Al Qasimia University Journal of Islamic Economics
type: channel
description: Al Qasimia University Journal of Islamic Economics is an international bilingual (Arabic and English) peer-reviewed journal, published twice yearly (in June and December), by Al Qasimia University. The Journal publishes articles based on original theoretical or empirical research, book reviews and reports on conferences and seminars, concerning Islamic economics.
publisher: Al Qasimia University
language: en
publication name: Al Qasimia University Journal of Islamic Economics
issn: 2788-5542
items: Islamic Finance and Financial Inclusion in Nigeria: A Systematic Literature Review
items: Sovereign Risk and the Sukuk-Equity Trade-off in Emerging Markets: Why CDS Spikes Make Shariah Stocks a Relative Safe Haven in Indonesia
items: The Role of Balanced Scorecard in Supporting Waqf Sustainability in Educational Institutions: A Case Study of Al Qasimia University in Sharjah
items: The Nexus Between ESG Scores and Financial Performance in Islamic Banking Sector
items: Mapping the Nexus: A Bibliometric Review of Sustainable Development Goals in Finance Research
items: The Role of Water Endowment in Enhancing Sustainable Water Security
items: The Role of Awareness and Perception of Islamic Banking on Financial Inclusion in Nigeria: An Empirical Evidence
items: AI Adoption in Islamic Banking in Morocco: Challenges and Prospects
items: Integrating Zakat, Waqf, and Risk-Sharing Contracts through Fintech-Enabling Mechanisms for Sustainable Islamic Microfinance toward Financial Inclusion in Developing Economies: The Case of Palestine
items: Unethical Factors Contributing to Nigeria's Economic Underdevelopment: Analysis from an Islamic Perspective
items: Zakah on Stocks: A Comparative Analysis of Long-Term and Short-Term Investments
items: Islamic Finance in the USA - Concepts, Institutions, and Ethical Complexities
items: Activating the Tool of Scientific Debate in Assessing the Shariah and Legal Risks of the Smart Financial Product
items: Navigating Currency Crises: How Developed Nations Ensure Liquidity and What Indonesia Can Learn? The Role of Islamic Finance
items: A Vision of Riba from the Perspective of Secular Science: An Evidence from Russia
items: Do Sharı’ah Supervisory Board Members' Characteristics Matter? Unveiling the Impact on CSR Disclosure in GCC Countries and Malaysia
items: The Legal Problem of the Term Intelligent Agent and the Legal Personality of the Robot
items: Predicting Intention to Pursue Islamic Financial Planner (IFP) Professional Certificate Among Islamic Business School Graduates
items: Accountability, Transparency, and Islamic Good Corporate Governance (IGCG) on Muzakki Trust in Indonesia
items: Integrating Islamic Social Finance Institutions into Health Protection Programs: Cases of Selected OIC Countries
items: A Collaborative Halal Supply Chain Model to Address Safety and Transparency Based on Blockchain Technology
items: Pricing of Murabaha: Issues and Insights
items: Shari’ah Governance in Türkiye: Evolution, Challenges, and Conceptual Framework
items: The Influence of Female Labor Force Participation on Economic Growth in Palestine: An ARDL Approach
items: Capital Structure and Performance in GCC Islamic Banks: A Two-Stage Approach
items: Public Finance and Islamic Economics: The State of Art and Future Research Agenda
items: The Convenience of Blockchain Technology to Islamic Financial Transactions (Suggested Legal Vision)
items: A Proposed Strategy to Accelerate the Pace of Digital Transformation in Islamic Banks: An Applied Approach to the Experience of Four Leading Banks
items: Development of a Digital Islamic Social Stock Exchange: A Legal, Regulatory and Shariah Review
items: Debt, Credit and Islamic Epistemology

Islamic Finance and Financial Inclusion in Nigeria: A Systematic Literature Review
type: item
description: Financial inclusion is given priority by policy makers, regulators and development organizations as it promotes economic development, alleviates poverty and inequality, fosters inclusive development, cuts down extreme poverty and enhances the quality of life. Besides, Islamic finance has been an important source of enhancing access to credit by the poor vulnerable. This paper will be a review of the existing literature to provide an overview of the efforts of Islamic finance in enhancing financial inclusion in Nigeria. Through the analysis it is established that Islamic finance makes the process of financial inclusion better as it is a better system of risk sharing and provides financial products in a Shari’ah compliant manner. Thus, Islamic finance helps in reducing severe poverty and voluntary financial isolation. The paper suggests amongst others, the need for government to support financial inclusion by creating suitable frameworks for supervision and regulation, financial inclusion plans, consumer protection measures, advancement of financial literacy as well as sustain its initiatives of promoting financial and consumer education. Further, the need for our Islamic financial institutions to sustain the use of risk-sharing financial products including Waqaf, Sadaqah and Zakat since they improve financial inclusion and reduce poverty is also suggested.
subject: Articles
  topic: section
subject: Financial inclusion, Islamic banking, Islamic finance, Nigeria.
  topic: keywords
creator: Sani Ahmed Danjuma
creator: Salina Kassim
creator: Ashurov Sharofiddin
rights: Copyright (c) 2026 Al Qasimia University Journal of Islamic Economics
date: 2026-06-02
publication date: 2026-06-02
starting page: 97
ending page: 118
doi: 10.52747/aqujie.6.1.535

Sovereign Risk and the Sukuk-Equity Trade-off in Emerging Markets: Why CDS Spikes Make Shariah Stocks a Relative Safe Haven in Indonesia
type: item
description: This study examines the tactical asset allocation between Shariah-compliant equities (JII) and Sovereign Sukuk in Indonesia, specifically challenging the assumption that Sukuk remains a safer alternative during periods of heightened sovereign risk. Utilizing a Black-Litterman framework, the research integrates market equilibrium returns with investor views derived from the 5-year Indonesian Sovereign Credit Default Swap (CDS). The empirical analysis, covering the period from March 2021 to March 2026, reveals that Sukuk exhibits a significantly higher negative correlation to CDS fluctuations (-0.401) compared to the JII (-0.123). Following a 3.3% increase in CDS spreads, the model suggests a drastic rebalancing, shifting the optimal portfolio weight from a neutral 35% Sukuk allocation to just 11.8%. These findings suggest that during sovereign credit events, Shariah equities provide superior risk-adjusted resilience, effectively debunking the notion that Sukuk is universally safer than stocks in a high-sovereign-risk environment.
subject: Articles
  topic: section
subject: Black-Litterman Model, Sukuk, JII, CDS, Shariah Portfolio Optimization, Indonesia.
  topic: keywords
creator: Kamola Ergun
creator: Huseyin Ergun
creator: Sulistya Rusgianto
rights: Copyright (c) 2026 Al Qasimia University Journal of Islamic Economics
date: 2026-06-02
publication date: 2026-06-02
starting page: 119
ending page: 144
doi: 10.52747/aqujie.6.1.536

