Empirical Islamic Banking

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.

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.

Entrepreneurial Finance, Agency Problems And Islamic Ethics: Complementarities And Constraints

Submitted by Munir on Fri, 08/12/2022 - 10:06

This paper examines the interactions between Islamic ethics related to entrepreneurs and finance and discusses their implications on entrepreneurial finance. The practice of Islamic entrepreneurial ethics creates trust that helps to mitigate agency problems. In such cases, investors can use contracts involving Islamic financial ethics. However, in the absence of the practice of normative entrepreneurial ethics, agency problems arise that need to be resolved contractually.

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