Search Results (91)

This study examines the intersection of artificial intelligence-driven personal branding strategies and female entrepreneurship within Indonesia’s unique hijabi startup ecosystem. Through a mixed-methods approach combining sentiment analysis of 2847 social media posts, in-depth interviews with 35 hijabi entrepreneurs, and machine learning analysis of branding patterns, this research reveals how AI technologies can be leveraged to create culturally sensitive personal branding frameworks for Muslim female entrepreneurs. The findings demonstrate that successful hijabi entrepreneurs employ distinct AI-enhanced communication strategies that balance religious identity, professional credibility, and market positioning. The study introduces the “Halal Personal Branding Framework,” a novel theoretical model that integrates Islamic values with contemporary digital marketing practices. Results indicate that AI-driven personal branding increases startup funding success rates by 34% and market reach by 58% among hijabi entrepreneurs when culturally appropriate algorithms are employed. This research contributes to entrepreneurship communication theory while providing practical guidelines for developing inclusive AI systems that respect religious and cultural diversity in the digital economy. Full article

This study explores how FinTech and artificial intelligence (AI) adoption shape efficiency and financial stability in dual-banking systems. It focuses on 26 listed Islamic and conventional banks across 11 countries in the MENA and Southeast Asia regions between 2020 and 2024. To measure digital adoption, we create a seven-component FinTech Adoption Index. We use fixed-effects regressions to examine its impact on cost efficiency, profitability, solvency stability, and credit risk. This analysis also controls bank size, capitalization, and macroeconomic conditions. The results show a clear adoption gap. Conventional banks consistently score 0.5–0.8 points higher on the FinTech Index compared to Islamic banks. Each additional FinTech component raised operating costs by about 0.8%, but improved profitability slightly by only 0.03%. This suggests that technological integration creates upfront costs before any real efficiency gains are seen. However, the stability benefits are stronger. FinTech adoption increases the Z-score by 3.6 points and lowers the non-performing loan ratio by 0.1%. Islamic banks gain more stability benefits due to their risk-sharing contracts and asset-backed financing structures. Overall, an efficiency–stability trade-off emerges. Conventional banks focus more on profitability, while Islamic banks gain resilience, but face slower efficiency improvements. By combining the Resource-Based View and Financial Stability Theory, this study provides the first multi-country evidence of how governance structures shape digital transformation in dual-banking markets. The findings offer practical guidance for regulators and bank managers around balancing innovation, efficiency, and stability. Full article

This study examines the relationship between crude oil returns (CRT) and Islamic stock returns (ISR) in BRIC countries during the Global Financial Crisis (GFC), employing wavelet-based comovement analysis and regression models that incorporate both contemporaneous and lagged CRT across 40 cases. The wavelet analysis reveals strong long-term comovement at low frequencies between ISR and CRT during the GFC. Contemporaneous regressions show that increases (decreases) in CRT align with corresponding movements in ISR. Lagged regressions indicate that CRT can predict ISR up to one week ahead for Brazil, Russia, and China, and up to two weeks for India, although the predictive strength weakens beyond this window. These findings challenge the perception that Islamic stocks were immune to the GFC, showing they were affected by global oil market dynamics, albeit with varying degrees of resilience across countries and time horizons. Full article

The current study examines the application of advanced machine learning (ML) techniques for forecasting credit risk in Islamic (participation) and traditional banks in the United Kingdom in 2010–2023. Leveraging an equally weighted panel dataset and guided by robust empirical literature, we integrate structural econometric modeling—i.e., the stochastic frontier approach (SFA) to measuring the Lerner index of market power—with current best-practice tree-based ML algorithms (CatBoost, XGBoost, LightGBM, and Random Forest) to predict non-performing loans (NPLs). The results show that bank-level financial performance measures, particularly loan ratio, profitability, and market power, outperform macroeconomic factors in forecasting credit risk. Among the models tested, CatBoost was more accurate and explainable, as confirmed by SHAP-based explainability analysis. The implications of the research have practical applications for risk managers, regulators, and policymakers in terms of valuing the explanatory power of explainable AI tools to enhance financial oversight and decision-making in post-crisis UK banking. Full article

