Islamic Finance in the Modern Era

This book focuses on recent developments in financial technology: specifically,

how FinTech affects the Islamic finance industry. It examines the challenges
of Shariah compliance and explores opportunities for riba-free finance.
The book describes contemporary FinTech solutions, investigating their
relation to Islamic financial institutions. It outlines the current status of Islamic
FinTech, arguing that it can provide Shariah-compliant innovative financial
services to bridge the gap and compete with or complement conventional
finance. Islamic FinTech can play a transformational role in making Islamic
finance more accessible to a wide range of audiences and can also support
the SME sector, which has been significantly impacted by the fallout of the
COVID-19 pandemic.
First, the book addresses thematic issues in Islamic finance, including its
role in poverty eradication, elevating SMEs, and the Islamic digital economy.
Second, it examines Shariah-compliant instruments in Islamic finance. The
final part encompasses the risk profile of Islamic finance products and explores
mitigation strategies. The book simultaneously presents theories, practice,
and key issues, introducing new ideas and perspectives to the Islamic banking
and financial community.
The primary audience for the book will be researchers and scholars of
Islamic economics and finance, and it will also appeal to practitioners and
regulatory bodies.

Hussain Mohi-ud-Din Qadri is Deputy Chairman of the Board of Governors

of Minhaj University, Lahore; Professor at the School of Economics and
Finance, Minhaj University, Lahore, Pakistan; and Senior Fellow, the
University of Melbourne, Australia.

M. Ishaq Bhatti is Professor of Finance, School of Business and Economics,

Universiti Brunei Darussalam, and Adjunct Professor Finance & Financial
Econometrics and the Founding Director of the Islamic Banking and Finance
Programme at La Trobe University, Australia.
Islamic Business and Finance Series
Series Editor: M. Ishaq Bhatti

There is an increasing need for western politicians, financiers, bankers, and

indeed the western business community in general to have access to high
quality and authoritative texts on Islamic financial and business practices.
Drawing on expertise from across the Islamic world, this new series will
provide carefully chosen and focused monographs and collections, each
authored/edited by an expert in their respective field all over the world.
The series will be pitched at a level to appeal to middle and senior
management in both the western and the Islamic business communities. For
the manager with a western background the series will provide detailed and
up-to-date briefings on important topics; for the academics, postgraduates,
business communities, manager with western and an Islamic background the
series will provide a guide to best practice in business in Islamic communities
around the world, including Muslim minorities in the west and majorities in
the rest of the world.

Islamic Sustainable Finance

Policy, Risk and Regulation
Edited by Mohd Ma’Sum Billah, Rusni Hassan, Razali Haron and Nor
Razinah Mohd. Zain

Islamic Finance and Sustainable Development

A Global Framework for Achieving Sustainable Impact Finance
Edited by Mohd Ma’Sum Billah, Rusni Hassan, Razali Haron and Nor
Razinah Mohd. Zain

Islamic Finance in the Modern Era

Digitalization, FinTech and Social Finance
Edited by Hussain Mohi-ud-Din Qadri and M. Ishaq Bhatti

For more information about this series, please visit: www.routledge.com/Islamic-Business-and-

Finance-Series/book-series/ISLAMICFINANCE
Islamic Finance in the
Modern Era
Digitalization, FinTech and Social Finance

Edited by Hussain Mohi-ud-Din Qadri

and M. Ishaq Bhatti
First published 2025
by Routledge
4 Park Square, Milton Park, Abingdon, Oxon OX14 4RN
and by Routledge
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Routledge is an imprint of the Taylor & Francis Group, an informa business
© 2025 selection and editorial matter, Hussain Mohi-ud-Din Qadri
and M. Ishaq Bhatti; individual chapters, the contributors
The right of Hussain Mohi-ud-Din Qadri and M. Ishaq Bhatti to be
identified as the authors of the editorial material, and of the authors
for their individual chapters, has been asserted in accordance with
sections 77 and 78 of the Copyright, Designs and Patents Act 1988.
All rights reserved. No part of this book may be reprinted or
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or registered trademarks, and are used only for identification and
explanation without intent to infringe.
British Library Cataloguing-in-Publication Data
A catalogue record for this book is available from the British Library
Library of Congress Cataloging-in-Publication Data
Names: Qādrī, Ḥusain Muḥīuddīn, editor. | Bhatti, M. Ishaq, editor.
Title: Islamic finance in the modern era : digitalization, fintech and
social finance / edited by Hussain Mohi-ud-Din Qadri snf
M. Ishaq Bhatti.
Description: 1 edition. | New York, NY : Routledge, 2025. |
Series: Islamic business and finance | Includes bibliographical
references and index.
Identifiers: LCCN 2024006977 (print) | LCCN 2024006978 (ebook) |
ISBN 9781032433165 (hardback) | ISBN 9781032433172 (paperback) |
ISBN 9781003366751 (ebook)
Subjects: LCSH: Finance—Islamic countries. | Finance—Religious
aspects—Islam. | Sharing—Religious aspects—Islam.
Classification: LCC HG187.4 .I83563 2025 (print) | LCC HG187.4 (ebook) |
DDC 332.1088297—dc23/eng/20240314
LC record available at https://lccn.loc.gov/2024006977
LC ebook record available at https://lccn.loc.gov/2024006978
ISBN: 978-1-032-43316-5 (hbk)
ISBN: 978-1-032-43317-2 (pbk)
ISBN: 978-1-003-36675-1 (ebk)
DOI: 10.4324/9781003366751
Typeset in Sabon
by Apex CoVantage, LLC
Contents

List of Figuresviii
List of Tablesx
List of Contributorsxii
Forewordxxiii
RODNEY WILSON

1 Issues in Islamic Economics and Finance: Exploring the Path

to Socio-Economic Justice 1
HUSSAIN MOHI-UD-DIN QADRI AND M. ISHAQ BHATTI

2 Emergence of Islamic Digital Economy 12

HUSSAIN MOHI-UD-DIN QADRI AND FAREED AHMAD MALIK

3 The Role of Islamic Social Finance in Poverty

Eradication 26
AHMED IMRAN HUNJRA, MURUGESH ARUNACHALAM, AND
MAHNOOR HANIF

4 Islamic Finance Technology and its Success in Countering

the Impact of the COVID-19 Pandemic on SMEs 40
FARAZ UMAIR AFZAL, GHULAM SARWAR, AND AQSA SULTAN

5 Islamic Framework for Behavioral and Socio-Economic

Justice 52
MUGHEES SHAUKAT, BUSHRA SHAFIQUE, AND ARABY MADBOULY

6 Islamic Banking in Non-Muslim Countries 79

MOHAMMED QASIM KHAN
vi Contents

7 Shariah Indices and Human Wellbeing 94

ATIQ UR REHMAN AND M. ISHAQ BHATTI

8 Islamic Insurance (Takaful): An Overview 112

SHAHID RIZWAN AND HUSAM-ALDIN N. AL-MALKAWI

9 Determinants of Islamic Banking Industry Performance:

Does Economic Value Added Matter? 125
HASSAN OBEID AND NADIA SLIMENE

10 An Analysis of Credit Risk in ASEAN and GCC Islamic

Banks 144
FARIDAH NAJUNA MISMAN AND M. ISHAQ BHATTI

11 Mediating Effect of Corporate Image towards Islamic

Bank Loyalty: The Role of Religiosity, Collectivism, Sight
Cues, and CSR 161
MUHAMMAD SALEEM ASHRAF, EJAZ ASLAM, JAWAD ALI, AND
ANAM IQBAL

12 Gender Disparities in Corporate E-Discourse of Islamic

Banks in Pakistan 179
ABDUL QAYYUM SAHAR AND WASIMA SHEHZAD

13 Evaluation of Environmental, Social, and Governance

Criteria in Banking Practices: A Comparison of Islamic and
Conventional Banks of Pakistan 189
SEEMAL RASHID AND HAMZA AHMAD QURESHI

14 Islamic Finance and the Shadow Economy 210

SHABEER KHAN

15 Mutual Fund Performance: The Case of Saudi Arabia 230

NASEEM AL RAHAHLEH AND M. ISHAQ BHATTI

16 Strident Response of Islamic Banking Industry to Political,

Financial, and Pandemic Events 254
GHULAM GHOUSE AND M. ISHAQ BHATTI

17 Interpretations of Musharakah Mutanaqisah in Islamic

Finance: A Cross-Cultural Perspective 265
SAZALI ZAINAL ABIDIN
 Contents vii

18 Opportunities for Developing New Islamic Financial

Services in the Emerging Market 287
INTEKHAB ALAM

19 The Power of Faith-Based Finance: How Islamic

Finance Supports the Achievement of the Sustainable
Development Goals 300
TAJUDEEN OLALEKAN YUSUF, LUKMAN RAIMI, AND ABDULLAHI
AUDU SHUAIB