The Role of Balanced Scorecard in Supporting Waqf Sustainability in Educational Institutions: A Case Study of Al Qasimia University in Sharjah
type: item
description: University waqf is an important mechanism for supporting financial and institutional sustainability in higher education. Its effective management, however, requires a strategic framework that goes beyond traditional financial indicators. In this context, the Balanced Scorecard (BSC) offers a useful analytical and managerial tool because it links financial and non-financial dimensions and connects strategic planning with implementation and follow-up. This study examines the role of the BSC on enhancing waqf sustainability in educational institutions through a case study of Al Qasimia University in the Emirate of Sharjah. It adopts a qualitative content analysis of university documents including strategic plans, institutional reports, and other relevant organizational documents for the period 2022-2025. The analysis explored the relationship between the university’s strategic pillars and the dimensions of the BSC and assessed the suitability of this framework for measuring financial, operational, governance-related, and impact dimensions of university waqf. The findings reveal a clear functional alignment between the university’s five strategic pillars and the four dimensions of the BSC. They also show that the university has several institutional strengths, including diversified funding sources, an established waqf resource, governance and control structures, and a broad base of beneficiaries and partnerships. The study concludes that the BSC can strengthen strategic alignment, improve the management of waqf assets and returns, support the allocation of waqf benefits, and enhance the long-term educational and social impact of university waqf within educational institutions effectively.
subject: Articles
  topic: section
subject: Balanced Scorecard, university waqf, waqf sustainability, waqf governance, educational institutions.
  topic: keywords
creator: Ismail Mohamed Hussein Abdelrazek
creator: Omar Al-Amari
rights: Copyright (c) 2026 Al Qasimia University Journal of Islamic Economics
date: 2026-06-02
publication date: 2026-06-02
starting page: 145
ending page: 180
doi: 10.52747/aqujie.6.1.537

The Nexus Between ESG Scores and Financial Performance in Islamic Banking Sector
type: item
description: In recent years, the relationship between Environmental, Social, and Governance (ESG) scores and financial performance has garnered increasing scholarly attention. However, the Islamic banking sector remains underexplored in this context. This study addresses this gap by investigating the impact of ESG scores on the financial performance of Islamic banks globally, financial performance is measured using return on assets (ROA) and return on equity (ROE), while ESG scores are analysed as distinct independent variables to assess their individual effects. Utilizing data from the Refinitiv Eikon Thomson Reuters database, the study employs panel data analysis over an annual timeframe. The findings reveal that ESG scores have a positive and statistically significant impact on ROA, indicating a strong correlation between ESG practices and long-term asset efficiency. However, no significant relationship is found between ESG scores and ROE, suggesting that sustainability initiatives may not directly enhance short-term profitability. Further analysis shows that environmental performance has no significant effect on financial outcomes, while social performance yields mixed results, occasionally exhibiting significant but inconsistent effects on long-term performance. Notably, governance emerges as the most influential ESG component, playing a critical role in driving long-term efficiency and risk mitigation. These findings carry important implications for decision-makers, investors, and stakeholders in the banking industry, particularly in the MENA and Southeast Asian regions. The study underscores the need to prioritize governance enhancements—such as increasing transparency in decision-making and strengthening compliance frameworks—as these measures consistently contribute to improved ROA. Overall, the results highlight the pivotal role of strong governance structures in ensuring sustainable financial performance within the Islamic banking sector.
subject: Articles
  topic: section
subject: ESG, Scores, Financial, Performance, Islamic banks.
  topic: keywords
creator: Marwa Al Fares
creator: Mehmet Bulut
creator: Omar Kachkar
rights: Copyright (c) 2026 Al Qasimia University Journal of Islamic Economics
date: 2026-06-02
publication date: 2026-06-02
starting page: 57
ending page: 96
doi: 10.52747/aqujie.6.1.532

Mapping the Nexus: A Bibliometric Review of Sustainable Development Goals in Finance Research
type: item
description: Growing corporate accountability demands, shareholder expectations, and regulatory pressures surrounding Environmental, Sustainability and Governance (ESG) factors have created an urgent need to understand the evolving research landscape in this domain. This study provides a comprehensive bibliometric analysis examining the current state and future trajectory of Sustainable Development Goals (SDG) in achieving Sustainable Finance (SF), while identifying prominent thematic typologies and key research patterns within the field. Drawing from 1,693 documents published in SCOPUS-indexed journals during the COVID-19 pandemic period from 2020 to 2023, the analysis was conducted using Biblioshiny and RStudio, incorporating co-citation networks, keyword occurrence maps, thematic maps, and descriptive statistics to identify prolific authors, influential sources, and highly cited countries. The findings reveal two central pillars in evaluating ESG effectiveness, namely SDG achievement and Sustainable Finance stability, with thematic mapping further uncovering basic, motor, niche, and declining research themes that chart a clear roadmap for future research directions. Notably, the COVID-19 era heightened global awareness of preparedness and vigilance toward future threats, reinforcing the urgency of strengthening ESG frameworks in pursuit of SDG objectives supported by stable Sustainable Finance mechanisms. The study offers a holistic evidence-based framework valuable to regulators, investors, and emerging scholars by uniquely mapping the progression from SDG aspirations toward Sustainable Finance realization, drawing exclusively from high-ranking peer-reviewed journal publications and contributing meaningfully to the existing body of literature on sustainable development and ESG research.
subject: Articles
  topic: section
subject: ESG, Sustainable Development Goals, Sustainable Finance, Bibliometric analysis.
  topic: keywords
creator: Hassanudin Mohd Thas Thaker
creator: Effa Ratna Sjahrir
creator: Keilliey Wong
creator: Mohd Aman Mohd Noor
rights: Copyright (c) 2026 Al Qasimia University Journal of Islamic Economics
date: 2026-06-02
publication date: 2026-06-02
starting page: 27
ending page: 56
doi: 10.52747/aqujie.6.1.526

The Role of Water Endowment in Enhancing Sustainable Water Security
type: item
description: Water scarcity is among the most pressing global challenges, with direct implications for human well-being, economic development, and environmental sustainability. Achieving sustainable water security requires the adoption of innovative and inclusive mechanisms that ensure equitable access to water, efficient management, and long-term preservation of water resources. Water endowment is a form of charity through which the endower seeks to engage in acts of benevolence by dedicating certain water resources to a public or private beneficiary, with the intention of drawing closer to Allah the Almighty. Water endowment constitutes a developmental mechanism that enhances water security through the sustainability of endowment and the continuity of public benefit. It makes use of natural resources in a manner that safeguards the interests of the waqf, preserves its principal, and ensures the continuity of its benefits. This is achieved by adopting methods that produce and utilize water resources to guarantee their benefit and sustainability. Hence, it contributes to the realization of water security, particularly in view of the contemporary environmental reality characterized by the depletion of water resources and the disruption of their ecological balance. The significance of this study lies in the need to revive the practice of water endowment, to reinvest in it through renewed approaches, to draw attention towards examining its foundations, developing its mechanisms in line with modern regulatory frameworks, and proposing ways to activate it within contemporary societies, thereby benefiting from this authentic civilizational heritage. This study has adopted a qualitative approach to examine the role of water endowment in enhancing sustainable water security through a review and analysis of relevant studies addressing its conceptual foundations, historical significance, challenges, and contemporary applications. The findings indicate that integrating water endowment into…
subject: Articles
  topic: section
subject: Water Endowment, Water Security, Sustainable Development, Water Governance.
  topic: keywords
creator: Jamal Salim Obaid Al Turaifi Al Shamsi
rights: Copyright (c) 2026 Al Qasimia University Journal of Islamic Economics
date: 2026-06-02
publication date: 2026-06-02
starting page: 01
ending page: 26
doi: 10.52747/aqujie.6.1.495