Green banking has become a concept of interest, particularly with the focus on the role played by banks in pursuing Sustainable Development Goal 13 on climate action. This study is distinguished from previous ones in that it aimed at investigating the multi-regional view on green banking practices/activities around the world with a special emphasis on the opportunities and challenges that various banks encounter in different geographical areas. A systematic review approach was adopted based on the Web of Science and Scopus databases, in which 159 articles were retrieved and 62 articles synthesized through a thematic analysis. The research process was demonstrated through a Prisma 2020 flowchart. Key multiregional green banking activities identified include digital banking, green loan or sukuk products for Islam-dominated economies, green services and investments, and financing of green infrastructure. In essence, the implementation of green banking is either directly through active green lending and greening their operations or indirectly through enhancing conditions. The key challenges identified include regulatory handles, social economic and culture hinderances, transition risk and the high cost of compliance, greenwashing concerns, and weak investor confidence. The most prevalent opportunities included green banking as a strategic competitive advantage, emerging market niche, and as a strategy for long-term climate risk management. Full article

The Zaatari Camp in Jordan exemplifies how Syrian refugees transform a planned grid settlement into an organic urban environment through socio-spatial adaptation, reflecting their cultural identity and territorial practices. This study investigates the camp’s morphological evolution, analyzing how refugees reconfigure public and private spaces to prioritize privacy, security, and community cohesion. Using qualitative methods—including archival maps, photographs, and field observations—the research reveals how formal public areas are repurposed into private shelter extensions, creating zones of influence that mirror traditional Arab-Islamic urban patterns. Key elements such as mosques, markets, and hierarchical street networks emerge as cultural anchors, shaped by refugees’ prior urban experiences. However, this organic growth introduces challenges, such as blocked streets and undefined spaces, which hinder safety and service delivery, underscoring tensions between informal urbanization and structured planning. The findings advocate urban resilience and participatory planning frameworks that integrate socio-cultural values, emphasizing defensible boundaries, interdependence, and adaptable design. Refugees’ territorial behaviors—such as creating diagonal streets and expanding shelters—highlight their agency in reshaping urban systems, challenging conventional top-down approaches. This research focuses on land-use dynamics, sustainable cities, and adaptive urban systems in crisis contexts. By bridging gaps between displacement studies and urban theory, the study offers insights into fostering social inclusion and equitable infrastructure in transient settlements. Future research directions, including comparative analyses of refugee camps and cognitive mapping, aim to deepen understanding of socio-spatial resilience. Ultimately, this work contributes to global dialogues on informal urbanization and culturally responsive design, advocating for policies that align with the Sustainable Development Goals to rebuild cohesive, resilient urban environments in displacement settings. Full article

This study endeavors to explore the shock-transmission mechanism between Trade Policy Uncertainty (TPU) and the volatility inherent in the Gulf Cooperation Council (GCC) Islamic stock markets by employing the novel Quantile Vector Auto Regression (QVAR) with “Extended Joint” and “Frequency” domain connectedness technique. Overall findings indicated a U-shaped pattern in the shock-transmission mechanism with the higher TPU shocks transmitted towards Islamic stock market volatility at the extreme quantiles and in the long term. The “Extended Joint” QVAR connectedness approach highlights that, in bearish and moderate-volatility conditions (τ = 0.05, 0.50), diversifying portfolios across less shock-prone equity markets like Qatar and UAE can mitigate risk exposure to TPU shocks. Specific economies receiving higher TPU shocks, like Bahrain, Kuwait, and Saudi Arabia, should implement strategic frameworks, including trade credit insurance and currency hedging, for risk reduction in trade policy shocks during the bearish and moderate-volatility conditions. Conversely, Qatar and Kuwait show the least transmission of error variance from TPU during higher-volatility conditions (τ = 0.95). Moreover, the application of the Frequency-domain QVAR technique underscores the need for short-term speculators to exercise increased vigilance during bearish and bullish volatile periods, as TPU shocks can exert a more substantial influence on the Islamic equity market volatility of Bahrain, Oman, Kuwait, and Saudi Arabia. Long-term investors may need to tailor their asset-allocation strategies by increasing allocations to more stable assets that are less susceptible to TPU shocks, such as Qatar, during bearish (τ = 0.05), moderate (τ = 0.50), and bullish (τ = 0.95) volatility. Full article

