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Developments in Islamic Finance Literature: Evidence from Specialized Journals التطورات في أدبيات التمويل الإسلامي: أدلة من دوريات متخصصة

Author

Listed:
  • Muhammad Hanif

    (Associate Professor, College of Business Administration, Ajman University, UAE)

  • Kiran Zafar

    (Teaching Assistant, College of Business Administration, Ajman University, UAE)

Abstract

This study documents the literary developments and classifies the literature in the area of Islamic Financial Services Industry (IFSI). Our findings are based on articles published in selected Islamic finance specialized journals for six years (2012-2017). Classification is based on multiple factors including subject/specialization areas, country of origin and publications, research methodology, and yearly progress in investigations. Findings suggest that the majority of publications are in the area of general Islamic finance and follow qualitative research methodology. Malaysia and Pakistan were found to be the most significant contributors to the literature. Although the results of empirical studies are mixed, however, the majority favor resilience of IFSI to the global financial crisis (GFC). The potential role of IFSI in poverty alleviation and corporate social responsibility (CSR) has also been highlighted. Demand for IFSI with quality services exists. The literature highlights the lack of Islamic financial literacy and skepticism about Shariah compliance in practice. Need for regulatory framework and application of Islamic accounting is documented. Future research needs to focus on an objective assessment of IFSI in the light of Islamic finance objectives. Also, further investigations are needed to highlight the social role of IFSI – with a focus on CSR, zakah, waqf and microfinance. Additionally, certain specialized areas including accounting, management, and corporate governance need more attention in future researches. توثق هذه الدراسة التطورات الأدبية وتصنفها في مجال صناعة الخدمات المالية الإسلامية. تستند نتائج الدراسة إلى مقالات منشورة في دوريات مختارة متخصصة في التمويل الإسلامي على مدى 6 سنوات (2012-2017م). يعتمد التصنيف على عوامل متعددة بما في ذلك مجالات التخصص، وبلد المنشأ، والنشر العلمي، ومنهجية البحث، والتقدم السنوي في دراسات التمويل الإسلامي. وتشير النتائج إلى أن معظم الدراسات المنشورة هي في الحقل العام للتمويل الإسلامي والتي تتبع منهجية البحوث النوعية. وقد أتت ماليزيا وباكستان في مقدمة الدول التي ساهمت في أدبيات التمويل الإسلامي. وعلى الرغم من أن نتائج الدراسات التجريبية مختلطة، إلا أن غالبيتها ترى أن الخدمات المالية الإسلامية أكثر مرونة في مواجهة الأزمة المالية العالمية. كما تم أيضا إبراز الدور المحتمل لمؤسسات الخدمات المالية الإسلامية في تخفيف وطأة الفقر والمسؤولية الاجتماعية للشركات. وقد بينت الدراسة أن هناك طلب على جودة الخدمات المقدمة من مؤسسات الخدمات المالية الإسلامية. كما سلطت الأدبيات الضوء على الافتقار إلى المعرفة المالية الإسلامية والشك حول امتثال الشريعة الإسلامية في الممارسة العملية. أوضحت الدراسة الحاجة إلى ضرورة توثيق الإطار التنظيمي والتطبيقي لمعايير المحاسبة الإسلامية. ويحتاج البحث المستقبلي إلى التركيز على تقييم موضوعي لمؤسسات الخدمات المالية الإسلامية في ضوء أهداف التمويل الإسلامي. كما أن هناك حاجة أيضًا إلى مزيد من الأبحاث لتسليط الضوء على الدور الاجتماعي لمؤسسات الخدمات المالية الإسلامية مع التركيز على المسؤولية الاجتماعية للشركات، ودور الزكاة والأوقاف والتمويل الأصغر. بالإضافة إلى ذلك، هناك حاجة لمزيد من الأبحاث المستقبلية في بعض المجالات المتخصصة بما في ذلك المحاسبة والإدارة وحوكمة الشركات.

Suggested Citation

  • Muhammad Hanif & Kiran Zafar, 2020. "Developments in Islamic Finance Literature: Evidence from Specialized Journals التطورات في أدبيات التمويل الإسلامي: أدلة من دوريات متخصصة," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 33(2), pages 3-23, July.
    • Handle: RePEc:abd:kauiea:v:33:y:2020:i:2:no:1:p:3-23
    DOI: 10.4197/Islec.32-2.1
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    References listed on IDEAS

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    More about this item

    Keywords

    Participative financing; Shariah compliance; Islamic finance; Profit sharing; Angel investors; Silent partnership. التمويل الإسلامي، الصيرفة الإسلامية، مراجعة الأدبيات، تصنيف الأدبيات.;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies

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