20 Concluding Remarks 326

HUSSAIN MOHI-UD-DIN QADRI AND M. ISHAQ BHATTI

Index328
Figures

4.1 Proposed model 49

8.1 Mudarabah model 118
8.2 Wakalah model 119
8.3 Wakalah-Mudarabah model 120
8.4 Wakalah-Waqaf model 121
11.1 Theoretical framework 167
11.2 Measurement model assessment 169
11.3 Structural model assessment 171
13.1 Conceptual framework of ESG criteria 193
13.2 Pie chart of gender and marital status 195
13.3 Pie chart of current bank type and managerial position of
employees195
13.4 Pie chart of level of experience in any Islamic and
conventional bank 195
13.5 Pie chart of level of experience in current bank and level of
total experience in banking sector 196
13.6 Pie chart of age 196
13.7 Pie chart of monthly income 196
13.8 Pie chart of education level of employees 197
14.1 Framework of non-observed activities 211
14.2 Islamic finance tools 227
15.1 MF GCC assets 231
15.2 Shares of public investment funds by investment type 232
15.3 Total number of subscribers: historical trend 233
15.4 Movement of AUM of EMFs and number of subscribers 234
15.5 Growth in Saudi equity: locally focused mutual funds 238
15.6 Zivot and Andrews’ (2002) structural break test 241
15.7 Tadawul All Shares Saudi Index (TASI) return and volatility 242
15.8 Growth in locally focused equity mutual fund market and
number of subscribers 248
15.9 Locally invested NSC funds with the highest estimated alpha 249
15.10 Locally invested NSC funds with the lowest estimated alpha 249
 Figures ix

15.11 Locally invested SC funds with the highest estimated alpha 250
15.12 Locally invested SC funds with the lowest estimated alpha 250
16.1 Raw data series of Bank Islami 2007–2022 258
16.2 Raw data series of Meezan Bank 2007–2022 258
17.1 Total global Sukuk issuances – all tenures, all currencies,
in US$ millions 266
17.2 Breakdown of Islamic financing methods in Malaysia in 2021 272
17.3 Example of Sukuk structure in Malaysia 276
17.4 Example of BBA Sukuk structure in Malaysia 276
19.1 Conducting CLR through a six-step approach 303
19.2 Interface between Islamic finance models and the SDGs 306
19.3 Authors’ theory building for Islamic finance–SDG nexus 309
Tables

3.1 Descriptive Statistics for Conventional and Islamic Banks 31

3.2 Capital Structure of Islamic and Conventional Banks 32
3.3 Correlation Matrix Between Market Value and Total Deposits 33
3.4 Estimation Results on the Impact of Deposits on the
Market Value, Earning per Share, and Cost of Equity
of Islamic Banks 34
7.1 Indicators Proposed for Constructing Islamic Development
Index, along with Their Sources 110
8.1 Differences Between Takaful and Conventional Insurance 122
9.1 Model Specification Tests 129
9.2 VIF Test 130
9.3 Pearson Correlation 131
9.4 Descriptive Statistics of Explanatory Variables 132
9.5 Results of the Regression Model: ROA, (ROE), and [EVA] 133
9A.1 Previous Empirical Literature on the Performance of
Islamic Banking Systems 136
9A.2 Data Description 140
10.1 Proportion of Samples by Country 149
10.2 Empirical Model Variables and Operational Definitions 152
10.3 Results of Mean Difference Test between ASEAN and
GCC IBs 153
10.4 Regression Results of All Samples 155
10.5 Estimated Results for the GFC 156
11.1 Data Screening 168
11.2 Factor Loadings 170
11.3 Alpha, CR, and AVE 171
11.4 Heterotrait–Monotrait Ratio 171
11.5 Results 172
11.6 Indirect Effect 173
12.1 Occurrences of Third Person Pronouns (Singular) in
Subjective Case in the E-Discourse of Islamic Banks 183
12.2 Occurrence of Third Person Pronouns (Singular) in
Objective Case in the E-Discourse of Islamic Banks 184
 Tables xi

12.3 Occurrence of Third Person Singular Pronouns in

Possessive Case in E-Discourse of Islamic Banks 184
12.4 Occurrence of Third Person Singular Pronouns in Self Form
in Islamic Banks 185
12.5 Summary of the Occurrence of Third Person Singular
Pronouns (Feminine and Masculine) in E-Discourse of
Islamic Banks 186
13.1 Reliability Analysis 198
13.2 KMO and Bartlett’s Test of Environmental Practices 199
13.3 KMO and Bartlett’s Test of Social Practices 201
13.4 KMO and Bartlett’s Test of Governance Practices 202
13.5 Gap Analysis of Islamic and Conventional Banks for
ESG Criteria 203
13.6 Results of T-tests205
13.7 Results of ANOVA 206
14.1 A Typology of Informal Economies 214
15.1 Number of Locally Focused Equity Mutual Funds Managed
by Each Manager 239
15.2 Monthly Mean Return for All Equity Mutual Funds –
Locally Focused and the TASI 240
15.3 Average Monthly Return for NSC Equity MFs – Locally
Focused and the TASI 243
15.4 Monthly Mean Return for SC Equity MFs – Locally
Focused and the S&P Saudi Domestic Shariah Index 243
15.5 Annual Return for All Funds, NSC Equity Mutual Funds,
and SC Equity Mutual Funds 244
15.6 Risk-Adjusted Return Performance Measurements 245
15.7 CAPM Single-Factor Regression 247
16.1 List of Events 259
16.2 Impact of Events on Return Series of Bank Islami and
Meezan Bank 260
16.3 The Impact on Volatility of BIPL and MEBL 262
17.1 Musharakah Mutanaqisah Payment Schedule 282
17.2 Summary of Calculation on Bai Bithaman Ajil and
Musharakah Mutanaqisah 283
19.1 The 17 Sustainable Development Goals 305
Contributors

Sazali Zainal Abidin, having spent 14 years being an academician in two

universities in New Zealand, has now come home to his roots and is pres-
ently the Accounting and Finance Program Leader at the Universiti Brunei
Darussalam. He also served as the Head of Thesis Programs in Universiti
Putra Malaysia (UPM) before he moved to New Zealand in 2009. He
graduated with a BSBA (Honors) from the University of Hartford, Con-
necticut, USA, in 1991 and went on to obtain an MBA in finance from
Cardiff Business School, University of Wales, in 1996. In December 2004,
he obtained a PhD in finance from UPM. Prior to being an academician,
he spent 16 years in the corporate world, ultimately being the CEO of one
of the largest unit trust management companies in Malaysia. He has also
served as director of 13 companies, including a subsidiary of the Islamic
Development Bank that listed a RM 1.0 billion Sukuk MTN rated AAA
by Standard & Poor’s on Bursa Malaysia.
Faraz Umair Afzal obtained his doctorate in accounting and finance from
Central Queensland University, Australia. He has obtained a master of
professional accounting from University of Ballarat, Australia. He has
worked with several corporate financial sectors in Australia and Canada.
He has a diverse background, having worked in corporate financial sec-
tors across Pakistan, Australia, and Canada. Notably, he contributed to
financial planning and analysis at Federated Co-operatives Limited, Can-
ada. Presently, Faraz is a key member of the Corporate Financial Services
team at the City of Saskatoon, Canada. His research focus encompasses
Islamic finance, FinTech, digital currency, financial risk analysis, financial
modeling, the forex market, performance analysis, and Islamic financial
services in Western contexts.
Naseem Al Rahahleh is an associate professor of finance at King Abdul-
Aziz University, currently serving as the Director of Development and
Quality Unit at the Faculty of Economics and Administration (FEA). He
has previously held several positions at the FEA, including Director of
Academic Accreditation Unit, Advisor for the Vice Dean for Develop-
ment, Associate Chair of the Finance Department, and Coordinator of
 Contributors xiii

