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The paper aims to identify the differences between developed and developing country firms with respect to firm-specific and country-level determinants of their capital structure. For this purpose, all constituent firms in one of the oldest Islamic equity indices, Dow Jones Islamic Market World Index (DJIM), are considered and the Muslim-majority status of each firm's domicile country is recognized.

The study employs Hausman–Taylor random effects regression with endogenous covariates to explain the debt ratios of firms in DJIM by separating them into developed and developing country subsamples in an unbalanced panel data setting. Developing country subsample is further split into two based on the Muslim-majority status of each firm's domicile country.

Consistent with the previous literature, this study finds that firm-specific characteristics are the main determinants of their capital structure. Additionally, the paper shows that country-level characteristics have an impact on the debt ratio, however, the types of factors vary across developed and developing countries. Debt ratios in developing country firms are lower than those in developed country firms, largely due to the significantly smaller leverage ratios of firms in Muslim-majority countries. Although the debt ratios of DJIM firms are higher in “non-Muslim” countries, the set of firm-level capital structure determinants are not statistically explained by operating in a “Muslim” country. The study also documents that, before the global financial crisis of 2008, companies in developing countries have gradually become less leveraged worldwide.

This paper provides a new perspective into the differences between developed and developing country firms' capital structures by focusing on a relatively homogeneous data set restricted by leverage screening rules of an Islamic equity index and recognizing the Muslim-majority status of each firm's domicile country.

Sharia compliance states that the compliant company operates not only under regulations but also to the restrictions and permission of Islam. This study aims to reveal whether Sharia compliance enhances the financial reporting quality.

The sample is constructed from 15 Muslim majority countries, 2,300 companies for the periods between 2005 and 2017 with 23,810 firm*year observations. Financial reporting quality is measured with discretionary accruals and audit aggressiveness. Discretionary accruals is the absolute of Kothari, Leone and Wasley’s (2005) “performance matched discretionary accruals model.” Audit aggressiveness is calculated with Gul, Wu and Yang’s (2013) model.

This study reveals the behavioral differences in financial reporting quality between Sharia-compliant and non-compliant companies. According to the analyzes, Sharia compliance increases the financial reporting quality by decreasing the discretionary accruals and audit aggressiveness. This result is supported by the robustness tests.

Sharia compliance is not limited to business activity, financial restrictions and supervisory board for Sharia-compliant companies. It also enhances the companies’ financial reporting quality. Robustness analysis also showed that the International Financial Reporting Standards (IFRS) increases the financial reporting quality by reducing discretionary accruals and audit aggressiveness.

This study contributes to the accounting literature by providing an insight on the use of Islamic financial instruments. The empirical results also show that the use of IFRS and Islamic financial instruments decreases the discretionary accruals and audit aggressiveness.

The usage and preference of western imported food in a Muslim-majority state signifies its importance and relevance in a specific culture. However, the inclination and preference toward imported food products must be backed by a strong motivation, when the religion of Islam does not permit overspending yet the amount spent on such imported food products is overwhelming. Hence, the purpose of this study is to explore the motivation behind this behavior.

This is a qualitative study, and in-depth semi-structured interviews were conducted with 90 participants comprising professionals, housewives and university students from eight cities in Pakistan, which represented different regions and demographic variables. These were Karachi, Lahore, Islamabad, Peshawar, Quetta, Hyderabad, Faisalabad and Larkana. The technique used to analyze the qualitative interview findings was thematic content analysis. To confirm the results, Leximancer software Version 4.5 was used to reanalyze and validate them. Moreover, the purposive sampling method has been used in this research.

The findings from the qualitative-focused interviews revealed that the product attributes of packaging with attractive colors, design, size, overall quality material, taste and labeling with maximum product information influenced their purchase behavior. The vast majority reported that food products coming from the west needed to be halal, and this is an important deciding factor for purchase. Also, the level of religiosity related to western imported food buying behavior varies from city to city, which itself an interesting finding from a Muslim-majority population. Brand trust, loyalty, satisfaction, subjective norms were influential factors for Muslim consumers’ purchase behavior.

This paper is qualitative in nature, and therefore, the generalizability of the study results is limited. Also, this study only focused on Muslim consumer buying behavior from a Muslim-dominated country.