The Role of Awareness and Perception of Islamic Banking on Financial Inclusion in Nigeria: An Empirical Evidence
type: item
description: In recent years, Nigeria has seen significant transformations in its financial sector, notably with the introduction of Islamic banking. This shift towards more inclusive financial platforms is seen as essential for increasing economic participation and reducing poverty. This research delves into how awareness and perception of Islamic banking influence financial inclusion in Nigeria. Utilizing an exploratory research design and purposive and cluster sampling methods, the study gathered data through questionnaires. The analysis, conducted using Partial Least Squares Structural Equation Modeling (PLS-SEM) via SmartPLS software version 4, applied Path Modeling to explore the relationships among the study variables. Findings demonstrate that both awareness (β=0.355, p<0.00) and perception (β=0.476, p<0.00) of Islamic banking are significantly associated with financial inclusion. Based on these insights, the study suggests several strategies to improve financial inclusion, enhancing public awareness about Islamic banking, strengthening regulatory frameworks, promoting financial literacy, encouraging partnerships to drive inclusion, and investing in research and development for innovative financial products.
subject: Articles
  topic: section
subject: Awareness, Perception, Islamic Finance, Financial Inclusion, Nigeria.
  topic: keywords
creator: Binta Tijjani Jibril
creator: Aliyu Dahiru Muhammad
creator: Kabir Tahir Hamid
creator: Warshu Tijjani Rabiu
rights: Copyright (c) 2025 Al Qasimia University Journal of Islamic Economics
date: 2025-12-16
publication date: 2025-12-16
starting page: 139
ending page: 168
doi: 10.52747/aqujie.5.2.485

AI Adoption in Islamic Banking in Morocco: Challenges and Prospects
type: item
description: The convergence of Islamic finance and digital transformation presents new opportunities and challenges for the banking sector. This study examines the current state of Artificial Intelligence (AI) adoption in Moroccan Islamic banks, highlighting both obstacles and future prospects. Using a qualitative approach, the research combines a review of existing literature with semi-structured interviews conducted with experts from Islamic banks, financial institutions, and the AI sector in Morocco. Findings reveal that Moroccan Islamic banks have not yet integrated AI into their operations, relying instead on limited FinTech applications such as mobile banking and fraud detection. This slow adoption is primarily attributed to insufficient regulatory readiness, weak technological infrastructure, modest investment levels, and a shortage of skilled professionals. Nevertheless, the study underscores the significant potential of AI to enhance cost efficiency, strengthen decision-making, improve fraud detection, and expand the market share of Islamic banks. By addressing structural and human-capital barriers, Moroccan Islamic banks could leverage AI not only to modernize their services but also to improve competitiveness within national and international markets. This research provides one of the first empirical insights into AI adoption in Moroccan Islamic finance, offering a foundation for policymakers, practitioners, and scholars seeking to align innovation with Shariah-compliant principles.
subject: Articles
  topic: section
subject: Artificial Intelligence
  topic: keywords
subject: Islamic Banking
  topic: keywords
subject: FinTech
  topic: keywords
subject: Shariah compliance
  topic: keywords
subject: Morocco
  topic: keywords
creator: Mohamed Cherif ElAmri
creator: Ayman Ammara
rights: Copyright (c) 2025 Al Qasimia University Journal of Islamic Economics
date: 2025-12-16
publication date: 2025-12-16
starting page: 115
ending page: 138
doi: 10.52747/aqujie.5.2.478

Integrating Zakat, Waqf, and Risk-Sharing Contracts through Fintech-Enabling Mechanisms for Sustainable Islamic Microfinance toward Financial Inclusion in Developing Economies: The Case of Palestine
type: item
description: This study proposes an innovative model of Islamic microfinance that integrates zakat, waqf, and risk-sharing contracts, supported by fintech-enabled transparency tools, to promote financial inclusion and support sustainable development in developing economies, with particular reference to Palestine. This research employs a qualitative, exploratory approach, drawing on ten semi-structured interviews conducted in Palestine with Shariah scholars, policymakers, and legal experts. Participants were selected through purposive sampling based on their expertise in Islamic social finance, governance, and microfinance operations. Thematic analysis was applied to identify the economic, social, and environmental challenges facing Islamic microfinance institutions (IMFIs). Expert interviews reveal that existing IMFIs often rely on collateral-based lending, limiting access for marginalized groups. Environmental sustainability is rarely incorporated into financial products, and strategic risk-management frameworks are often absent. The proposed model combines Islamic social finance tools (zakat, cash waqf) with risk-sharing contracts (mudarabah, musharakah) through fintech-enabling platforms to extend outreach, reduce dependency on collateral, and embed environmental sustainability practices. Governance and Shariah supervision are emphasized to ensure compliance, institutional efficiency, and alignment with Maqasid al-Shariah. Policymakers and IMFIs can adopt this integrated model to expand access to finance, align operations with Maqasid al-Shariah, and contribute to the UN Sustainable Development Goals (SDGs). This research offers a comprehensive, Shariah-compliant framework that merges Islamic social finance with modern sustainability principles, addressing a critical gap in both academic literature and industry practice.
subject: Articles
  topic: section
subject: Islamic Microfinance
  topic: keywords
subject: Zakat
  topic: keywords
subject: Waqf
  topic: keywords
subject: Risk-Sharing
  topic: keywords
subject: Sustainable Development
  topic: keywords
subject: Financial Inclusion
  topic: keywords
subject: Maqasid al-Shariah
  topic: keywords
creator: Imad Hisham Ismael Alkhatib
creator: Basheer Hussein Motawe Altarturi
rights: Copyright (c) 2025 Al Qasimia University Journal of Islamic Economics
date: 2025-12-16
publication date: 2025-12-16
starting page: 73
ending page: 114
doi: 10.52747/aqujie.5.2.474