Assurance of Learning at Male Campus. He has authored over 30 articles

and one book and serves on the editorial board of several journals. He
received his master of science and PhD in finance from the University of
New Orleans and worked as an assistant professor of finance at the Uni-
versity of New Orleans and Park University-Kansas City, where he also
served as the Finance Graduate Area Coordinator for the MBA and EMBA
programs. Dr. Al Rahahleh’s research interests include behavioral finance,
corporate finance, Islamic finance, mergers and acquisitions, capital budg-
eting, futures and option markets, and market integration and efficiency.
Intekhab Alam is a distinguished professor of marketing at the State Univer-
sity of New York (SUNY), Geneseo, New York, USA, where he teaches dig-
ital marketing and product and brand management courses. His research
interests are in the areas of Islamic finance, cross-cultural research, and
new service development. His research has been published in prestigious
marketing journals, including Journal of the Academy of Marketing Sci-
ence, Journal of Product Innovation Management, Industrial Marketing
Management, Journal of Services Marketing, Journal of Business to Busi-
ness Marketing, Journal of Business and Industrial Marketing, Asia Pacific
Journal of Marketing and Logistics, Journal of Marketing Management,
Service Industries Journal, Journal of Global Marketing, Journal of Ser-
vice Management, International Marketing Review, Qualitative Market
Research, and International Journal of Emerging Markets. Professor Alam
is also the recipient of the Chancellor’s Award for Excellence in Teach-
ing and several Outstanding Teaching and Use of Active Learning in the
Classroom Awards. He is the Area Coordinator of Business Administra-
tion in the school of business. He also advises the Geneseo Marketing
Association. He is active in organizing competitions for American Market-
ing Association (AMA). He has also organized several student-practitioner
conferences for the marketing students in the school of business. Professor
Alam has served on multiple school and college committees.
Jawad Ali, Assistant Professor at Ibadat International University – IIUI,
holds a PhD from Universiti Utara Malaysia. His educational foundation
includes BBA and MBA degrees with a marketing specialization from Bah-
ria University. His research centers on sensory marketing and repurchase
intention, notably exploring the impact on Pakistan Airlines repurchase
behavior. He spearheaded a funded project on road safety in collabora-
tion with HEC Pakistan and has fulfilled diverse roles, including Assistant
Project Manager at HEC and Assistant Program Coordinator at Air Uni-
versity. Dr. Ali’s versatile skill set encompasses qualitative and quantitative
social research methodologies, qualitative analysis, and research method-
ology. His expertise spans research proposal writing, article composition,
and adeptness in research paper development. Dr. Jawad Ali’s academic
journey showcases his dedication to innovative research and enriching the
realms of marketing and education.
xiv Contributors

Husam-Aldin N. Al-Malkawi is a distinguished figure at the British Univer-

sity in Dubai, assuming the roles of Professor of Finance and Head of
MSc & BSc Finance Programme. His academic journey includes a PhD
from the University of Western Sydney, Australia, and he’s a Certified
Islamic Finance Executive (CIFE). With a diverse career spanning UAE,
Saudi Arabia, Jordan, and Australia, he’s earned accolades like the 2019
Asian Education Leadership Award for Best Professor in Finance Studies.
His influence extends through 40+ published research papers, showcased
in esteemed journals like Economic Modelling, Physical A, and Business
Ethics. Notably, he serves as a referee for various international journals,
contributing to the scholarly review process. Professor Al-Malkawi’s
research landscape covers Islamic finance, corporate governance, financial
economics, e-banking, and applied econometrics, reflecting a versatile and
impactful academic portfolio.
Murugesh Arunachalam holds a PhD from the University of Waikato, New
Zealand; a master’s degree in accounting and finance from the Univer-
sity of Stirling in Scotland; and a bachelor (honors) degree in accounting
from the University of Malaya, Malaysia. He is also a chartered account-
ant. Prior to his academic career, Murugesh had 20 years of industrial
experience in accounting and financial management and has worked in
the public and private sectors as a senior accountant and financial man-
ager. Murugesh has taught in universities in Malaysia and New Zealand,
specializing in financial and management accounting as well as corporate
finance. His research interests are in the areas of corporate social respon-
sibility, financial and management accounting, and methodological issues,
and he has published several articles in top-tier peer-reviewed academic
journals.
Muhammad Saleem Ashraf is an expert in Islamic banking and an approved
PhD supervisor in the field of management science and business educa-
tion serving as Associate Professor at Lahore School of Accountancy &
Finance. He previously served as Head of the Department and Convener
of the Board of Studies of the Institute. He has been the editor of the
LSAF Journal of Empirical Studies and International Journal of Islamic
Economics & Governance. He was the local committee organizer the
5th World Islamic Economics and Finance Conference (WIEFC 2022) –
“Re-Evaluating the Islamic Finance in Post Pandemic Era: Social Finance,
Digitalization & ESG Goals”. Before coming to academia, he served as a
director at Casca Fertilizer Pvt. Ltd., Thrive Crop Sciences, NSF Grinding
Mills, a manufacturer of different fertilizer products.
Ejaz Aslam completed his PhD in Islamic banking and finance from the Inter-
national Islamic University Malaysia. Currently, he is working at Min-
haj University, where he brings a wealth of knowledge and expertise to
enhance teaching and research quality. His dedication is reflected in his
quality teaching and publication record, which includes over 30 research
 Contributors xv

papers in renowned international journals, including Asian Journal of

Accounting Research, International Journal of Business Excellence, Jour-
nal of King Abdulaziz University, Islamic Economics, Journal of Islamic
Marketing, Islamic Economic Studies, and Business & Economic Review,
to name a few. Moreover, he is the author of two book chapters on corpo-
rate finance and corporate governance. Ejaz Aslam’s impressive academic
achievements and vast research experience make him an asset in the field
of Islamic banking and finance. His commitment to advancing knowledge
and his contributions to the academic community are truly commendable.
M. Ishaq Bhatti, PhD graduate from Monash University, Australia, is a pro-
fessor of finance at SBE-UBD, Universiti Brunei Darussalam. He also holds
adjunct Professorships in Finance and Financial Econometrics at La Trobe
University; SP Jain Sydney; and ANU, Canberra. With a prolific academic
record, he has authored more than 125 articles and 11 books and contrib-
uted to encyclopedias. He is on the editorial board of various international
journals, including European Journal of Finance and Journal of Statistical
Theory and Application. His expertise serves as a bridge, connecting data
analytics and quantitative finance to serve the realm of Islamic finance.
He’s earned teaching and research awards, including the esteemed ALTC
award. Notably, he contributed to consulting and grant teams like the
Turkey Central Bank, Islamic Development Bank, Saudi Capital Mar-
kets collaboration, and the Australian Research Council Discovery Grant
with Suren Basov. He’s currently editing Routledge’s Islamic Business and
Finance series. (www.routledge.com/Islamic-Business-and-Finance-Series/
book-series/ISLAMICFINANCE).
Ghulam Ghouse holds a PhD in econometrics from the Pakistan Institute of
Development Economics (PIDE). His academic journey is marked by a
strong foundation in quantitative analysis. His expertise extends to finan-
cial econometrics, evident from his significant contributions to research
articles published in HEC-recognized and international journals. Hav-
ing amassed three years of teaching experience at prestigious Pakistani
universities, namely Quaid-E-Azam University and PIDE, Dr. Ghouse has
demonstrated his adeptness in various economics subjects. He is also a
dedicated instructor, having conducted workshops on diverse statistical
software like Python, R, Stata, EViews, MATLAB, Oxmetrics, SPSS, and
Excel, as well as data analysis. Dr. Ghouse’s research portfolio showcases
a remarkable collaboration with Knight Frank, a UK-based real estate
consultancy, further underscoring his prowess in the field. His specializa-
tion encompasses microeconomics, applied economics, econometrics, and
financial econometrics, culminating in a profile that embodies both aca-
demic excellence and practical expertise.
Ghulam Sarwar is currently an assistant professor at the Noon Business
School, University of Sargodha, Pakistan. He received his doctoral degree
in economics from the University of Sargodha in 2012. His research
xvi Contributors

interests include applied economics and finance. He has extensively pub-

lished in various national and international research journals. He is Editor
of the Journal of Quantitative Methods published by the University of
Management and Technology, Pakistan. He also serves as a member of the
review boards for research journals.
Mahnoor Hanif is a PhD scholar and holds her master of business admin-
istration (MBA) in finance from PMAS-Arid Agriculture University
Rawalpindi, Pakistan. She worked on corporate finance and corporate
governance domain during her master’s thesis. She is an early career
researcher, and she started publishing in international refereed journals,
including Journal of Financial Reporting and Accounting and Risks. She
has contributed book chapters in various books in finance and financial
studies. Her areas of interest are corporate finance, corporate governance,
Islamic finance, sustainable finance, and investment management–related
issues. She is providing her services as a reviewer for many journals,
including Journal of Sustainable Finance and Investment, International
Journal of Emerging Markets, Journal of Economics and Administrative
Sciences, and Sage Open.
Ahmed Imran Hunjra currently serves as an associate professor at the Rabat
Business School, International University of Rabat, Morocco. With an
exceptional academic career spanning over a decade, he brings a wealth of
teaching and research experience in finance and quantitative methods. His
profound interest lies in exploring themes of corporate integrity and repu-
tation, encompassing transparency, accountability, responsibility, fairness,
and sustainability. He is a prolific author who publishes in prestigious
journals, like the International Review of Financial Analysis and Finance
Research Letters. He is also a senior area editor for the International
Journal of Emerging Markets and editorial board member of ABS- and
ABDC-indexed journals. His dedication has earned him the Outstanding
Reviewer Award-2021 from Emerald Literati, the Distinguished Reviewer
Award-2021 by Virtus Interprets, and the Best Researcher Award-2022
from Rabat Business School. Notably, he was also honored as the recipi-
ent of the Best University Teacher Award-2020 from PMAS-Arid Agricul-
ture University Rawalpindi, Pakistan.
Anam Iqbal is an assistant professor of Islamic banking and finance at the
School of Islamic Economics, Banking & Finance Minhaj University
(Lahore, Pakistan). She holds a PhD in Islamic banking and finance from
International Islamic University, Malaysia. She has taught various Islamic
finance courses in several institutions. She published extensively in Borsa
Istanbul Review, Corporate Governance, Asian Journal of Accounting
Research, and Journal of Islamic Marketing. Through her teachings, she
hopes to inspire individuals to embody the virtues of knowledge, humil-
ity, and empathy that lie at the heart of Islam. She aims to continue her
 Contributors xvii

