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Board characteristics and sustainability performance: Empirical evidence from emerging markets

Submitted by Munir on Fri, 08/12/2022 - 21:31

This study aims to investigate the effects of board attributes, i.e. board independence, gender diversity, board size and board activity, on the sustainability performance of 439 publicly-listed non-financial companies across 20 emerging countries over the period of 2010–2019.

The Spillover Effects of the COVID-19 Pandemic: Which sub-sectors of Tourism have been affected more?

Submitted by Munir on Fri, 08/12/2022 - 21:14

This paper investigates the effects of COVID-19 pandemic-related uncertainty focusing on the US tourism subsectors, including airlines, hotels, restaurants, and travel companies. Using daily stock price data, we compute connectedness indices that quantify the financial distress in the tourism and hospitality industry and link these indices with a measure of COVID-19-induced uncertainty. Our empirical results show that some subsectors of tourism are affected more than others. The connectedness of tourism companies has severely increased after March 2020.

Open Banking from EU's Payment Services Directive to Practice: The Cases of Solarisbank and Insha

Submitted by Munir on Fri, 08/12/2022 - 19:50
Rapid developments and the adoption of financial technologies (Fintech) lead to radical changes in the delivery of financial services, including enabling fast payment systems. The recent COVID-19 pandemic catalyzed these processes, while Open Banking supports their further advancement. The concept of Open Banking is gaining global recognition for integrating innovative financial service providers into the sustainable financial ecosystem. This paper discusses Open Banking, including its core building blocks, prospects, and challenges.

Embedding Value-Based Principles in the Culture of Islamic Banks to Enhance Their Sustainability, Resilience, and Social Impact

Submitted by Munir on Fri, 08/12/2022 - 19:42
Value-based banks strive to build a self-sustaining banking model with inclusive and transparent governance that is sustainable and resilient to external disturbances. Initiatives for value-based intermediation in Islamic finance started in Malaysia. The growth in VBIBs is accompanied by claims about its relative resilience to crisis and efficiency compared to VBBs and conventional banks. However, little empirical evidence is available to support such claims. This study aims to analyze the resilience and efficiency of VBIBs compared to the VBBs and GSIBs.

Re-Thinking Sustainable Development within Islamic Worldviews: A Systematic Literature Review

Submitted by Munir on Fri, 08/12/2022 - 19:36

Many models of economic growth and sustainable development like circular economy, doughnut economy, and sharing economy were articulated to address the global issues including poverty, climate change, and inequity. However, these models were not informed by traditional value- based worldviews. This systematic literature review aims to gain insights on the different models, practices, and drivers for Islamic sustainable development to inform a new discourse for sustainability.

China's transition to a digital currency does it threaten dollarization?

Submitted by Munir on Fri, 08/12/2022 - 19:07
This article provides a detailed introduction to China's launching of a digital currency. We conduct a comparative analysis concerning whether digital currency is a more stable and reliable currency than cryptocurrency and investigate whether a digital renminbi (or yuan) could replace the US dollar as a medium of exchange in international transactions. China has gained a first-mover advantage by rolling out a central bank digital currency (CBDC). But the outcome will depend on the US response as well as the future evolution of the US and Chinese economies.

Buying Citizenship: A Boon to District-Level House Prices in Istanbul

Submitted by Munir on Fri, 08/12/2022 - 18:52
Citizenship by investment (CBI) programs have recently garnered significant academic and media attention. Turkey introduced such a program in 2017 that offers citizenship in exchange for investment in residential property. Through the program, thousands of foreigners, mainly from the Middle East and Asia, have purchased houses, particularly in Istanbul. Foreigners’ share of total houses sold in Istanbul almost sextupled and exceeded 10% of total sales.

مراجعة مقاصدية لقضية الجمع بين العقود

Submitted by Munir on Fri, 08/12/2022 - 18:45
The paper aims to analyze the Shariah objectives of the Shariah texts related to the prohibition of combining contracts rightly observe the prohibition, as it is feared that some literal interpretations of those texts may have led to unnecessar restrictions of peoples' financial transactions. The paper reconciles those texts and the general Shariah objectives relating to financial transactions.

Shariah and Maqasid Analysis of Financial Derivatives and the Attempts to Islamize them

Submitted by Munir on Fri, 08/12/2022 - 16:50
There have been increasing attempts recently to Islamize some financial derivatives. These attempts were initially meant to provide solutions to certain problems like the need to buy a currency or some commodity at a predetermined price on a future date for hedging purposes, but they later developed to include using the same strategies for speculation purposes. The later development involves serious effects on economics, for speculations have been proved to be a major reason behind the occurrence of financial crisis.

Siffin Arbitration Agreement and Statecraft in Early Islamic Political Documents

Submitted by Munir on Fri, 08/12/2022 - 10:23
In this article we study the different recensions of the Ṣiffīn Arbitration Agreement and classify them into six different versions. Despite the differences in length and language among them, we note that these can be traced to a source document. We then highlight the key features and terminology found in the different versions of the Ṣiffīn Arbitration Agreement and observe the striking parallels that they share with the covenants attributed to the Prophet Muḥammad.