While prior research has established direct relationships between strategic risk integration and ESG performance in banking, critical gaps remain in understanding the transformation mechanisms, particularly in emerging markets. This study investigated how banking innovation capacity mediates the relationship between strategic risk integration and ESG performance in Jordanian banks. Drawing on dynamic capabilities theory and questionnaire data from 165 banking executives (71.7% response rate), the results revealed that strategic risk integration significantly influences ESG performance both directly and indirectly through banking innovation capacity. The multi-group analysis showed institutional invariance between commercial and Islamic banks, suggesting the generalizability of these relationships. The findings advance dynamic capabilities theory by demonstrating innovation capacity’s role as a transformative mechanism in banking sustainability and provide practical insights for emerging market banks seeking to enhance ESG performance through integrated risk management and innovation strategies. Full article

This paper addresses the issue of agricultural land fragmentation in Islamic countries. In the se countries, agricultural land is fragmented into tiny and unproductive holdings. Fragmentation of agricultural holdings reduces production due to difficulties in applying modern technology, lack of access to loans, and the challenges in marketing small quantities. The inheritance system, based on Islamic law, is one of the biggest reasons for land fragmentation. Previous complex laws to address land fragmentation often conflicted with national constitutions or Islamic law, making their implementation difficult. A mixed-methods approach was employed, combining qualitative analysis with a one-way analysis of variance (ANOVA) to examine differences in productivity and operational costs per hectare under various land management systems. The findings demonstrate that implementing waqf (endowment) as a land management strategy can significantly mitigate land fragmentation. Waqf preserves agricultural land as a single, indivisible entity, allowing for long-term planning, farm expansion, and sustainable investment. This approach enhances productivity and supports sustainable agricultural development. This study concludes that waqf aligns with Islamic principles and offers a practical, culturally appropriate solution to land fragmentation. By mitigating fragmentation and promoting sustainable development, waqf ensures continuity, supports agricultural growth, and contributes to broader development goals. Full article

The third expansion of the Islamic Caliphate (AD950–1450) produced the need for formalising an ethical framework to create an institutionalised approach to market regulations. During these times significant contribution to the literature was made regarding the modelling of the ethical premise of the duty to subscribe good and prohibit wrongs. It ranged from the formation of vigilante-styled civil duties to the institutionalisation of ethics in the form of the institution of hisbah, which is broadly understood as a quasi-autonomous non-governmental organisation (quango) designed to establish the ethical mandate within the medieval Muslim world. Our investigation maps the development of thoughts on embedding ethical rules in markets and within society between AD950–1450. This study explores and conceptualises the models for market regulations proposed by Al-Mawardi (d.AD1058), Al-Ghazali (d.AD1111), Ibn Taymiyya (d.AD1328), and Ibn Khaldun (d.AD1406). We formulate and compare the ethical models of these scholars in the context of their political–social positionings. The rationale for choosing these four scholars is the wide articulation and recognition of their logical ideas throughout Islamic history. This research examines the historic–ethical patterns within the corpus of Islamic thoughts that provide a discourse deixis for constructing regulatory models as conceptualised by these scholars for the institutionalised governance of markets and society in general. Full article

This study addresses FinTech implementation challenges in the banking industry in Palestine. This was accomplished by adopting qualitative research methods. Semi-structured interviews were conducted with interviewees from the Palestinian Monetary Authority, banks, and FinTech companies. Thematic analysis was conducted using NVivo 12 software to identify themes in the interview scripts. Research outcomes suggest that FinTech development in Palestine encounters a range of multifaceted challenges, which can be categorised using the TOE (technological, organisational, environmental) framework. On the technological front, issues such as underdeveloped IT and telecommunications infrastructure, restricted mobile frequencies due to Israeli occupation, limited IT expertise, cyber risks, low digital literacy, and minimal FinTech awareness hinder progress. Organizationally, resistance to change, inadequate agility, limited digital skills, and slow Sharia compliance updates in Islamic banking impede innovation. Environmentally, the absence of a dedicated FinTech framework, unclear regulatory guidance, limited market size, and strict AML/CFT regulations create uncertainties for non-bank entities and restrict investment opportunities. Addressing these interconnected barriers requires coordinated efforts across legal, financial, and technological sectors to foster FinTech integration and growth in Palestine. Full article