Unethical Factors Contributing to Nigeria's Economic Underdevelopment: Analysis from an Islamic Perspective
type: item
description: If the human and natural resources a country is endowed with are the yardsticks for its greatness and development, it is undisputable that Nigeria is destined to be great. However, in the global economy system today, Nigeria is conspicuously located in the periphery of the periphery despite its abundant resources. This is attributed to various unethical factors like mismanagement of resources and large-scale embezzlement that have hindered its development and contributed to its economic backwardness. This paper explores these factors. It relies on both primary and secondary sources of data. Viewing ethics and unethical practices from an Islamic perspective, it argues that unethical practices which Islam strongly prohibits have been normalized in Nigeria's economic and sociopolitical milieu. This consequently worsens the country's economic woes with little prospect for redemption. It observes that serious attention has not been paid to how these factors undermine development. Drawing on some verses of the Qur'an and prophetic traditions, this paper analyzes how revenue should be generated, utilized, and geared towards economic development. It concludes that economic practices in Nigeria are, in most cases, a departure from Islamic ethical principles of economics despite the fact that, demographically, the Muslims are the majority. These ethics, if observed, benefit not only the Muslims but the country. To liberate the country from the clutches of underdevelopment, this paper strongly recommends that Islamic ethics should be mainstreamed in government activities - particularly in law making, budgeting, policy formulation, and policy execution. This consideration will greatly help to revamp the economy and enhance development.
subject: Articles
  topic: section
subject: Economy
  topic: keywords
subject: Islamic Ethics
  topic: keywords
subject: Planning
  topic: keywords
subject: Underdevelopment
  topic: keywords
subject: Wealth Generation
  topic: keywords
subject: Wealth Utilization
  topic: keywords
creator: Abdulkadir Salaudeen
creator: Muftau Abidemi Balogun
creator: Muh'djamiu Abdulsomad
rights: Copyright (c) 2025 Al Qasimia University Journal of Islamic Economics
date: 2025-12-16
publication date: 2025-12-16
starting page: 43
ending page: 72
doi: 10.52747/aqujie.5.2.436

Zakah on Stocks: A Comparative Analysis of Long-Term and Short-Term Investments
type: item
description: This paper explores the zakah treatment of stock investments, with a particular focus on the distinction between short-term and long-term holdings. As stock ownership becomes increasingly common among Muslim investors, understanding its zakah implications is essential to ensure compliance with Islamic obligations. The study investigates the influence of investment intention on zakah liability, reviewing both classical jurisprudential positions and contemporary scholarly interpretations. It outlines key differences in zakah calculation for trading stocks—typically subject to zakah on full market value—and long-term investments, which may only be zakatable on specific underlying assets like cash or inventory. The paper presents a comprehensive framework for calculating zakah, incorporating principles of Islamic finance, modern financial instruments, and detailed investor models. It also compares the views of the four major Sunni schools of thought and institutional bodies such as AAOIFI and the Islamic Fiqh Academy. Practical recommendations are offered for both individual investors and financial institutions, along with future research directions aimed at addressing zakah challenges in emerging financial sectors like digital assets and Islamic fintech platforms. The study aims to bridge the gap between classical zakah principles and modern investment realities, empowering Muslim investors to fulfil their religious duties with clarity and confidence.
subject: Articles
  topic: section
subject: Zakah
  topic: keywords
subject: Stock investments
  topic: keywords
subject: Short-term holdings
  topic: keywords
creator: Tawfik Azrak
creator: Nurgul Sevinc
rights: Copyright (c) 2025 Al Qasimia University Journal of Islamic Economics
date: 2025-12-16
publication date: 2025-12-16
starting page: 19
ending page: 42
doi: 10.52747/aqujie.5.2.433

Islamic Finance in the USA - Concepts, Institutions, and Ethical Complexities
type: item
description: This paper investigates the evolution and contemporary chapter of Islamic finance in the United States by analyzing a new concept of “ethical convergence,” in which basic Islamic financial principles connect increasingly with more general worldwide interest in socially responsible investing. Using U.S. based institutional innovations and conceptual ideas from Islamic law (Sharia), this article shows how American Islamic banking goes beyond a niche market of Muslim consumers. Instead, it appeals to an increasing set of Muslim and non-Muslim investors who want to combine moral and financial considerations by resonating with universal ethics of openness, justice, and social impact. By analyzing institutional innovations and Sharia-compliant frameworks, we demonstrate how Islamic finance transcends its niche status to appeal to everyone seeking ethical alignment. Despite regulatory hurdles, the sector shows significant growth potential, driven by demographic shifts, ethical sensitivities post-financial crises, and product innovation. We argue that Islamic finance can serve as a model for ethical finance, bridging religious and secular values while navigating legal complexities.
subject: Articles
  topic: section
subject: Islamic Finance
  topic: keywords
subject: USA Ethical Complexities
  topic: keywords
subject: Ethical Finance
  topic: keywords
creator: Mohammad Kabir Hassan
creator: Mohammad Rezoanul Hoque
creator: Mustafa Raza Rabbani
rights: Copyright (c) 2025 Al Qasimia University Journal of Islamic Economics
date: 2025-12-16
publication date: 2025-12-16
starting page: 01
ending page: 18
doi: 10.52747/aqujie.5.2.430

Activating the Tool of Scientific Debate in Assessing the Shariah and Legal Risks of the Smart Financial Product
type: item
description: This study aims to explore how the debate method can be utilized to develop and test smart financial products. The research reveals that this approach can enhance the quality and effectiveness of innovative financial products by providing multidimensional evaluations and using debates in financial technology labs as an opportunity to gather diverse expert opinions. This process enriches the comprehensive understanding of the product, facilitates informed decision-making, and contributes to increasing transparency and credibility around financial technology products. This, in turn, boosts investor and customer confidence and enhances market acceptance. The study includes an introduction to the concepts of scientific debate and financial technologies, examines models in legislative experimental environments, and applies the scientific debate method to test smart financial products. It addresses the preparation phase for scientific debates, methods of conducting scientific debates, and arbitration at the end of the debate in legislative experimental labs. The findings indicate that scientific debates are a crucial component of legal heritage that significantly advanced legal scholarship in previous centuries. They also contribute to enhancing the current generation’s ability to develop logic and creativity. Furthermore, the study highlights the potential of applying the scientific debate tool in legislative experimental environments to mitigate legal and Sharia risks by providing comprehensive discussions aimed at advancing smart financial products. The study recommends further research on the application of scientific debates in developing financial products, identifying best practices, and leveraging skills embedded in Islamic legal heritage.
subject: Articles
  topic: section
subject: Debate, Risks, Financial, Technology.
  topic: keywords
creator: Obeidallah Guelmi (PhD)
rights: Copyright (c) 2025 Al Qasimia University Journal of Islamic Economics
date: 2025-06-11
publication date: 2025-06-11
starting page: 57
ending page: 92
doi: 10.52747/aqujie.5.1.429

Navigating Currency Crises: How Developed Nations Ensure Liquidity and What Indonesia Can Learn? The Role of Islamic Finance
type: item
description: This study critically examines the dynamics of currency liquidity across developed economies during the 2001 and 2009 financial crises and the COVID-19 pandemic, assessing the efficacy of policy responses in mitigating economic disruptions. By employing Welch’s unequal variance t-test, Variable Lag Granger Causality (VLGC), Variable Lag Transfer Entropy (VLTE), and time-frequency coherence analysis, we uncover significant disparities in liquidity conditions, revealing that currency liquidity during the COVID-19 crisis surpassed that of prior financial crises. Our findings further expose nonlinear causal relationships between monetary policy indices and currency liquidity, with short-term COVID-19 effects exerting a more pronounced influence than long-term impacts. Beyond diagnostic analysis, this study challenges conventional crisis response frameworks by introducing Islamic finance as a viable policy alternative for emerging economies, particularly Indonesia. We argue that Islamic financial mechanisms—rooted in risk-sharing and asset-backed principles—can enhance aggregate demand and stabilize exchange rates during systemic shocks. As the first comparative analysis of exchange rate behavior across health and financial crises involving the USD, GBP, and JPY, this research fills a critical gap in the literature while offering actionable policy prescriptions for ASEAN economies. Our results compel a reevaluation of crisis management blueprints, emphasizing the need for adaptive monetary strategies and the underutilized potential of Islamic finance in fostering economic resilience. This study not only advances theoretical discourse but also provides policymakers with empirically grounded strategies to fortify financial systems against future disruptions.
subject: Articles
  topic: section
subject: Covid-19
  topic: keywords
subject: Financial crisis
  topic: keywords
subject: Pandemic
  topic: keywords
subject: Developed Countries
  topic: keywords
subject: Currency Liquidity
  topic: keywords
creator: Hassanudin Mohd Thas Thaker
creator: Abdollah Ah Mand
creator: Mosharrof Hosen
creator: Abdul Qoyum
rights: Copyright (c) 2025 Al Qasimia University Journal of Islamic Economics
date: 2025-06-11
publication date: 2025-06-11
starting page: 93
ending page: 136
doi: 10.52747/aqujie.5.1.427