research work between traditional Islamic teachings and contemporary

challenges.
Mohammed Qasim Khan is currently working as a senior lecturer at the
School of Religion & Philosophy and the School of Peace & Counter-
Terrorism Studies at Minhaj University Lahore, Pakistan. His areas of
specialty and research interests include peace studies, radicalization, reviv-
alism, and Islamic banking and finance. He is a research scholar, polemi-
cist, apologist, and philanthropist who works hard to achieve his goals in
peaceful settlement in faith and society.
Shabeer Khan holds a doctoral degree in Islamic finance from INCEIF Malay-
sia, showcasing his deep expertise in the field. His dedication to education
is evident through his impactful training sessions, which have benefited
numerous students and professionals, focusing particularly on advanced
econometric techniques. A distinguished academic, Dr. Khan boasts an
impressive portfolio of scholarly achievements. He has authored and pub-
lished several research papers in reputable journals, and his insights have
been shared at esteemed national and international conferences. His pro-
ficiency spans various domains, including Islamic banking and finance,
Takaful, Islamic jurisprudence, Islamic capital markets, Islamic social
finance, and economics. Dr. Khan’s research trajectory is marked by his
contributions to pivotal subjects like sukuk, Islamic microfinancing, and
Islamic economics, as well as a keen exploration of the informal economy.
With a profound commitment to advancing knowledge in Islamic finance,
he continues to shape the academic landscape through his exceptional
teaching and research pursuits.
Araby Madbouly holds a PhD in economics. He is currently working as an
associate professor of economics at Muscat College, Oman, since 2017. He
is an external reviewer in the Oman Authority of Academic Accreditation
and Quality Assurance (OAAAQA), Sultanate of Oman. Prior to that he
was the Dean of Admission and Registration at the University of Jazeera,
UEA. Madbouly is an excellent scholar who has published a book and
translated two books from English to Arabic. He has published various
articles in prestigious journals, including the Journal of Financial Report-
ing and Accounting, Corporate Governance, European Business Review,
Journal of Islamic Marketing, Journal of Economics, and Behavioral Stud-
ies. Furthermore, he has 11 papers presented at international conferences
and six chapters published in edited books. Araby participated as a key-
note speaker at six international conferences and on the editorial board of
two international journals. He is a successful supervisor for postgraduate
students, including PhD supervision. He has also participated as an exter-
nal examiner for many PhD theses.
Fareed Ahmad Malik, PhD, is an offshore research manager and co-editor
at the International Centre for Research in Islamic Economics (ICRIE),
xviii Contributors

Minhaj University Lahore. During his tenure, he has contributed to the

center by completing some essential research projects. This includes the
making of the global CSR report and research works on the Islamic digital
economy, the digital divide in OIC countries, cryptocurrencies and Sha-
riah law, Islamic finance education, and its current landscape and impedi-
ments. Currently, he is also serving as a research fellow at the AI Unit
of the Maqasid Institute, Asia. With subject expertise in Islamic civili-
zation and contemporary issues, Dr Malik has worked on globalization,
diversity, coexistence, community relations, and contemporary Muslim
thought. In addition to his expertise in Islamic social sciences, he is also
tech savvy and shows much interest in the emerging trends and issues in
Islamic digital humanities.
Faridah Najuna Misman is a senior lecturer at the Faculty of Business and
Management and the Deputy Rector of Research and Industrial Linkages
of Universiti Teknologi MARA (UiTM) Johor Branch, Malaysia. She holds
a doctoral degree from La Trobe University, Australia. She has published
various journal articles and other types of publications. Her major areas
of research and teaching are investment, bank risk management, Islamic
banks and Islamic finance, research methods, and managerial finance. She
is actively involved in curriculum and teaching methods development.
Her contribution to teaching excellence has been recognized with the
UiTM Open and Distance Learning Award 2020. She can be contacted at
[email protected].
Hassan Obeid is a professor of finance; he is the President of the Research
and Economic Development Center. Dr. Obeid is an economic analyst,
and he is an author of several scientific articles in international reviews in
banking and finance. His areas of research include company performance,
bank efficiency, ICT, and privatization. Dr. Obeid has worked as Trainer
of Finance at the Kuwait Petroleum Company. He has also worked for
international universities such as United Arab Emirates University Gre-
noble Ecole de Management and Lebanese University. Dr. Obeid holds a
bachelor’s degree in management and accounting from the Lebanese Uni-
versity and a doctorate in finance (PhD) from Université Pierre Mendès
France.
Hussain Mohi-ud-Din Qadri obtained his doctorate in economics from Vic-
toria University, Melbourne, Australia. Currently he is serving as a dis-
tinguished professor and deputy chairman of the Board of Governors at
Minhaj University Lahore in Pakistan. He boasts an impressive record of
scholarly achievements, with numerous articles featured in internationally
esteemed journals and the publication of 50 books, including 4 books
within the prestigious Routledge Islamic Business and Finance series.
Beyond academia, his impactful contributions span various domains. He
has held prominent roles as the President of Minhaj-ul-Quran International
 Contributors xix

and the Chairman of Minhaj Education Society, responsible for oversee-

ing 650 schools and colleges nationwide. Additionally, he chairs Aghosh
Orphan Care Homes, Al-Mawakhat Islamic Microfinance, and Minhaj
Halal Certification Pakistan. Moreover, Hussain Mohi-ud-Din Qadri
holds the position of Senior Research Fellow at the University of Mel-
bourne, Australia. His collaborative research efforts with Professor Abdul-
lah Saeed resulted in securing the prestigious Australian Research Council
grant, spanning December 2019 to December 2023.
Hamza Ahmad Qureshi completed his MBIT & BBIT with a finance major
from the University of the Punjab and scored a Gold Medal in both
degrees. Before joining IBIT, University of the Punjab, in 2012 as a per-
manent faculty member, he interned at Warid Telecom Ltd., Alfalah Bank
Ltd., and Ufone PTML. In addition to teaching courses to undergraduate
and graduate students in the areas of accounting and finance, he has been
performing multiple administrative duties, including being the Program
Coordinator of the MPhil Program. Currently, his research interests span
electronic governance and networks.
Lukman Raimi is an assistant professor and Entrepreneurship Program Coor-
dinator at the School of Business and Economics, Universiti Brunei Darus-
salam. He has over 45 published articles. He currently serves on editorial
boards of the Indonesian Journal of Sustainability Accounting & Man-
agement, Indonesia; Emerald’s Emerging Markets Case Studies, UK; the
Journal of Developmental Entrepreneurship, USA; and the African Jour-
nal of Innovation and Entrepreneurship, UK. His global impact extends
to numerous speaking engagements and judging roles in entrepreneurial
events. Outside of his professional life, he is a devoted husband and father.
Seemal Rashid is a finance professional holding a BBIT and MBIT with spe-
cialization in finance from the University of the Punjab. With a strong
academic record and practical experience interning at Habib Bank Limited
and working as a Trade Officer at Allied Bank Limited, she developed
a comprehensive understanding of finance. The goal is to contribute to
financial innovation and excellence.
Atiq ur Rehman is Associate Professor and Director at Kashmir Institute of
Economics, University of Azad Jammu and Kashmir (UAJK). Before join-
ing UAJK, he served at the Pakistan Institute of Development Economics
and at the International Islamic University, from which he earned his PhD.
Dr. Rehman has developed skills in a variety of economics-related disci-
plines, including econometrics, monetary economics, development stud-
ies, health economics, and Islamic banking and finance. He has published
in several reputable economic journals, including the Journal of Central
Banking and Applied Economics. He translates abstract economic con-
cepts to simple and lucid language for ordinary readers; therefore, his blogs
and newspapers articles are well received by people from non-economic
xx Contributors

