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Macro models are being developed in Islamic economics literature. These models, in general, follow the program of Islamization of knowledge and combine the genuine characteristics of Islamic economics with the tools of mainstream economics. The founding leader of Millî Görüs movement in Turkey, Necmettin Erbakan, and a group of Islamic intellectuals, had developed an economic program known as the just system. This paper aims to attempt to model the just economic system (the JES) with appropriate econometric techniques.

This paper models the macroeconomics of the JES with linear equations and conducts a series of simulations to identify its outputs. Based on the closed economy assumption, this paper describes the production function with a government share, defines a charitable foundation sector, exclude the speculation motive in money demand. Savings are transferred into investments without interest. This paper also develops an econometric simultaneous-equation model of the JES.

According to the results obtained from the selected simulation scenarios, this paper concludes that the macroeconomic JES works well and produces desirable outputs as it was stated in the original program.

In future studies, the econometric estimations of the JES can be made. By adding more equations to the simple model, a medium or large scale JES macroeconomic model can be developed.

The JES can now be a source of economic policy designs.

The model can be used to address socioeconomic objectives.

It is the only Islamic economic model that has been ever developed in Turkey. The notion of the JES has not been subjected to enough economic analysis and as far as it is known, it has not yet been modeled and simulated.

The purpose of this paper is to investigate the extent to which Chinese equity investors can benefit from diversifying their portfolio into Shariah-compliant (Islamic) indices. It examines three Islamic stock indices (FTSE Shariah China price index, MSCI China Islamic IMI price index and the DJ Islamic Greater China price index) and ten sectoral indices in Shanghai Stock Exchange as a sample.

The multivariate GARCH dynamic conditional correlations (MGARCH-DCC) is deployed to estimate the time-varying linkages of returns of the selected indices, covering approximately eight years daily data starting from 28 August 2009 to 29 September 2017.

In general, in terms of volatility, the results indicate that all Islamic Indices are less volatile than the conventional indices. From the correlation analysis, the results imply that Chinese conventional equity investors would benefit from Islamic stock indices, especially when they include DJ Islamic Greater China in their portfolio.

The findings of this paper may have several significant implications for the Chinese equity investors and fund managers for better understanding about co-movements of the Chinese conventional sectoral indices with the Shariah-compliant stock indices with the purpose of gaining higher risk-adjusted returns through portfolio diversification.

Islamic finance has exhibited immense potential to transform the global financial landscape in the recent years. In reaction to the trend, Nigeria introduced Islamic banking system to cater to the need of the teeming population and promote financial inclusion, among other potential benefits. Unfortunately, the notable growth recorded by the banks since the inception of the Islamic banking system is slowing down because of religiously induced sentiments and criticisms championed by certain non-Muslim segments of the society. Interestingly, even with the impish hype and publicity, non-Muslims make a significant customer base of the Islamic banks. Therefore, the current paper aims to investigate the factors influencing the choice of Islamic banking among non-Muslim customers, using the theory of planned behaviour as a conceptual framework.

This research adopts a positivist approach and relies on facts and quantitative data in an objective manner. Positivism emphasizes on using scientific methods to derive factual and quantifiable results.

Based on the regression analysis, subjective norm was found to be the most significant factor influencing the choice of Islamic banking followed by perceived behavioural control and attitude. As a result, it is important for Islamic banking institutions and relevant regulatory agencies to take preemptive measures that may protect and enhance these factors in a bid to promote patronage and eventual success of Islamic banking in Nigeria, especially in the face of growing scepticism.

The existing literature focuses on the choices of either Muslims without due emphasis on the determinant of choice in the case of non-Muslim customers. The growing support of Islamic banking products, cutting across religious divides, compels research on the factors that influence the choice of Islamic banking among non-Muslim customers. Hence, this research seeks to bridge the gap in the existing literature by embarking on an investigation into the factors influencing the choice of Islamic banking among non-Muslim customers in the context of Nigeria.