A Vision of Riba from the Perspective of Secular Science: An Evidence from Russia
type: item
description: Nowadays, signing a credit contract is something absolutely trivial, something we do on a daily basis. The fact that certain world religions have outlawed credit (lending money at interest) has no effect on the global positive perception of credit transactions by the public at large. In the Islamic finance industry, the prohibition of lending money at interest is one of the key bans. The great bulk of Russian publications on this subject offer only a theological justification of this prohibition, without giving any secular/scientific substantiation of the prohibition of lending money at interest or, perhaps, on the contrary, of its permissibility. While Russia is willfully heading for establishing an Islamic finance industry, the issue of the secular justification of the inapplicability of credit relations becomes a crucial element of the process. This paper proves the invalidity of credit relations, both through the prism of “sale of money” and of “lease of money”. The paper analyzes the ratio of 1) the benefits from exploiting such invalid (incorrect) relations to 2) the losses from their exploitation. Also, the paper proposes a new format of working capital financing, namely, through the issuance of Islamic promissory notes.
subject: Articles
  topic: section
subject: Riba, Credit, Credit relations, Credit criticism, Islamic bond, Mudarabah, Sukuk, Musharakah.
  topic: keywords
creator: Magomet Yandiev
rights: Copyright (c) 2025 Al Qasimia University Journal of Islamic Economics
date: 2025-06-11
publication date: 2025-06-11
starting page: 137
ending page: 154
doi: 10.52747/aqujie.5.1.426

Do Sharı’ah Supervisory Board Members' Characteristics Matter? Unveiling the Impact on CSR Disclosure in GCC Countries and Malaysia
type: item
description: This study uses empirical research to examine the impact of Shari’ah Supervisory board (SSB) characteristics on CSR disclosures of Islamic banks (IBs) in GCC countries and Malaysia. It sheds light on the differences that may exist between IBs within and across regions. The study uses 36 CSR indicators as derived from AAOIFI standard number seven for Islamic financial institutions (IFIs). Ordinary least squares linear multiple regression has been employed to investigate the relationship between SSB characteristics on CSR disclosures in IBs. The results of the study indicate a positive and significant link between CSR disclosure and some SSB characteristics such as the larger board size, number of scholars with doctoral qualifications in Shari’ah/fiqh and SSB members’ Shari’ah background. Moreover, an ANOVA comparison between Islamic banks in the GCC and Malaysia shows no significant difference in CSR disclosure levels between the two regions. An intraregional difference in disclosure levels among IBs in the GCC has been observed. The findings of this study are beneficial to national regulators, international policymakers and standard-setting bodies in order to improve CSR disclosure among IBs. Suggested improvements include developing uniform discursive and reporting practices, regulating characteristics of SSBs such as board size; also considering directors’ academic background or working experience.
subject: Articles
  topic: section
subject: CSR disclosure, AAOIFI, Shari’ah supervisory board.
  topic: keywords
creator: Omar Ahmad Kachkar
creator: Suleman Husseini
creator: Marwa Al Fares
rights: Copyright (c) 2025 Al Qasimia University Journal of Islamic Economics
date: 2025-06-11
publication date: 2025-06-11
starting page: 155
ending page: 186
doi: 10.52747/aqujie.5.1.421

The Legal Problem of the Term Intelligent Agent and the Legal Personality of the Robot
type: item
description: This research examines the outcomes of advancements in artificial intelligence technologies and self-executing smart contracts, highlighting the emergence of the term "smart agent" from their programming and business applications due to similarities between robots and agents in contractual engagements. This similarity arises without full recognition of the associated legal implications and dimensions. The study clarifies that legal agency requires legal personality and capacity, attributes inherently absent in objects according to scholars of jurisprudence and law. Objects, including AI systems, lack the personality and legal capacity necessary to serve as agents legally. However, the public interest dictates recognizing the validity of such contracts. Thus, the study explores various legal trends, each aiming to validate these contracts in alignment with general legal principles yet differing in their approaches. Some consider these programs merely tools for transmitting human intention, maintaining that contracts are formed solely through the parties' intentions, despite the intelligence, decision-making capabilities, self-execution, and experiential learning these systems demonstrate through interaction with their environments. According to this view, user intention remains central. Others argue that the actions performed by these systems do not constitute a valid contract formation, disputing the legitimacy of the term "smart contracts," and viewing their role as strictly executional rather than contractual, with no legal barriers to automated contract execution. A third perspective proposes granting robots legal personality, sparking substantial jurisprudential debate, with proponents and opponents presenting various arguments. The study assesses these debates, concluding that granting legal personality could generate more complications than solutions, necessitating further maturation and research. The study ultimately recommends focusing research efforts on pr…
subject: Articles
  topic: section
subject: Legal personality of the intelligent agent
  topic: keywords
subject: Intelligent agent
  topic: keywords
subject: Legal personality of the robot
  topic: keywords
subject: Robot
  topic: keywords
creator: Ali Musleh Sartawi
rights: Copyright (c) 2025 Al Qasimia University Journal of Islamic Economics
date: 2025-06-11
publication date: 2025-06-11
starting page: 01
ending page: 56
doi: 10.52747/aqujie.5.1.420

Predicting Intention to Pursue Islamic Financial Planner (IFP) Professional Certificate Among Islamic Business School Graduates
type: item
description: This research examine the intention of the students at the Islamic Business School (IBS), Universiti Utara Malaysia (UUM) to pursue the Islamic Financial Planner (IFP) Professional Certification programme. A mixed-methods approach, incorporating both quantitative and qualitative were used to achieved the research objective. A Google Forms questionnaire was distributed to 350 undergraduate students, but 149 responses returned and valid for analysis. The data were analysed using the Statistical Package for Social Sciences (SPSS). Additionally, focus group discussion (FGD) was conducted with four IBS students who had completed their IFP certificate. The findings identified four significant factors, i.e., interest, self-confidence, career, and promotion, as contributing to the IBS students’ intention to pursue the IFP Certification programme. Results of the FGD suggest that the IFP Certificate is not an important requirement for IBS students, especially when they have no intentions to pursue their careers as financial planners. However, the IFP Certification programme provides added value to IBS students as they are exposed to various kinds of knowledge related to financial planning which is beneficial for them. These findings are important as perceptions of and attitudes to the IFP Certification programme can have a significant impact on the success and continuity of the industry collaboration between IBS and the Islamic Banking and Finance Institute Malaysia (IBFIM) in providing IFP Certification training to students and industry players.
subject: Articles
  topic: section
subject: Islamic Financial Planning (IFP), Professional Certificate, Undergraduate, Perception, Islamic Banking and Finance, Quantitative Study, Qualitative Study.
  topic: keywords
creator: Wahidah Shari
creator: Siti Latipah Harun
creator: Norazlina Abd. Wahab
creator: Noraziah Che Arshad
rights: Copyright (c) 2024 Al Qasimia University Journal of Islamic Economics
date: 2024-12-16
publication date: 2024-12-16
starting page: 145
ending page: 175
doi: 10.52747/aqujie.4.2.381