backgrounds. He writes frequently in Express Tribune, Pakistan Observer,

Parliament Times, and other periodicals published in the Urdu language.
He is an active participant in policy dialogues, especially on monetary
policy, and has presented his views in national and international forums.
Shahid Rizwan is a Qatar-based business management professional with over
16 years of industry experience in Qatar and the UAE with leading busi-
ness organizations in the fast-moving consumer goods (FMCG) industry.
He completed his PhD in management from Universiti Kuala Lumpur
Business School, Malaysia. Prior to this, he completed a master of business
administration and a post-graduate diploma in Islamic finance, both from
Abu Dhabi, UAE. He is an active researcher with multiple publications in
credible journals, including ISRA International Journal of Islamic Finance
and Journal of Economic Cooperation and Development. His research
interests include retail business, consumer behavior, marketing, religiosity,
and Islamic finance.
Abdul Qayyum Sahar obtained his PhD from Air University, Pakistan. He
teaches at the Govt. Graduate College, Attock, and is a visiting faculty
member at Air University and the University of Education, Attock. His
research areas include corpus linguistics, academic discourse, banking
discourse, sociolinguistics, and gender. In teaching, his interests include
visionary and journalistic discourse, phonetics and phonology, research
methods in linguistics, applied linguistics, discourse analysis, semantics,
translation studies, communication skills, technical English, technical
and business writing, and technical report writing. He has presented his
research studies in international conferences and has publications in cor-
pus linguistics dealing with discourse of fear and gender representation
in Pakistani banking discourse. He has been on the panel of educational
boards and universities as a subject specialist. He has also been the editor
of magazine college magazine Mashal. Besides teaching, he has also earned
a good name in administrative jobs, for which he has received a letter of
appreciation. He is interested in doing further research on Islamic banking
discourse in Pakistan.
Bushra Shafique is an economist with a master’s degree from the London
School of Economics and Political Science, UK, achieved through Cheven-
ing Scholarship. She is the Sr. Joint Director at State Bank of Pakistan
(SBP). Her responsibilities include a sustainable finance agenda and inter-
ventions aimed at export growth in the country. She has been a driving
force behind the successful implementation of vital COVID-related meas-
ures, including distinct refinance schemes based on Shariah of the SBP.
Bushra’s contributions extend to being part of the pioneering survey-based
research on Islamic finance demand quantification and profiling within the
country, along with survey-based research reports on microfinance’s social
and financial sustainability. Her insights grace various publications of the
 Contributors xxi

central bank, international journals, conferences, and reports. Further-

more, she imparts her expertise as a visiting faculty member for Islamic
economics at the Institute of Business Administration (IBA), Karachi,
Pakistan. Notably, Bushra has lent her consultancy skills to UNHCR and
UNESCO and is a visiting faculty member for health economics at the Aga
Khan Health University, Karachi, Pakistan.
Mughees Shaukat is a global Islamic financial strategist currently serving as a
senior manager at AAOIFI in Bahrain and a FinTech specialist from MIT,
USA. Prior to joining AAOIFI, he worked as Islamic Banking Advisor in
Oman and Strategic Partner for Green Finance in Kazakhstan. While work-
ing at CBFS, Central Bank of Oman, he earned a global Islamic finance
award and recognition as FinTech Leader of the Year 2020. Moreover,
Mughees is Ex-Vice Chairman of AAOIFI’s Education Board, a member
of global economic associations, and a certified Shariah adviser. Hold-
ing an MSc in Islamic finance, he’s authored about 50 articles, delivered
more than 150 talks, and organized few international conferences. His
expertise includes macroeconomic policies, product innovations, envi-
ronmental economics, FinTech, and Islamic finance. He shaped curricula,
designed more than 40 certification programs, and led discussions on criti-
cal subjects.
Wasima Shehzad is a professor of linguistics. Her research projects include
the Pakistan National Corpus of English (PNCE) and Pakistan Gen-
der Based Corpus (PAKGENTEXT). She extensively publishes journal
research papers and books and is a public speaker at various conferences.
She recently delivered invited lectures at different universities in China,
including Northwest Polytechnic University, Xi’an. She is the Founding
Editor of two research journals, Erevna: Journal of Linguistics and Litera-
ture and Corporum: Journal of Corpus Linguistics. Her good-governance
higher education practices are recognized throughout the country, and she
is a member of academic councils, boards of study, and selection boards
of various universities. Professor Shehzad organized a policy dialogue on
language which created a stir in the power corridors, and she was invited
by the Senate Standing Committee and President of Pakistan to present
recommendation report. Prof Shehzad is a Star Laureate and has also been
awarded Honorary Citizenship in Nebraska, USA, in recognition of her
professional contributions. She has been Dean of the Faculty of Social Sci-
ences for six years. Her research interests include language planning and
policy, cross-cultural studies, discourse and genre studies, corpus linguis-
tics, and higher education.
Abdullahi Audu Shuaib is a distinguished authority in Islamic commer-
cial and social finance who works for non-governmental organizations
(NGOs) and the provision of social services in Nigeria. He currently
holds the esteemed position of Chief Executive Officer at Jaiz Charity &
xxii Contributors

Development Foundation, located in Abuja, the Federal Capital Territory.

His extensive expertise is underscored by numerous publications in both
local and international journals, further solidifying his stature in these
domains.
Nadia Slimene is an assistant professor in finance at the Higher Institute
of Finance and Taxation Sousse in University of Sousse, Tunisia. She is
an author of several scientific articles in international reviews in banking
and finance. Her areas of research include management, company perfor-
mance, bank efficiency, and Islamic finance.
Aqsa Sultan received her MBBS degree from University of Health Sciences,
Pakistan. Dr. Aqsa obtained her master’s degree in public health from
Torrens University, Australia. Currently, she is working on a COVID-
19–related research project in Australia and Pakistan. Her main research
interests are epidemiology, global health, environmental and occupation
health, health policy, telehealth, and Islamic economics.
Rodney Wilson was Director of the Islamic Finance Programme in Durham
University until his retirement in December 2011 when he became an Emer-
itus Professor. He has researched on Middle East economies and Islamic
finance since the 1970s and has written numerous books on these subjects
for leading international publishers including Edinburgh University Press,
Brill, Palgrave Macmillan and Routledge. His articles include studies of Mid-
dle Eastern economies, Islam and capitalism, sukuk securities and Shari’ah
compliant private equity finance. He has extensive consultancy experience,
including with the Islamic Financial Services Board with respect to its
Shari’ah Governance Guidelines. Previous consultancy experience included
work for the Islamic Development Bank in Jeddah, the Ministry of Econ-
omy and Planning in Riyadh and the Qatar Central Bank. He completed a
report on Islamic finance in North Africa for the African Development Bank
and a report, also for the bank, on stock market development. Following
his retirement from Durham University Rodney Wilson served as a Visit-
ing Professor at the Qatar Foundation’s Faculty of Islamic Studies in Doha.
Later he was appointed as a Visiting Professor in Kuala Lumpur and at the
University of Sharjah. He remains a Visiting Professor at the International
Capital Markets Association (ICMA) Centre, Henley Business School.
Tajudeen Olalekan Yusuf is a professor at the University of Lagos, specializes
in risk management and insurance, and is an expert in Islamic finance. He
has extensive international experience, with over 50 published articles,
and holds positions including Associate Member of the Chartered Insur-
ance Institute of London, Chairman of the Institute of Islamic Finance
Professionals (IIFP), and Chief Examiner of the West African College of
Insurance. He is a noted speaker on Islamic subjects and enjoys traveling
and staying updated on current affairs.
Foreword

The contributions to this edited volume demonstrate the ever-increasing

range of research in Islamic economics and finance. The agenda has broad-
ened significantly, reflecting the issues focused on in economics and finance
more generally. This pushing back of the frontiers partly reflects technologi-
cal advances, in particular financial database management. However, it also
reflects concern that these developments have social consequences which
should not be ignored. Religious belief invariably influences decision making
in economics and finance, but this is to be welcomed, as it provides a platform
for ensuring there are moral and ethical dimensions to policy making which
should not be ignored. A key issue is the extent to which financial innovation
is in the wider public interest, not least that of the Muslim community.
The diverse economic issues covered include the emergence of an Islamic
digital economy and the implications of the rapidly growing area of behav-
ioural economics for Islamic economic modelling. On the finance side, there
are contributions on role of Islamic social finance, Islamic financial tech-
nology, and the influence of religiosity on investment decisions. Innovative
Islamic banking research includes performance indicators for Islamic banks,
the treatment of credit risk, customer loyalty, and gender disparities. Of par-
ticular interest is the final contribution on the role of Islamic finance in the
shadow economy.
Overall, the book is a valuable addition to the Islamic economic and
finance literature highlighting current developments. It is certainly a recom-
mended read for researchers working in this field.
Rodney Wilson
Emeritus Professor, Durham University
1 Issues in Islamic Economics
and Finance
Exploring the Path to Socio-
Economic Justice

