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Article
Publication date: 3 September 2024

Jonathan G. Ercanbrack and Ali Ali

This study aims to examine the extent to which traditional juristic approaches to determining intention in Islamic law are altered in the institutional framework and…

Abstract

Purpose

This study aims to examine the extent to which traditional juristic approaches to determining intention in Islamic law are altered in the institutional framework and standard-setting project of the Malaysian state.

Design/methodology/approach

The study used the transnational law theory, which views normativity as culturally, socially and religiously embedded. The development of norms, customs and laws is also contingent on self-maximizing behavior. The Sharīʿa Advisory Council’s interpretation of the bayʿ al-ʿīnah standard is a case study of this approach to the development of law.

Findings

This study shows that traditional approaches to determining the validity of an Islamic contract have been displaced by the institutional logic of the state, which prioritizes uniformity and certainty in law and reflects liberal, Western and capitalistic values. Islamic standard setting is part of the state’s objective to uniformize law due to the globalization of financial markets. The normative collisions in the standard-setting project produce a new jurisprudence based on the state’s uniform and purposive determination of a contract’s validity.

Research limitations/implications

Further research on institutional frameworks is needed to conceptualize how Islamic commercial principles and ethics can be incentivized in the state’s legal systems.

Originality/value

Few works, if any, have examined the interaction of the state’s institutional environment with jurists’ traditional approaches to determining contractual intention. Most scholarship assumes the decisive role of market forces, but the role of law and institutions in this context is under-researched.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 17 no. 6
Type: Research Article
ISSN: 1753-8394

Keywords

Book part
Publication date: 7 November 2024

Alija Avdukić and Edib Smolo

This chapter is about the role Islamic finance has been able to stay on the track of facing social–economical predicaments and on the way to sustainable development with the…

Abstract

This chapter is about the role Islamic finance has been able to stay on the track of facing social–economical predicaments and on the way to sustainable development with the involvement of social prosperity. When trying to investigate the convergence between social finance and Islamic standards, what is argued is that a need for observing financial operations in the same way as prodevelopment theories arise. It is considered that in a holistic approach, which assumed a social justice as the basic ethic of the Islamic financial system, the final result tends to be more appropriate. One of the main elements that makes Islamic banking stand up in a high grade is maqasid al-Shari'ah due to its responsibility to assess social performance and apply new updated technologies for sustainable growth based on Sustainable Development Goals (SDGs). In addition to that, the situation is critically observed and the gap between ambitions functions and the reality in Islamic banking and finance is also pointed out to find some reconciliation between aspirations and facts. While its ancient foundations did point to the prospect of Islamic banking to serve as a major contributor to the social and economic development, the industry players of today have now been preoccupied with the profit-making objectives and financial performance rather than social banking. This chapter focuses on the role of Islamic finance as a breakthrough force and shows the way that this influence could shape the discussions of financial systems, so that economics follow, and ethical principles and become factors for the national economy to grow more robustness.

Article
Publication date: 8 July 2024

Sufian Abdel-Gadir and Muhammad Masum Billah

The purpose of this study to explore the perception, satisfaction, awareness and attitude levels of clients towards Islamic banking in Oman. By recognizing the elements affecting…

Abstract

Purpose

The purpose of this study to explore the perception, satisfaction, awareness and attitude levels of clients towards Islamic banking in Oman. By recognizing the elements affecting client affiliation with Islamic banks, this examination means to give important experiences to further developing client commitment and fulfilment in the Islamic financial area.

Design/methodology/approach

This study embraces a quantitative methodology, using SPSS@28 programming for information investigation. Information was gathered through studies directed to clients of Islamic banks in Oman. Exploratory factory analysis (EFA) was led to distinguish key variables impacting client affiliation, and dependability examination was performed using Cronbach’s alpha.

Findings

The discoveries uncover that perception arises as the main variable impacting client connection with Islamic banks in Oman, followed intently by satisfaction and awareness. Notwithstanding, the attitude factor displayed lower unwavering quality. Factual tests affirm the vigor of the noticed patterns, featuring the significance of perception, satisfaction and awareness in driving client commitment with Islamic financial establishments.

Research limitations/implications

This study is dependent upon specific constraints, as it centres exclusively around clients’ viewpoints and does not consider the perspectives of non-clients or partners in the Islamic financial industry. Future exploration could investigate these viewpoints to give a more complete comprehension of the variables impacting client connection with Islamic banks in Oman.

Practical implications

The discoveries of this study have commonsense ramifications for Islamic financial foundations in Oman. By understanding the elements impacting client alliance, banks can foster designated methodologies to improve client commitment, fulfilment and steadfastness. This might include further developing correspondence endeavours, improving assistance quality and tending to client concerns to encourage a positive financial encounter.

Originality/value

This study adds to the current writing by giving experimental experiences into the discernments, mentalities, mindfulness and fulfilment levels of clients towards Islamic banking in Oman. The recognizable proof of key elements impacting client affiliation with Islamic banks offers important direction for banking foundations trying to reinforce their associations with clients and work on general execution in the Islamic financial area.

Details

Journal of Islamic Marketing, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1759-0833

Keywords

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