This study is instrumental for western food producers and exporters, providing valuable information about the motives behind the purchase of western imported food products in Pakistan, and by extension, potentially in Muslim countries in general. The study’s findings would add value to the field of consumer behavior, in which little research has been conducted on the relationship between consumer motives in context with Muslims’ consumer behavior toward western imported food products.

The presence of western imported food products may give better options for consumers so that they can pick a quality product for their own and family usage. The placement of the halal logo and extra care of halal ingredients also assures the religious and cultural requirements, enabling the western imported food products to penetrate quickly.

The findings of the qualitative-focused interviews revealed that the level of religiosity varies from city to city. Even though the core religion is Islam, the level of religious commitment varies in different cities when it comes to the purchase of western imported food products. The interview findings discovered some reasons behind this behavior such as consumer demographic profile, cultural background, income level, education, lifestyle, family background and social class. This means that demographic variation plays an important role in religious commitment and especially across cites that possess different cultural and behavioral patterns.

Islamic capital markets, i.e. ICMs, featured as socially responsible investments, less levered and more reflective of the real sector, are a recent development in financial markets showing an impressive growth and offering the potential for portfolio diversification benefits. The purpose of this study is to understand the long-run integration of ICMs in the Asia/Pacific region.

This sample includes ICMs of Asia/Pacific region (such as Pakistan, India, China, Japan, Thailand, Malaysia and Indonesia) for 280 weeks between 2011 and 2016. Selected indexes are FTSE Islamic except for Pakistan and Indonesia. Evidence was obtained through the application of correlation, unit root, Johansen cointegration and Granger causality tests.

This study documents the results of the integration of ICMs based on developmental stage, geographic location, economic cooperation and shared religious beliefs/civilization. Partial support was observed for all hypotheses: integration of markets based on economic grouping, location, economic treaties and shared civilization. The Japanese market was the most integrated, while the Indian and Malaysian markets are the least. Evidence supports the shift of leadership role from advanced markets to emerging markets.

Selected diversification opportunities are available for global Islamic as well as conventional investors. This study recommends closer cooperation among Muslim majority countries of the region, as well as the effective use of economic cooperation treaties for joint economic growth and prosperity.

This study contributes to the literature by providing evidence on the integration of ICMs in an economically important region (Asia/Pacific) that is witnessing an increasing role in the global gross domestic product and international trade.

The purpose of this study is to examine the impacts of product knowledge, perceived quality, perceived risk and perceived value on customers’ intention to invest in Islamic Banks. This study specifically examines an Islamic bank’s term deposits.

Structural equation modeling was used to analyze the data collected from 217 customers of an Islamic bank in Indonesia using an online survey.

This study highlights the central and dual roles of perceived risk as both the independent and the intervening variable that mediates the relationship between product knowledge and Muslim customer intention to invest in an Islamic bank’s term deposits.

This study only investigates term deposits as one type of investment in Islamic banks. This study contributes to the literature by examining the role of product knowledge, perceived quality, perceived risk and perceived value on Muslim customer intention to invest in Islamic term deposits.

The results of this study highlight the requirement for Islamic banks to educate customers to improve the depositors’ product knowledge because Muslim customers’ risk and value perception and intention are strongly influenced by product knowledge.

The investigation of perceived risk is particularly relevant for Islamic financial products because of the inherent nature of risk sharing in Islamic finance. This study investigates the role of product knowledge in influencing the Muslim customers’ perception of risk, quality, value and their intention to invest in Islamic bank term deposits. Ideally, the profit loss sharing concept (PLS) should be applied; however, in this context, revenue sharing is applied because of Indonesia’s central bank regulation.

This study aims to explore existing study trends in the halal supply chain (HSC) field as an extension of supply chain studies. Upon examining multiple journal ranks and citation profiles, these trends cover research themes, methodologies, settings (country and data analysis level) and their interactions.

The study followed a systematic, mixed-method review to pinpoint the HSC research themes. The Publish or Perish software, with specific criteria, was used to retrieve and filter 87 HSC articles from 2009 to 2019 from the Google Scholar database. Then, an input–process–output framework was used to classify and discuss potential future research.

This study concludes that HSC research is still in early development. Five themes consisting of 24 different topics were found: the engagement process, quality control assurance, critical success factors, the production and distribution process and HSC operations support. Most of the HSC studies followed conceptual and qualitative interview methods, with special reference to Muslim-majority countries and organization-level analysis. Within one decade, the number of HSC publications grew significantly, though their presentation is mainly in unindexed journals and their citation rate is low. This study thus proposes three main future HSC research points: HSC consequences, processes and antecedents.