Accountability, Transparency, and Islamic Good Corporate Governance (IGCG) on Muzakki Trust in Indonesia
type: item
description: This study aims to analyze the effect of accountability, transparency, and Islamic good corporate governance on muzakki trust in LAZISMU Cirebon Regency. The potential for collecting zakat in zakat institutions is currently still not optimal, because there are still many people who choose to pay zakat independently. This is also due to the absence of full trust in amil zakat institutions by the community, especially among muzakki. In the management of zakat, financial statements should meet the requirements or principles of good governance which include transparency, accountability, responsibility, and independence. According to Law No. 23 of 2011 article 02 that zakat management must adhere to Islamic law, such as trustworthiness, expediency, justice, legal clarity, honesty, and responsibility. Accountability and transparency are important components in good corporate governance that play a role in fostering trust among muzakki towards zakat management institutions. Islamic Good Corporate Governance is a management system that prioritizes spiritual accountability and combines the basic principles of morality, reliability, transparency, responsibility, and accountability, which are seen as substantial benchmarks for the pleasure of Allah (s.w.t.). This research uses quantitative methods. The types of data used are primary data and secondary data. Primary data comes from questionnaires distributed via google-form to muzakki totaling 78 respondents who are muzakki LAZISMU Cirebon Regency, while secondary data from the results of literature review relevant to this research. The data analysis techniques used are research instrument test, classical assumption test, multiple linear regression analysis test, determination coefficient test, and hypothesis testing. The results showed that transparency and Islamic good corporate governance had a significant effect on muzakki trust, while accountability had no effect on muzakki trust. This can occur because muzakki already ful…
subject: Articles
  topic: section
subject: Accountability, Transparency, Islamic Good Corporate Governance, Muzakki trust.
  topic: keywords
creator: Nining Wahyuningsih
creator: Khoiyrunisa
creator: Eef Saefullah
rights: Copyright (c) 2025 Al Qasimia University Journal of Islamic Economics
date: 2025-06-11
publication date: 2025-06-11
starting page: 187
ending page: 207
doi: 10.52747/aqujie.5.1.382

Integrating Islamic Social Finance Institutions into Health Protection Programs: Cases of Selected OIC Countries
type: item
description: The principles and values of Islam, as a comprehensive rule of life, address every facet of human existence, including the social, spiritual, political, legal, health, and economic spheres. The purpose of the present study is to integrate Islamic social finance institutions like zakat, waqf, sadaqat, and baitul-maal into national social health protection programs. In the context of economically challenged Muslim nations, where financing and resource constraints are common, this study uses a library research methodology to examine how institutions like zakat, waqf, sadaqat, and baitul-maal can enhance government initiatives to address healthcare financing difficulties. The findings reveal that waqf-based models are the most employed in health protection programs, followed by zakat-funded initiatives. However, the use of these institutions for public healthcare services faces many challenges and obstacles, including bureaucratic inefficiencies, resource constraints, and limited innovation. The originality of this study lies in its novel approach of referencing scholarly rulings, fatwa boards, and religious texts to support the feasibility of integrating the aforementioned Islamic institutions with contemporary healthcare systems. While the governance of such initiatives is often confined to private or semi-governmental entities within religious ministries, there is a growing interest among governments in Muslim countries in adopting these models. The implications of this research underscore the need for enhanced efforts in raising awareness, combating corruption, improving expertise, enacting supportive legislation, fostering collaboration, securing sustainable funding, embracing technological advancements, and upgrading healthcare infrastructure to realize the full potential of these integrations. Despite its limitations, this study provides valuable insights and a foundational framework for policymakers aiming to bridge gaps in healthcare provision through the strat…
subject: Articles
  topic: section
subject: Waqf, Zakat, Sadaqat, Baitul-maal, Social Finance, Health Protection, Healthcare Systems.
  topic: keywords
creator: Mustafa Omar Mohammed
creator: Rafikul Islam
rights: Copyright (c) 2024 Al Qasimia University Journal of Islamic Economics
date: 2024-12-16
publication date: 2024-12-16
starting page: 01
ending page: 24
doi: 10.52747/aqujie.4.2.374

A Collaborative Halal Supply Chain Model to Address Safety and Transparency Based on Blockchain Technology
type: item
description: Muslim spending on halal food is growing at 6.3%, projected to reach $2 trillion by 2024, raising concerns about the authenticity of halal claims due to the inability to trace products throughout the supply chain. This research has two primary objectives: first, to develop a decentralized model for halal tracking using blockchain technology, and second, to assess Customers' awareness of blockchain applications in the halal industry. The proposed system uses blockchain's decentralized and immutable nature to record data transparently and securely, covering halal product origin, quality, handling, and processing. This will enhance supply chain transparency, improve record-keeping efficiency, strengthen food safety and quality assurance, and build consumer trust through end-to-end traceability. The development process involves smart contracts, cryptographic techniques, and data analytics, implemented using Ethereum 2.0 and Web3.js. Testing of the prototype system demonstrated strong scalability, handling high loads without compromising efficiency, and adhered closely to predefined guidelines, enhancing trust in the system’s reliability.
subject: Articles
  topic: section
subject: Halal Food Supply Chain, Blockchain Technology, Supply Chain Integrity, Consumer Trust.
  topic: keywords
creator: Zainab Attarbashi
creator: Akram M. Zeki
creator: Md Ehsanul Haque
creator: Md Sazzad Hossen
rights: Copyright (c) 2024 Al Qasimia University Journal of Islamic Economics
date: 2024-12-16
publication date: 2024-12-16
starting page: 25
ending page: 58
doi: 10.52747/aqujie.4.2.373

Pricing of Murabaha: Issues and Insights
type: item
description: The pricing mechanism is an important area that needs to be investigated in Islamic banking especially for the murabaha, the most financing tool. The main objective of this paper is to examine the pricing of murabaha and to try to propose a new pricing alternative. We note that the conditions of the fixation of mark-up in murabaha enlighten on the pricing process and the issues of the consideration of time value of money and the choice of benchmark. We propose to adopt an Islamic RAROC and to consider a new benchmark based on sukuk, specifically sukuk murabaha. This allows a marketable reference. Indeed, sukuk is the dynamic Islamic capital market. Moreover, this proposed benchmark has a strong relationship with the real sector.
subject: Articles
  topic: section
subject: Murabaha, Pricing, Islamic Bank, Benchmark, LIBOR, Sukuk.
  topic: keywords
creator: Khoutem Ben Jedidia
creator: Ibrahim Hidoussi
rights: Copyright (c) 2024 Al Qasimia University Journal of Islamic Economics
date: 2024-12-16
publication date: 2024-12-16
starting page: 119
ending page: 144
doi: 10.52747/aqujie.4.2.351

