Authors:Muhammad Aqib Ali Pages: 1 - 15 Abstract: The paper reviews the progress of Islamic banking in two major regions, including Asia and the Western world. The paper offers an inclusive discussion of Islamic banking initiatives in several countries of the globe, specifically the countries from the Middle Eastern region, Europe, Australia, Asia, and North America. The discussion for Asian countries includes Saudi Arabia, Iran, UAE, Qatar, Bahrain, Kuwait, Turkey, Egypt, Malaysia, Oman, Indonesia, Pakistan, and Bangladesh. The paper also appraises the development of the Islamic banking setup in the Western world. The Islamic banking status in the west covers the following countries: United Kingdom, Italy, Australia, Luxembourg, France, Germany, Canada and the USA. The review of Islamic banking in the two major world regions reflects a progressive Islamic banking setup. The paper entails a qualitative approach to evaluate the Islamic banking progress in various countries by extracting data from different sources, including central banks and other important financial and regulatory institutions. The study affirms that the Islamic banking paradigm emerged and flourished from the Asian states, specifically Middle Eastern and Asian countries, including Egypt, Bahrain, Qatar, UAE, Malaysia, Pakistan and Iran. The findings also suggest that the Islamic banking model has progressed gradually in European and other countries like Australia, the USA and Canada, which warrants a promising potential for the global Islamic banking sector. PubDate: 2023-04-13 DOI: 10.13135/2421-2172/7345 Issue No:Vol. 10, No. 1 (2023)
Authors:Zulfikri Zulfikri, Salina Kassim, Anwar Hassan Abdullah Othman Pages: 16 - 23 Abstract: The adoption of blockchain technologies necessitates the consideration of a wide range of factors far beyond the technology focus of most current research. Blockchain technology's ability to record transactions on distributed ledgers opens new possibilities for zakat institutions to improve transparency, prevent fraud, and build trust in the public sector. Even though academic research on blockchain technology is still in its infancy, most academics focus on the technology itself and overlook the zakat institutions adopting it. This paper drew on a comprehensive literature review to propose a conceptual framework for blockchain technology adoption. Zakat institutions can use the proposed framework as a reference point for adopting blockchain applications and for scholars to expand, refine and evaluate research into blockchain technology. PubDate: 2023-04-13 DOI: 10.13135/2421-2172/7221 Issue No:Vol. 10, No. 1 (2023)
Authors:Sumbul Pages: 24 - 33 Abstract: The National Stock Exchange of India (NSE) has presented Nifty 50 Shariah and Nifty 500 Shariah indices to provide unconventional indices for Sharia-compliant companies. These indices follow Sharia laws and can be used in portfolios that are culturally dependable commodities for investors who do not wish to put their money into the undesired business. NSE witnessed big movements in the indices during the Covid-19 period. This study seeks to understand the association between Nifty 500 Sharia and Nifty 50 Sharia and their respective selected indexes, Nifty 500 and Nifty 50, during the Covid-19 pandemic. The period from 27/01/2020 to 31/05/2022 has been taken for this study. The techniques applied, like correlation, co-integration, GMM, etc. based on the objectives of this paper. We conclude that the return of Sharia indices is better compared to the other indices. Also, stocks compliant with Sharia Indices are less risky and a better alternative for the portfolio during pandemic times. PubDate: 2023-04-13 DOI: 10.13135/2421-2172/7108 Issue No:Vol. 10, No. 1 (2023)
Authors:Cemil Gunduz, Davide Calandra, Paolo Biancone Pages: 34 - 43 Abstract: Due to the increase in the Muslim population and per capita income worldwide, halal tourism and Islamic finance sectors have caught a rapid development trend in recent years. This study presents information about halal concept hotels in Italy, a European country where halal tourism offer is an emerging sector. In this study, interview and web content analysis, which are qualitative research techniques, were used. The study's main purpose is to give preliminary information about the halal products and services offered in Italy, one of the most preferred countries by Muslim tourists, to reveal the current situation of halal concept hotels and the evaluations for the future of halal tourism in Italy. According to the research results, over 800 hotels across Italy have at least one halal product or service. Although Lazio is the region with the highest number of halal hotels, the most common halal hotel group is 4-star hotels. Italy has 194 halal-concept pools and beach facilities for women and families. Among the facilities halal-themed hotels offer tourists are prayer areas, halal food, alcohol-free rooms and family privacy. PubDate: 2023-04-14 DOI: 10.13135/2421-2172/7429 Issue No:Vol. 10, No. 1 (2023)
Authors:Sanaa Kadi Pages: 44 - 60 Abstract: Abstract— This is a research based on the results of a survey conducted with Muslims residing in Finland about the reasons for not taking usurious loans and their reluctance to pay interest, which affects significantly the Muslim community and leads to their financial exclusion, such as preventing them from owning a dwelling in Finland or investing their money in projects that are in compliance with their religion. The results were exclusive and reflect the reality experienced by the Muslim minority in Finland. In addition to the interesting results observed, the non-existence of Islamic banking institutions in Finland makes this research unique because it explains how Muslims perceive usury and deal with it in an environment where the Muslim community is growing constantly but is still considered a minority. PubDate: 2023-04-19 DOI: 10.13135/2421-2172/7162 Issue No:Vol. 10, No. 1 (2023)
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