Hussain Mohi-ud-Din Qadri and M. Ishaq Bhatti

1.1 Introduction
A recent report by the PEW Research Center observes a remarkable demo-
graphic shift in the world’s religious landscape. It notes that the Muslim
population is experiencing a distinct rate of growth compared to other reli-
gious groups and/or faiths. As of the year 2023, there are approximately 2
billion Muslims, which accounts about 25% of the world population. By the
year 2050, this growth is expected to continue, with the Muslim population
surpassing 30%. This would make a significant milestone, bringing Mus-
lims and Christians to roughly equal proportion, around 30% each of the
global population, possibly for the first time in the history1 of mankind. This
rapid expansion of the Muslim population will lead to an increased demand
for Islamic banking, finance, and businesses that cater to the halal lifestyle
for Muslims worldwide. This trend is evidenced by the recent double-digit
growth, exceeding 10%, observed in Islamic banking and finance data, even
during the time of economic slowdown caused by the COVID-19 pandemic
and the events surrounding the Russia–Ukraine conflict.
The Global Islamic Economy Report 2021/20222 portrays a promising pic-
ture that, despite the continued uncertainty due to the pandemic and R ­ ussia–
Ukraine conflict, global Muslim spending is growing at the rate of 9.1%.
Almost all these sectors had managed to return to pre-pandemic spending
levels by the end of 2021, except for travel. An important highlight of the
report is that projected Muslim spending on halal lifestyle is expected to reach
a remarkable US$2.8 trillion by 2025. This projection is underpinned by a
four-year cumulative annual growth rate (CAGR) of 7.5%. In this report,
Islamic finance assets were valued at US$3.6 trillion in 2021 and are expected
to reach US$4.9 trillion in 2025, driven by a four-year CAGR of 7.9%.
Furthermore, Islamic Banking and Finance (IBF) can play a pivotal role
in the implementation of the United Nation’s Sustainable Development
Goals (SDGs). This is due to its non-traditional approach to sourcing long-
term funds, aligning itself with social, environmental, and economic goals.3
In contrast, conventional finance typically offers interest-based services to
all clients. However, faithful Muslims believe in the prohibition of riba, or

DOI: 10.4324/9781003366751-1
2 Hussain Mohi-ud-Din Qadri and M. Ishaq Bhatti

interest, in all business and financial dealings. In accordance with the Shariah
principles, Islamic financial intermediaries exclusively create IBF products
and services based on profit loss sharing (PLS) and other risk-sharing joint
ventures. This mode of conducting financial transactions is the preferred
avenue for about 2 billion Muslims around the globe who seek to adhere to
Shariah in their financial dealings.
This book serves as a timely and valuable contribution, offering a compre-
hensive overview of recent developments in Islamic banking, economics, and
finance products. Islamic Banking System (IBS) is known for its asset-based,
riba-free banking and financial structure and is experiencing a remarkable
growth rate of about 10%. Several factors contribute to this surge, includ-
ing ethical and sustainable financing, the technology boom, the advancement
of FinTech, adoption of blockchain technology, and stability in higher oil
and commodity prices. Interestingly, IBF products are in demand not only
from Muslims but also from non-Muslims seeking ethical and interest-free
financing options. This demand has showcased resilience, even at a time of
challenges like the COVID-19 pandemic and the conflict between Russia and
Ukraine, distinguishing it from conventional finance.
The book covers the following topics related to issues in Islamic econom-
ics and finance. The book comprises 20 chapters, including introductory and
concluding chapters. To ensure quality, each chapter was carefully reviewed
by a reviewer and one of the two editors. The selected chapters cover the fol-
lowing topics related to IBF to meet the book theme.

• Islamic Digital Economy

• Islamic Social Finance and Poverty Eradication
• Islamic Financial Technology (FinTech) and its Success
• Islamic Finance and Behavioral Social Economics
• Islamic Banking and Finance in Non-Muslim Countries
• Data Analytics and Mathematics of Shariah Indices
• Islamic Insurance (Takaful): An Overview
• Islamic Banking and Economic Value-Added (EVA) Methods
• Credit Risk in Islamic Banks from OIC Countries
• The Role of Religiosity and CSR in IBF
• Gender Disparities in Corporate E-Discourse of Islamic Banks
• Evaluation of Environmental, Social, and Governance (ESG) Criteria
in IBF
• Role of Islamic Finance in the Shadow Economy
• Mutual Fund Performance: The Case of Saudi Arabia
• Strident Response of Islamic Banking during Extreme Events
• Bridging the Regional Difference in Interpretations of Islamic Finance
Contracts

The book begins with a forward note by Emeritus Professor Rodney Wilson
from Durham University. Following this, the introductory chapter, composed
 Issues in Islamic Economics and Finance 3

by the editors, sets the stage for the subsequent chapters. The introductory
chapter is divided into three sections. Section 1.1 offers a comprehensive
overview of the book’s scope and objective. In Section 1.2, a concise descrip-
tion of the book’s contents is provided. Section 1.3 presents a summary of
each chapter within the book. Finally, the concluding section offers some
concluding remarks, wrapping up the introductory chapter.

1.2 Brief Book Description

This edited volume comprises the selected papers presented at the fifth and
sixth World Islamic Economics and Finance Conference (WIEFC), held in
January 2022 and 2023, respectively. The themes of these two conferences
were “People Empowerment, Socio-Economic Justice, and Role of Islamic
Finance in Post-Pandemic Era” and “The Development of Islamic Financial
System in Light of Global Challenges Faced by Digital Innovation”. These
conferences were organized by Minhaj University Lahore (MUL) in collabo-
ration with La Trobe University, Australia, along with knowledge partners
the Islamic Development Bank, Jeddah, Saudi Arabia; Cambridge Institute
of Islamic Finance, United Kingdom; the State Bank of Pakistan; AAOIFI
Bahrain; and the College of Banking and Financial Studies, Oman. The final
version of the book was completed while Professor Bhatti was at the Univer-
siti Brunei Darussalam in the School of School of Business and Economics.
We acknowledge Dean Dr. Masairol Masri for the hospitality facilitating the
completion of this volume. In the rest of this chapter, we will discuss in brief
the topics of interest covered in this book. Section 1.3 provides a road map
of the book by summarizing each chapter, Chapters 2 to 19. The final section
contains some concluding remarks.

1.3 A Roadmap for the Book – Chapter-Wise Summary

This section presents a chapter-wise structure and summary of each chapter
included in this book, offering a brief overview of the book’s contents. It cov-
ers various aspects of Islamic social finance that are of interest to financiers,
scholars, and students. This collection serves as a valuable reference book
for policymakers, financiers, and industry experts who seek to update their
knowledge in the field of Islamic banking and finance.
This edited volume opens with an introductory chapter by Hussain
Mohi-ud-Din Qadri and M. Ishaq Bhatti emphasizing the crucial role of
Islamic social finance and the integration of technology within this context.
Following this, Chapter 2, authored by Hussain Mohi-ud-Din Qadri and
Fareed Ahmed Malik, offers a comprehensive overview of the Islamic digital
economy, its rise, and its significance in the post–COVID-19 era. The chapter
explores digitalization and digital transformation relevant to Islamic finance,
focusing on financial and economic systems that align with Islamic ethical
principles, such as fairness and transparency. It highlights the use of digital
4 Hussain Mohi-ud-Din Qadri and M. Ishaq Bhatti

technologies to offer Shariah-compliant financial services, including Islamic

FinTech companies, digital wallets, crowdfunding platforms, and online mar-
ketplaces. The chapter discusses developments like blockchain and FinTech,
expected to drive the global Islamic economy to over $3.5 trillion by the end
of 2023. It also examines the rising significance of digital lifestyle magazines,
modest fashion blogs, and Islamic app solutions, influenced by changing trends
in creating new opportunities for halal digital entrepreneurs worldwide.
Chapter 3, authored by Ahmed Imran Hunjara, Murugesh Arunacha-
lam, and Mahnoor Hanif, explores the critical role of Islamic social finance
in poverty eradication and how it can contribute to uplifting marginalized
communities. It highlights the significance of Islamic principles in promoting
social justice and addressing the root causes of poverty. Islamic social finance
encompasses instruments like Zakat and Waqf, which serve to redistribute
wealth and support the less privileged. By providing financial inclusion,
promoting entrepreneurship, and offering ethical investment opportuni-
ties, Islamic social finance contributes to poverty alleviation and sustainable
development. However, challenges in transparency and accountability need
to be addressed for effective implementation. The chapter emphasizes the
moral foundations of Islamic finance and its potential as a tool for poverty
eradication. It offers valuable insights for policymakers and practitioners
seeking to utilize Islamic social finance in their efforts to achieve the Sustain-
able Development Goals.
Chapter 4, written by Faraz Umair Afzal, delves into the defiance and suc-
cess of Islamic financial technology (FinTech) in mitigating the adverse effects
of the COVID-19 pandemic on small and medium-sized enterprises (SMEs).
This chapter aims to employ advanced technologies to boost quality and effi-
ciency in financial services and the ease of doing business, rebuild lost trust
and confidence, become cost efficient, provide a strong financial platform,
and seek a convergent solution to problems for financial institutions. The
chapter is divided into three segments: FinTech implementation, opportuni-
ties/success for Islamic financial institutions, and status of Islamic FinTech.
Chapter 5 delves into the mind and spirit of Islamic framework behavioral
economics, emphasizing the importance of socio-economic justice in Islamic
economic principles. The authors of the chapter are Mughees Shaukat, Bushra
Shafique, and Araby Madbouly, who argue that Islamic teachings empha-
size the importance of socio-economic justice and the fair distribution of
wealth. The chapter explores the key components of the Islamic framework
for socio-economic justice, including Zakat, Waqf, business ethics, prohibi-
tion of riba, and responsibility to care for the poor. The authors argue that
the Islamic framework for socio-economic justice promotes the principles of
equality, fairness, and compassion in economic and social interactions and
provides a comprehensive approach to ensuring a just and equitable society.
Chapter 6, authored by Mohammed Qasim Khan, examines the topic
of Islamic banking in non-Muslim countries. The chapter explores how
Islamic banking has gained popularity and acceptance in several non-Muslim
 Issues in Islamic Economics and Finance 5