Shari’ah Governance in Türkiye: Evolution, Challenges, and Conceptual Framework
type: item
description: In the aftermath of independence, Islamic nations embarked on an exploration of economic models, leading to the formulation of the New Islamic Economics by the late 1960s. The 1973 oil crisis catalyzed the emergence of affluent Arab nations, paving the way for the establishment of Islamic finance from 1974 onwards. By the 1990s, the rapid expansion of the Islamic finance industry demanded standardization efforts, resulting in the creation of bodies such as the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Board (IFSB). A defining feature of Islamic Financial Institutions (IFIs) is their adherence to Shari’ah governance, ensuring compliance with Islamic principles in conjunction with conventional corporate governance practices. This study examines the historical development and current framework of Shari’ah governance in Türkiye while addressing the challenges and difficulties encountered in its implementation. The findings highlight the need for further refinement in governance practices to align with both Shari’ah principles and the evolving global financial landscape.
subject: Articles
  topic: section
subject: Shari’ah Governance Framework, Islamic Finance, Türkiye, Shari’ah Committee.
  topic: keywords
creator: Kamola Bayram
creator: Hüseyin Ergun
rights: Copyright (c) 2024 Al Qasimia University Journal of Islamic Economics
date: 2024-12-16
publication date: 2024-12-16
starting page: 59
ending page: 84
doi: 10.52747/aqujie.4.2.347

The Influence of Female Labor Force Participation on Economic Growth in Palestine: An ARDL Approach
type: item
description: This paper investigates the impact of female labor force participation (FLFP) on economic growth in Palestine, measured through the natural logarithm of gross domestic product (GDP). Despite ongoing efforts to promote gender equality, FLFP in Palestine remains markedly low, representing a missed opportunity for economic growth and development. This study utilizes an autoregressive distributed lag (ARDL) model and an unrestricted error correction model (UECM) to analyze data from 2000 to 2022, sourced from the World Bank. The primary objectives include assessing the short-run and long-run effects of FLFP on economic growth and evaluating the speed of adjustment to changes in the participation of the female labor force. The ARDL model identifies significant positive impacts of the FLFP rate on GDP in the short and long term. The bounds test indicates a long-run equilibrium relationship between the FLFP rate and the GDP, and the UECM results corroborate these findings, highlighting a significant speed of adjustment towards the long-run equilibrium. The results suggest that increasing FLFP can substantially boost economic growth in Palestine, leading to significant long-term economic benefits. These findings underscore the importance of targeted policies to reduce barriers to female employment and promote Islamic equality (musawah) and nondiscrimination in the labor market. Such policies could include improving access to vocational training, implementing supportive legal frameworks, and addressing substantive and transformative equality to empower women's economic activities. This paper contributes to the existing literature by providing robust empirical evidence of the critical role of FLFP in driving economic growth in Palestine. The study's findings support formulating policies that enhance FLFP, leading to significant long-term economic benefits and a hopeful future for Palestine's economy. Future research should explore the impact of specific interventions and comp…
subject: Articles
  topic: section
subject: Women’s Labor Market Participation, Women's Empowerment, Islamic Justice, Economic Development, Palestine, Time Series Analysis.
  topic: keywords
creator: Basheer Altarturi
creator: Nora Hassouneh
rights: Copyright (c) 2024 Al Qasimia University Journal of Islamic Economics
date: 2024-12-16
publication date: 2024-12-16
starting page: 85
ending page: 118
doi: 10.52747/aqujie.4.2.337

Capital Structure and Performance in GCC Islamic Banks: A Two-Stage Approach
type: item
description: This paper investigates the relationship between capital structure and performance of Islamic banks operating in the GCC region. The objective of this study provide critical insights to bank managers regarding their capital structure decisions. The paper investigates the effect of capital structure of GCC Islamic banks on their performance, and the significance of various capital structure determinants that may determine the level of capital held by Islamic banks in GCC. Employing a robust two-stage approach, the study analyzes data from a sample of 20 Islamic banks across the GCC region for the period 2010 to 2020. The Two-Stage Least Squares (2SLS) method is utilized to address the potential issue of reverse causality, where performance might influence capital structure decisions. Additionally, Ordinary Least Squares (OLS) is employed to examine the factors shaping the capital structure of these Islamic banks. With the broader macroeconomic environment in context, the findings reveal a positive correlation between Islamic bank performance and equity capital. On the reverse causality effect of performance on capital structure, it was found that Islamic banks with higher profitability tend to employ higher leverage. In conclusion, the study finds that capital structure is relevant for Islamic banks in the GCC, and emphasizes on the importance of identifying the right debt-equity balance for optimized performance and sustainable growth.
subject: Articles
  topic: section
subject: Capital structure, Islamic banks, Bank performance, Macroeconomic measures, GCC.
  topic: keywords
creator: Shouq AlSaedi
creator: Mohamed Mahees Raheem
rights: Copyright (c) 2024 Al Qasimia University Journal of Islamic Economics
date: 2024-06-06
publication date: 2024-06-06
starting page: 206
ending page: 232
doi: 10.52747/aqujie.4.1.333

Public Finance and Islamic Economics: The State of Art and Future Research Agenda
type: item
description: In this paper, we aim to carry out a comprehensive bibliometric analysis on articles published in the field of public finance and Islamic economics from 1972 until 2022. We have utilized Scopus and other published report in this field of research such as journal article, book chapter, conference paper, magazine, government reports, book and review manuscript. Numerous major civilizations, including Islam, have integrated public finance into their economic structures. Since the advent of Islam in Arabia until the Golden Age, Muslim authorities have endeavored to implement Islamic fiscal principles in accordance with the standards outlined in the Holy Qur'an and Sunnah. In Islamic economics, legal maxims (Al-Qawa'id Al-Fiqhiyyah) play a prominent role in public finance, as the Islamic legality of government actions must be considered prior to their execution. We believe, this research can serve a primary reference to public finance within the framework of Islamic economics on the state of research within a field or discipline and the way forward. We conclude that the incorporation of Islamic economics into public finance has substantial potential for stimulating economic expansion, guaranteeing social equity, and advocating for ethical financial conduct. As we begin this journey, it is important to develop a research agenda that includes several disciplines to tackle current economic difficulties. This will ultimately help create a more inclusive and sustainable economic model.
subject: Articles
  topic: section
subject: Public finance, Islamic economics, Compilations, Bibliometric.
  topic: keywords
creator: Hassanudin Mohd Thas Thaker
creator: Sharifah Nabilah Syed Salleh
creator: Jarita Duasa
rights: Copyright (c) 2024 Al Qasimia University Journal of Islamic Economics
date: 2024-06-06
publication date: 2024-06-06
starting page: 183
ending page: 205
doi: 10.52747/aqujie.4.1.329