This study documents the comparative financial performance of the Islamic Banking Services Industry (IBSI) in the Gulf Cooperation Council (GCC) region. After drawing the performance evaluation framework (based on the CAMEL framework), the research conducted data analysis of the Islamic Banking Services Industry (IBSI) in the GCC region for 31 quarters (2013Q4–2021Q4). The analysis examines capital adequacy, asset quality, management performance, earnings, and liquidity management. Objectively classified data trends are reported through graphs. Additionally, the research documents internal determinants of financial performance. Findings suggest that the GCC-IBSI has shown overall progress in achieving primary objectives (commercial performance), including healthy capital adequacy, cost control, equity returns, and liquidity management. Capital adequacy, cost control, and liquidity management significantly contribute to financial performance. Managerial implications include cost control, reduction in non-performing loans, and prudent liquidity management. There exist opportunities in the GCC-IBSI for investors, given the mismatch in demand and supply of Islamic financial services. This study contributes to the literature by documenting findings on the achievements of the primary objective of IBSI in multiple GCC-IBSI markets comparatively. Full article

Increasingly, educators committed to the vision of Islamic schooling are expressing sentiments of moral dissonance. On the one hand, they choose Islamic schools because they aspire to affect hearts, nurture whole human beings, and grow spiritually while impacting their learners’ sense of higher purpose. On the other hand, they are up against an era of globalised educational reform, characterised by neoliberal-engendered market forces and neoliberal policy logic that promote performativity and efficiency. This narrows what counts as learning, technicises the art of teaching, and assumes all learning that counts is visible and measurable. The teacher education and ongoing professional learning that educators working in Islamic schools have access to remains bifurcated. It is unable to address how an educator committed to tarbiya as “soul-making” ought to navigate aspirations with realities. This paper serves as the introduction to a special issue (SI) dedicated to conceptualising why Islamically grounded teacher education is needed and what it may entail. This SI will also offer empirical studies related to existing Islamic teacher education and professional learning programmes that capture essential reflections for a burgeoning subfield of Islamic Education Studies. In this introduction specifically, the co-editors and a co-author colleague make three big moves to lay the foundations for Islamic teacher education, including (1) establishing urgency for why Islamic teacher education is needed, (2) conceptualising what makes teacher education “Islamic”, and (3) providing an example of one Islamic teacher education programme’s attempt to advance a coherent professional learning journey for Islamic school educators. Together, these three moves serve as an attempt to redress bifurcation and advance a contextually relevant in-road to teacher education that is rooted in an Islamic paradigm and worldview while conversant with contemporary debates in education. Full article

This study investigates the financial interconnections among Real Estate Investment Trusts (REITs), sukuk (Islamic bonds), and oil in Gulf Cooperation Council (GCC) nations. The study sample comprises S&P GCC Composite Equity Real Estate Investment Trusts (REITs) Shariah, the S&P GCC Bond and Sukuk Index, and the OPEC crude oil basket on a daily basis. The duration of coverage spans from 2014 until the beginning of 2024. The TVP-VAR methodology is utilized to examine the interrelationship among the assets. The results indicate that Real Estate Investment Trusts (REITs) and oil are sources of volatility transmission, whereas sukuk is a recipient of volatility within the network. Examining the net pairwise directional linkages of two assets, namely REITs and oil markets, reveals that they transfer their volatility to the sukuk market. Moreover, a reciprocal relationship exists between REITs and oil regarding volatility spillover. It means that REITs act as transmitters to the oil markets during specific periods, while the influence is reversed at other times. This study implies that portfolio managers and investors can discern the volatility patterns of assets in order to enhance their risk-management techniques. For policymakers, comprehending the interdependence of certain asset classes provides valuable knowledge for formulating regulations that might stabilize the financial system and foster economic growth. From a research and academic perspective, this study enhances understanding of the interconnections between different financial asset classes and pricing dynamics in financial markets. Full article

Islamic finance (IF) holds significant potential for economic development and the enhancement of financial inclusion in Uzbekistan. Sukuk, as a key Islamic capital market instrument and Shari’ah-compliant investment alternative, plays an important role in this context. However, the demand for sukuk and its determinants are not well understood by policymakers and industry practitioners in Uzbekistan. This study aims to address this research gap by utilizing an ordinal logit model on primary data collected through a survey of 196 individuals from diverse demographic and professional backgrounds, with varying levels of IF and capital market knowledge and experience. The regression results indicate that factors such as prior investment experience, knowledge of sukuk, and a strong inclination toward Shari’ah-compliant investments positively influence an individual’s intent to buy sukuk. Conversely, we found that residents of Tashkent (the capital city) are less likely to invest in sukuk compared to residents of other regions in Uzbekistan or those residing abroad. Based on this study’s findings, several essential policy and practical recommendations are provided to relevant stakeholders. Full article