countries. The author points out the difficulties of legal frameworks and
regulations that may not fully support the establishment of Islamic financial
institutions or conflict with interest-based transaction laws. To address these
challenges, the concept of Talfiq in Islamic finance is introduced, allowing
the combination of different Islamic contracts or structures to meet customer
needs while adhering to Shariah principles. This approach offers greater flex-
ibility and customization in financial transactions, enabling Islamic banks to
provide a wider range of Shariah-compliant financial products and services.
Moreover, the chapter highlights the specific issues and challenges faced by
Islamic banking in non-Muslim countries, providing valuable insights into its
growth and impact beyond Muslim-majority regions.
Chapter 7 is co-authored by Atiq ur Rehman and M. Ishaq Bhatti and
explores the connection between Shariah indices and spirituality and how
they can lead to prosperity. This chapter is all about Shariah indices and the
Islamic concept of human wellbeing, which are discussed within the frame-
work of Maqasid al-Shariah. The five objectives of Shariah are explained to
elaborate on the concept of wellbeing from an Islamic perspective. A new
model is proposed to quantify the five objectives. Since the objectives of Sha-
riah align with global goals, constructing a development index, the author
identifies relevant indicators for this index, seeking to develop quantitative
indices that can measure human prosperity while considering Shariah objec-
tives, thus providing a unified approach for measuring human prosperity. By
incorporating Islamic economics and financial principles into development
metrics, this chapter offers insights into how spirituality and human wellbe-
ing can be integrated into prosperity measurement and pursued in harmony
with Shariah objectives.
Chapter 8, authored by Shahid Rizwana Masafi and Husam-Aldin N. Al-
Malkawi, offers an insightful overview of Islamic insurance, also known as
Takaful, and its fundamental principles. Unlike traditional insurance, Takaful
operates on the concept of cooperation and mutual guarantee, where partici-
pants contribute to a shared pool of funds to cover losses and expenses. The
chapter investigates into the historical development of Takaful, providing
background information and outlining various operating models. Addition-
ally, it explores the different types of Islamic insurance products within the
Takaful framework. A comprehensive comparison between Islamic insurance
and conventional insurance is presented, highlighting the distinctive features
and principles that set Takaful apart. This chapter serves as an informative
resource for understanding the principles and workings of Islamic insurance,
shedding light on how the concept of cooperation and mutual support plays
a vital role in Takaful operations.
Chapter 9 is authored by Hassan Obeid and Nadia Slimene and focuses on
examining the determinants of performance in the Islamic banking industry,
with a specific emphasis on utilizing the economic value added (EVA) method.
The chapter’s primary objective is to assess the financial performance of
Islamic banks by analyzing the concept of “value creation” that these banks
6 Hussain Mohi-ud-Din Qadri and M. Ishaq Bhatti

aim to achieve for their investors and depositors-investors. It uses empirical

validation using a sample of 43 Islamic banks in the Gulf countries between
2008 to 2017. A total of 12 variables are considered, which were categorized
into internal and external factors, and these are utilized to identify the main
determinants of bank profitability. The chapter employs the economic value
added method as a performance measure.
The findings reveal that capital and liquidity structures, along with the
interest rate, are statistically significant in explaining banks’ performance.
Moreover, the asset quality and concentration index positively and signifi-
cantly impact the creation of shareholders’ wealth, while they do not signifi-
cantly influence bank’s return on assets (ROA) and return on equity (ROE).
Ultimately, the chapter confirms that the use of EVA methodology is the most
accurate indicator of profitability in the Islamic banking sector.
Chapter 10 is authored by Faridah Najuna Misman and M. Ishaq Bhatti,
who provide a comprehensive analysis of credit risk in selected Islamic banks
from the Organization of Islamic Cooperation (GCC) countries and the
Association of Southeast Asian Nations (ASEAN) regions. It examines the
important issues related to credit risk in Islamic banks operating within these
regions. Unlike conventional banks, Islamic banks operate based on Islamic
economic and financial principles, avoiding interest to utilize profit-sharing
financial arrangements. The chapter employs a panel data regression model
with fixed effects (FE) and random effects (RE) and computes generalized
least square (GLS) estimates of the regression parameters with the ratio of
non-performing financing (NPF) to total financing as the dependent variable.
The findings of the analysis indicate that financing quality has a positive
and significant effect on the credit risk of Islamic banks. This means that the
larger Islamic banks with greater assets experience lower credit risk com-
pared to smaller ones, reflecting their financial strength and stability, whereas
the older banks tend to have more established risk management practices and
experience, leading to lower credit risk. Furthermore, it highlights the resil-
ience of Islamic banks during challenging economic situations, such as the
global financial crisis, as they were less significantly affected and experienced
lower credit risk during the crisis period.
Chapter 11 is written by Muhammad Saleem Ashraf, Ejaz Aslam, Jawad
Ali, and Anam Iqbal. It explores the mediating effect of corporate image on
Islamic banks’ loyalty. The chapter focuses on factors like religiosity, col-
lectivism, sight cues, and corporate social responsibility (CSR) that influence
the relationship between corporate image and customer loyalty in Pakistan’s
Islamic banking industry. It reveals that engaging in CSR activities and cre-
ating a positive environment contribute to a favorable corporate image of
Islamic banks which fosters customer loyalty, especially among the Muslim
population in Pakistan. The element of collectivism also reinforces the con-
nection between corporate image and customer loyalty.
In conclusion, Chapter 11 sheds light on the crucial role of corporate image
in driving customer loyalty in Islamic banks. It demonstrates how factors
 Issues in Islamic Economics and Finance 7

such as religiosity, collectivism, sight cues, and CSR initiatives can influence
the perception of the corporate image, ultimately impacting customer loyalty
within the Islamic banking industry in Pakistan.
Chapter 12, authored by Abdul Qayyum Sahar and Wasima Shehzad,
investigates gender disparities in the corporate e-discourse of Islamic banks
in Pakistan. As the internet became more prevalent, banks transitioned
from conventional to virtual platforms, leading to the emergence of hybrid
E-­discourse. This chapter analyzes the representation of male and female
genders in the E-discourse of Islamic banks in Pakistan. It examines the fre-
quency of pronouns used for male and female genders in the selected texts.
The results reveal a significant disparity, with male gender representation
occupying 89.64% compared to only 10.35% for female gender. The chapter
concludes that the E-discourse of Islamic banks in Pakistan predominantly
highlights males while marginalizing female gender representation. Such a
stark difference in gender representation may have implications for the busi-
ness of Islamic banks. This research sheds light on the gender biases within
corporate E-discourse and underscores the importance of promoting gender
equality and inclusivity in the digital space.
Chapter 13, authored by Seemal Rashid and Hamza Ahmad Qureshi, con-
ducts a comparative analysis of Islamic and conventional banks in Pakistan
regarding their evaluation of environmental, social, and governance (ESG)
criteria. In this chapter, the authors explore the perspective of employees in
the banking sector, who are increasingly interested in socially responsible
investments and expect Shariah-compliant firms to demonstrate greater social
responsibility. It examines whether ESG practices vary based on employees’
demographics and profiles. The history and criteria of ESG are discussed,
along with its conceptual framework and its comparison and relation with
Islamic principles. The chapter collected data from 15 conventional and
5 full-fledged Islamic banks and utilized various techniques such as factor
analysis, which revealed that there are three factors representing 58.613%
of the variation in environmental practices and 65.127% of the variation in
social practices and four factors accounting for 56.775% of the variation in
governance practices within ESG. This chapter contributes valuable insights
into how Islamic and conventional banks in Pakistan approach ESG criteria,
providing a comprehensive understanding of their environmental, social, and
governance practices from the perspective of employees.
Chapter 14, authored by Shabeer Khan, delves into the role of Islamic
finance in shadow economies. It explores the general concept of Islamic
finance and elaborates on the shadow economy. Some of the driving forces of
shadow economies are also discussed in this chapter: tax and social security
contribution burdens, intensity of regulations, and official economies. Some
of the indicators of shadow economies, monetary indicators, labor market
indicators, and state of the official economy, are discussed. Furthermore,
there is a brief explanation of Islamic finance and its elements associated
with Islamic social finance. Some of the instruments of the Islamic economic
8 Hussain Mohi-ud-Din Qadri and M. Ishaq Bhatti