The Convenience of Blockchain Technology to Islamic Financial Transactions (Suggested Legal Vision)
type: item
description: The main idea of ​​blockchain is about decentralized technology, which is independent of the control of any party that concludes or documents contracts. Because this technique was established to escape from the third party that concludes transactions between parties and documents contracts, as well as to escape from domination of law. Despite this, ​​blockchain is seen as the best solution to many legal dilemmas that are difficult to solve according to the traditional legal rules, especially with regard to the registration and transmission of digital assets, because these assets have become a reality that has imposed itself on many vital sectors, especially banking and financing. The use of blockchain technology as a mediator in financial transactions has become an inevitable and indispensable matter, for this reason, some countries have started to amend their laws to fit this new technology like France, which issued a decree called Blockchain decree, several US states also passed laws regulating the provisions of this technology, the first US state to legislate blockchain was Vermont. However, these legislations and amendments are not sufficient to accommodate all legal aspects of Blockchain technology, due to its novelty and continuous development, moreover, many countries have not followed the example of countries that have amended their legislation. Therefore, there is a large legislative vacuum regulating this technology in most countries of the world. This research explains the legal concept of blockchain technology, how it works, and the rules of law that organized it. It clarifies the appropriate legal mechanism to apply Islamic financial transactions to blockchain by applying the smart sukuk, the research also proposed some legal rules governing them.
subject: Articles
  topic: section
subject: Blockchain, Digital assets, Islamic sukuk, Smart sukuk, Smart contracts.
  topic: keywords
creator: Ahmad Al-Majali
rights: Copyright (c) 2024 Al Qasimia University Journal of Islamic Economics
date: 2024-06-06
publication date: 2024-06-06
starting page: 65
ending page: 116
doi: 10.52747/aqujie.4.1.323

A Proposed Strategy to Accelerate the Pace of Digital Transformation in Islamic Banks: An Applied Approach to the Experience of Four Leading Banks
type: item
description: This research aims to provide strategy to accelerate the digital transformation in Islamic banks, based on conceptual and applied curricula foundations by experiencing four Islamic banks (Abu Dhabi Islamic Bank, Qatar Islamic Bank, Kuwait Finance House and Saudi Al Rajhi Bank), research proceeded from the hypothesis that the examined Islamic banks has adopted a strategic plans for digital transformation were crowned with leadership, In view of this, a strategy can be developed to accelerate the digital transformation in Islamic banks, the hypothesis was tested based on Evolutionary analysis of the following variables: digital leadership reality, level of digital innovation, indicator of growth in the use of digital channels, level of use of digital transformation, study reached several results , including: (1) the experience of banks studied were crowned with digital leadership; (2) formulate strategy to accelerate the digital transformation which included developed strategic plans for digital transformation, building procedures to activate the digital leadership, procedures to activate the digital innovation, building mechanisms to adoption and implementation digital transformation techniques. Using evolutionary diagnosis to rectify the deviation in the implementation of proposed strategy, the research provided a set of proposals for ensuring continuous implementation of proposed strategy in keeping with its time frame.
subject: Articles
  topic: section
subject: Digital transformation, Digital transformation strategy, Digital innovation, Digital leadership, Digital transformation techniques, Evolutionary diagnosis, Islamic banks.
  topic: keywords
creator: Badr Azzamane Khemgani
rights: Copyright (c) 2024 Al Qasimia University Journal of Islamic Economics
date: 2024-06-06
publication date: 2024-06-06
starting page: 01
ending page: 64
doi: 10.52747/aqujie.4.1.310

Development of a Digital Islamic Social Stock Exchange: A Legal, Regulatory and Shariah Review
type: item
description: Equity trading through stock markets is a popular avenue for investors to obtain capital gain and profits. However, a much less known stock exchange has also existed in the conventional markets known as the social stock exchange (SSE). Conventional SSE initiatives have been successful among a few conventional economies such as Brazil, Canada, Singapore/Mauritius and recently India. An SSE enables social enterprises that have as their business social and environmental causes to list their projects or instruments for investors to invest in. Unlike for-profit stock exchanges, an SSE’s aim is not monetary gain for the investors but returns in terms of counteracting social upheaval and environmental conservation. In other words, impact investment is the aim of investors. Thus, investors impact the world through their investments in the social enterprises on the exchange. This research examines the prospect of developing a digital Islamic social stock exchange (ISSE) and proposes that Islamic economies can pilot an ISSE to deploy the Shariah vision of philanthropy, investment and sustainability. In expounding this proposal, the research reviewed the SSE of Brazil, Canada, Singapore/Mauritius and India and conducted three in-depth interviews with prominent scholars in this area. While paving the way to enable social enterprises whose goals are social and environmental causes to obtain funding, appropriate exposure and connections, the research neatly situates social stock exchange within the principles of Shariah and ascertains the need for establishing an ISSE. The research accordingly formulated suggestions about requisite legal, regulatory and Shariah elements for establishing a digital ISSE and its operating structures.
subject: Articles
  topic: section
subject: Digital Islamic social stock exchange, Shariah compliant impact investment.
  topic: keywords
creator: Aishath Muneeza
creator: Sherin Kunhibava
creator: Zakariya Mustapha
creator: Maryam binti Khalid
rights: Copyright (c) 2024 Al Qasimia University Journal of Islamic Economics
date: 2024-06-06
publication date: 2024-06-06
starting page: 117
ending page: 162
doi: 10.52747/aqujie.4.1.307

Debt, Credit and Islamic Epistemology
type: item
description: In the conventional literature it is assumed that finance is the life of modern economies and financial transactions cannot be executed without debt. The entire system is based on the rate of interest. It is assumed that without debt, the market economy cannot conduct its functions efficiently, therefore, the optimal allocation of resources is not possible. However, in general, it is also believed in the literature of sociology, anthropology, and moral economy that debt has played a negative role in increasing greed and dishonesty in societies. Historically, it is observed that most economic crises and depressions are due to excessive levels of debt. Furthermore, it is also observed that debt creates enmity between the creditor and debtor. On the other hand, Islam guides its followers that Allah (s.w.t.) has created a relationship involving debt imbued with justice. The debt market in the Islamic system promotes virtue and mitigates vice. The followers of Islam should operate in the debt market according to the design of Allah (s.w.t.) which is based on the qard al-hassan (benevolent loan). This paper discusses the debt market in the conventional and Islamic framework, the relationship between conspicuous consumption and debt, the role of qard al-hassan and further highlights the value-based aspects of debt and credit. Consequently, this study provides valuable insights regarding debt and credit in the Islamic framework, for the benefit of researchers, policy makers and the wider society.
subject: Articles
  topic: section
subject: Debt
  topic: keywords
subject: Credit
  topic: keywords
subject: Conspicuous Consumption
  topic: keywords
subject: Islam
  topic: keywords
subject: Qard al-Hassan
  topic: keywords
creator: Toseef Azid
creator: Abdulaziz Alfalih
rights: Copyright (c) 2023 Al Qasimia University Journal of Islamic Economics
date: 2023-12-11
publication date: 2023-12-11
starting page: 91
ending page: 118
doi: 10.52747/aqujie.3.2.276