Although the phenomenon of spirituality in the workplace has received enormous attention from other religious faiths, the construct of Islamic spirituality has not been much explored. This empirical study attempts to enrich the understanding of the spirituality in the workplace phenomenon from the Islamic management perspective. The surveyed data used for this empirical research was drawn from 405
Ethics has become increasingly important in the financial services sector on the grounds that the aim of business activities in general and financial services in particular is the creation of value for the consumer. Furthermore, an ethical environment in the business and financial sectors provides vital support for maximising long-term owner value. If ethics played a larger role in the financial services sector, the recent global financial crisis might have been averted.
Islamic finance faces an unprecedented existentialist threat from the exponential explosion of knowledge in the current Information Age. Excessively legalistic current practices such as Shariah arbitrage, fatwa shopping, and the use of legal ruses have collectively exacerbated a pre-existing deficit of trust with ordinary Muslims.
Starting from the fundamental principles, whether a designed contract implies a clean bay’ rather than riba is central to our discussion.
Over the past decades much effort and research has gone into establishing a viable set of Islamic financial institutions. An area of utmost importance, which still has gaping holes, is the development of instruments for government financing on a global level. Most
Banks avoid participatory financing due to serious information asymmetries, adverse selection and moral hazard problems resulting in negative impacts for the return on capital provided. Even financing instruments with a participatory legal form such as musharakah sukuk have been stripped of their risk sharing substance and become functional equivalents of interestbearing bonds.
On the deposit side, Islamic banks work on a mudaraba (partnership) contract, where the depositor and the bank are business partners.
This paper investigates the determinants of banking profitability in the Turkish banking sector between 2003 and 2011. In addition, we calculate the effect of being an Islamic bank on banking profitability, which allows us to differentiate conventional and Islamic banks. We introduce the method of propensity score matching to the banking literature in order to estimate the average treatment effect (ATE) of being an Islamic bank in Turkey where there exists a dual banking system.
Using data envelopment analysis (DEA), this paper estimates the efficiency of 25 Islamic banks operating in Gulf Cooperation Council (GCC) countries during the period 2003–2009. It also examines the relationship between the efficiency of Islamic banks and the performance of their stock. The results suggest that efficiency measures, particularly technical and pure technical efficiency, have increased over the period of study but remain low as compared to conventional banks. The inefficiency of Islamic banks can be attributed to pure technical inefficiency rather than to scale inefficiency.