system, that is, Kharaj, Zakat, Khums, Jizya, and other revenues, are also
described in this chapter, along with social welfare function. Additionally,
different aspects of the shadow economy are analyzed from the perspective
of Islamic social finance. At the end of this chapter, a framework is presented
in which different causal factors, that is, voluntary and involuntary factors of
the shadow economy, are identified.
Chapter 15, authored by Naseem Al Rahahleh and M. Ishaq Bhatti,
focuses on the performance of mutual funds in Saudi Arabia. The chapter
assesses the performance of locally focused equity mutual funds with Sha-
ria-compliant and non-Sharia-compliant equity funds. Various methods are
used to evaluate the performance of the equity mutual funds, including the
capital asset pricing model (CAPM). The findings reveal that locally focused
equity mutual funds in Saudi Arabia have shown significant outperformance
compared to their benchmark. The research presented in this chapter offers
valuable insights for policymakers and investors in Saudi Arabia and beyond,
providing guidance on optimal investment opportunities with lower risks
and better returns. This chapter provides an essential resource for academics,
researchers, policymakers, and practitioners interested in understanding the
complexities and potentials of Islamic financial principles and practices. The
book’s multidimensional exploration offers a valuable contribution to the
field of Islamic economics and finance, fostering discussions on responsible
and ethical financial systems.
Chapter 16 is authored by Ghulam Ghouse and M. Ishaq Bhatti, address-
ing the pivotal role of stock markets in a nation’s economic development
by providing access to equity finance and ensuring financial system stabil-
ity. It highlights how stock markets facilitate capital raising for companies
through share trading, thereby promoting economic growth across various
sectors. The chapter emphasizes the severe economic shocks triggered by the
pandemic, resulting in a 3.5% global output reduction (approximately USD
2 trillion), a 6.18% surge in unemployment rates, and an 11.6% decline in
overall trade in 2020. While there was a global economic rebound in 2021,
subsequent pandemic waves have impeded recovery. Projections from the
World Bank suggest a decline in global GDP to 4.1% in 2022 and 3.2% in
2023, further compounded by issues such as high inflation, increased debt,
and income inequality. Furthermore, the chapter underscores the significant
role of Islamic banks in the Pakistan Stock Exchange (PSX) and their impact
on the Islamic banking sector, focusing on two major Islamic banks, Bank
Islamic Pakistan Limited (BIPL) and Meezan Bank Limited (MEBL). The
chapter aims to evaluate how significant events, particularly COVID-19,
have affected the financial performance of these banks, emphasizing the need
for resilient policies to navigate future challenges.
Chapter 17, authored by Dr. Sazali Zainal Abidin of the Universiti Brunei
Darussalam, addresses a crucial issue in interpretations of financing contracts,
particularly those utilizing the Bai Bithaman Ajil (BBA) Sukuk structure,
by different interpretations by Malaysian and Middle Eastern scholars of
 Issues in Islamic Economics and Finance 9

the Musharakah Mutanaqisah contract. The chapter observes a majority of

international Islamic portfolio fund managers are mostly advised by Mid-
dle Eastern Muslim jurists, most of who belong to the Maliki, Hanbali, and
Hanafi schools of thought. On the other hand, Malaysian scholars are pre-
dominantly influenced by the Shafi’e school of thought. This chapter identi-
fies the different interpretations of the concept of Bay’ Al-Inah (refinancing
of assets or sale-buyback) in the Bai Bithaman Ajil instruments as the main
cause of the refusal among Middle Eastern scholars to accept the Bai Bitha-
man Ajil Sukuk structure. The author compares the similarities and differ-
ences among various Islamic financing instruments, including Bai Bithaman
Ajil, Murabahah, Ijarah, Istisna, Musharakah, Mudarabah, and Salam, and
concludes that there is potential to develop uniform financing instruments
that can bridge the different interpretations in Islamic financing by Malaysian
and Middle Eastern scholars.
Chapter 18 is authored by Intekhab Alam of New York State University,
who argues that the marketing opportunities for Islamic finance and halal
products are growing in emerging markets with sizable Muslim populations,
such as India, Australia, and other countries. Therefore, the objective of this
chapter is to propose a process for developing new Islamic financial services
to serve the increasing number of Muslim customers in the significant emerg-
ing market of India. This chapter is based on a longitudinal case study of
new service development employed by a multinational financial institution
offering a variety of financial services to Muslim customers. The findings
suggest the necessity of using a structured process for developing new Islamic
financial services. Customer interaction at various stages of the new service
development is also of great importance. This research is among the few ini-
tial attempts to explore the development process of new Islamic financial ser-
vices in an emerging market. The findings from this research provide valuable
insights for managers of multinational financial services institutions inter-
ested in marketing Islamic financial services in any emerging market with a
growing Muslim population.
Chapter 19 is authored by Tajudeen Olalekan Yusuf, Lukman Raimi, and
Abdullahi Audu Shuaib. This chapter examines the alignment of Islamic
finance with the United Nation’s Sustainable Development Goals (SDGs)
through qualitative research, drawing insights from five Islamic social finance
(ISF) cases in Nigeria. By analyzing 56 scholarly articles and ISF cases, the first
finding underscores the inadequacy of current SDG financing, suggesting that
Islamic finance models could complement and accelerate SDG achievement
by 2023. Second, Islamic finance theoretically integrates with SDGs through
finance growth nexus theory (FGNT) and Maqasid al-Shariah principles,
creating a robust Islamic economic ecosystem. Third, five Nigerian Islamic
financial institutions align with SDGs and Maqasid al-Shariah principles,
offering socio-economic interventions linked to SDGs. Despite challenges,
addressing the SDG financing gap via Islamic social finance instruments is
feasible, with practical and managerial implications discussed.
10 Hussain Mohi-ud-Din Qadri and M. Ishaq Bhatti

The concluding chapter, Chapter 20, features some closing remarks writ-
ten by Hussian Qadri and M. Ishaq Bhatti. In this chapter, they gather and
summarize the content of this edited volume, offering a comprehensive over-
view of the book’s key insights and contributions.

1.4 Concluding Remarks

The main aim of this book is to provide a comprehensive overview of the
development of IBF, shedding light on topical issues that have emerged
around the world. It delves into integration of new technologies and the
complexities of risk mitigation process in the context of IBF. The emerging
area of IBF has flourished in three distinct regions across the globe, the Mid-
dle East, Southeast Asia, and South Asia. In the Middle East, particularly,
Gulf Cooperation Council (GCC) countries such as Bahrain, Kuwait, Oman,
Qatar, Saudi Arabia, and UAE have been active in IBF activities. In recent
times, the scope of IBF has expanded to Australia, the USA, Middle East and
North African (MENA) regions, and various European countries, with the
United Kingdom leading the charge. Recognizing the growth of the Muslim
population within their borders and seeking to attract petro-dollar depos-
its, several Western market players, including ABN AMRO, Citibank, and
HSBC, have established their own Islamic banking windows or subsidiaries.
The main aim is to cater to the need of growing Muslim populations while
accommodating the principles of IBF.
While IBF is a relatively new area, its roots date back more than 14 cen-
turies. There is a growing need for innovation in this research, aiming to
develop practical tools for banks and financial institutions. The goal is to
establish sustainable Islamic social finance through the utilization of cutting-
edge technologies, for example, developing new tools, like Waqf-FinTech
based on Waqf-crowd and Waqf-coin, illustrated by Setia in 2018, and set-
ting up the National Zakat Foundation (NZF)4 operating in Australia and
Canada.5 Furthermore, the Islamic Council of Victoria’s no-interest loan
scheme6 models in Australia and Pakistan7 are making great contributions to
financial inclusion of the poorer of society. This trend suggests the potential
for creating a unified Islamic social finance model utilizing new technologies
that can address the universal need of Muslims around the globe.8 This book
serves as a timely and valuable contribution to the literature for academicians
and practitioners. It provides a comprehensive overview of recent develop-
ments in Islamic banking and finance, exposing the profound impact of mod-
ern technologies on this industry.

Notes
1 www.pewresearch.org/
2 www.salaamgateway.com/specialcoverage/SGIE20-21
3 www.irti.org/English/News/Documents/GRIF-2018-Overview.pdf
 Issues in Islamic Economics and Finance 11

4 www.nzf.org.au/
5 https://nzf.org.uk/ and www.nzfcanada.com/
6 https://icv.org.au/department/interest-free-loans-qard-hassan/
7 https://akhuwat.org.pk/ and https://akhuwat.org.au/
8 www.unrwa.org/tags/national-zakat-foundation-worldwide
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Islamic Insurance (Takaful)

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