on the basis of the spirit of diversity in ethnic diversity, mass organizations also have the principle of struggle as an organization that is in synergy and does not conflict with Pancasila, and makes Pancasila the principle of the organization it forms (Soumadi & Smadi, 2023). Organizations in the Islamic concept are a means of delivering messages to the people or society quickly and accurately (Ismail, 2019).…”

Section: Organization Of Community: An Epistemological Studymentioning

confidence: 99%

The Vision of Islam and Nationality of Islamic Religious Organizations in Indonesia: Study of Nahdlatul Wathan, Al-Irsyad and Al-Washliyyah

Supriyanto,

Sunaryo,

Suharti

et al. 2023

J. Professional Business Review

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Purpose: This article elaborates the Islamic vision and nationality of Islamic organizations in Indonesia, particularly Hahdhatul Wathan, Al-Irsyad and Al-Wasliyyah. Theoretical framework: In the context above, this research will be designed and carried out, namely conducting an exploration of the Islamic vision and nationality of three Islamic organizations in Indonesia, namely: al-Washliyah, al-Irsyad, and Nahdhatul Wathan. Design/methodology/approach: The research uses descriptive-qualitative methods, and is included in field research. In obtaining the data, the instruments that the researcher used were in-depth interviews, observations, and studies of related documents. Findings: From the research conducted, it can be seen that First, Nahdlatul Wathan is one of the Islamic organizations that has a very nationalist vision and perspective of nationalism. However, the nationalism (wathaniyah) of Nahdlatul Wathan does not necessarily follow the trend developed by secular Western-European countries. Research, Practical & Social implications: In many ways, Nahdlatul Wathan's national and Islamic vision is very similar to that of Nahdlatul Ulama. Both of them accepted Pancasila as the principle of organization, believed in Ahlussunnah wal Jama'ah, and highly valued Islamic culture as a link in the chain of Islamic scholarship. Originality/value: This research contributes to the development of Islamic discourse in Indonesia. The nationalism that Nahdlatul Wathan guides is Religious-Nationalism, namely nationalism that does not come out of religious principles and teachings, nationalism that is built on religious values, and nationalism that synergizes with religion because it is part of religious teachings.

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“…Currently, approximately 526 Islamic banks worldwide manage assets and consumer funds. (AME Info, 2005) The expansion of Islamic banks demonstrates their success (Soumadi & Smadi, 2023).…”

Section: Introductionmentioning

confidence: 99%

A critical overview of Islamic Performance Bonds

Amareen,

Al-Husban

2024

LJIH

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Banks might finance international trade activities, including import and export, through letters of credit and letters of guarantee (performance bonds). This contract provides a high level of safety and stability for international trade because of the banks' unwavering assurances. This research intends to determine the degree to which Islamic Shariah regulations are followed by Islamic banks' activities while outlining the challenges these institutions face while using performance bonds. This study has highlighted the performance bond issues that importers and exporters are dealing with and has proposed solutions to the issues. This research uses a qualitative and doctrinal legal approach to investigate the structure of Islamic banks in relation to Islamic economic restrictions. This study analyses the organization of Islamic banks regarding Islamic economic controls. It also examines, how far Islamic banks can benefit from the blockchain and smart contract technology to harmonize Islamic economic controls with Islamic banks' practice in such funding & guarantees instruments. Concerning the Islamic letter of credit, the findings reveal that Islamic banks face many risks resulting from the conditions and controls set by the Islamic Trade Guidelines. Therefore, Islamic banks can face more risks than conventional banks due to the nature of Islamic finance, which prohibits dealing with interest (Ribā) and conventional insurance. furthermore, the study reveals that Blockchain Technology and smart contract has a Positive Impact on Islamic banking practise.

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Islamic Banking Institutions and their Role in Economic Development of Jordan

Cited by 4 publications

References 1 publication

The effect of Islamic development bank projects on economic growth in the Gulf Cooperation Council countries

The effect of Islamic development bank projects on economic growth in the Gulf Cooperation Council countries

The Vision of Islam and Nationality of Islamic Religious Organizations in Indonesia: Study of Nahdlatul Wathan, Al-Irsyad and Al-Washliyyah

A critical overview of Islamic Performance Bonds

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