Possible practical implications can be expected from the authors’ proposed empirical studies as guidelines to formulate and promote HSC implementation.

No comprehensive HSC research review exists in the literature. This study intends to fill this void by charting cumulative knowledge and proposing a roadmap for future research endeavors.

Uzbekistan, a former Soviet Union state whose population is 96% Muslim, is aiming to penetrate the global halal market. Since 2016, its government has been committed to establishing a halal economy, purportedly comprising halal product exports and inbound halal tourism services. Given that a conducive halal ecosystem is a critical condition for creating and sustaining a viable halal economy, the current condition of the halal industry in the country must be diagnosed. For this purpose, we developed a diagnostic framework based on the halal principles and the Viable System Model (VSM) to identify the existing players and stakeholders in the halal industry ecosystem in Uzbekistan and their respective roles and functions, as well as the information flows amongst them.

The study utilised the qualitative methodology with the data gathered mainly from in-depth interviews with industry experts and consumers in Uzbekistan.

The findings revealed that the country has considerable potential to develop its halal tourism market due to its beautiful landscape, rich history and cultural heritage, which is supported by a full-fledged development policy. Uzbekistan's industrial sector exhibits substantial readiness to serve the Muslim market; however, the country lacks a specific policy for the development of the halal manufacturing export industry.

Our findings generate emergent themes that are relevant to the operations and future viability of halal industry of a Muslim country in a transitioning economy. These emerging themes further strengthened existing conceptualisation of the Viable System Model in terms of the elements of the environment and the function of policymaking in contributing toward a system's viability. Implications of the findings and suggestions for future research are also provided.

The research aims to classify halal hotels based on Islamic values as embodied in both physical and non-physical attributes.

This study explores the perceived values of business owners of the halal hotels.

Perceptions of hotel owners are divided into three types: those who view the value of halal hotel only in terms of branding and attracting consumers; those who consider the ideology behind halal hotels based on strong Islamic values; and those who avoid halal branding but implement Islamic values in their hotels. For the hotel industry, halal certification is not a priority because a minimum effort at implementing halal standards can already attract Muslim customers. This case is especially true for countries where Muslims make up the majority of the population.

This study was limited to a case study in Bandung and Bangkok as a representative of halal tourism in Asia. Hence, it could be extended by conducting comparative studies with other cities in Association of South East Asian Nation which already declare to develop halal tourism.

The findings of this research show that there is a large variety of halal hotel products, depending on the Islamic values upheld, which is causing difficulties for the government in creating standards. Then the result can help inform the government in establishing the strategic framework of halal tourism development, more particularly in the formulation of policy for industrial actors.

The findings contribute to the concept of product-centered business, in which it is generally assumed that industrial actors are frequently focused on the mere label of “halal” and ignore the true values. However, the research shows that some industrial actors put Islamic values first instead of the mere halal label, and another case shows that some of them implement Islamic values in their business but avoid halal branding. This empirical evidence shows that in halal hotels, the concept of product-centered is not always proper. The quality of halal hotel products depends on the Islamic value of the owner, not always influenced by business imperatives.

The aim of this empirical study is to examine how religiosity, animosity and ethnocentrism interact to influence judgment about US products and purchase actions of young consumers in a conservative Islamic country like Pakistan. Many studies have been conducted before in progressive Islamic countries such as Malaysia, Jordan, Turkey and Tunisia but not in conservative Islamic countries like Pakistan.

A validated questionnaire derived from literature is used for data collection. Data were collected from 381 college students in four provincial capital cities of Pakistan (Karachi, Lahore, Quetta and Peshawar). Structural equation modeling is used to test the framework.

This study reveals key significant cause and effect relationships like consumers religiosity on foreign product judgment, consumers animosity on foreign product judgment, consumers religiosity on ethnocentric tendencies of consumers, consumers ethnocentric tendencies on foreign product judgment and foreign product judgment on purchase action of consumers.

This study attempts to add value to the existing literature on consumer behavior, especially the role of religiosity, animosity and ethnocentrism in young consumers. This study is the first of its kind on examining religiosity, animosity and ethnocentrism among young consumers in Pakistan. To the best of the authors’ knowledge, this study will guide the marketing managers to formulate appropriate strategies when targeting young consumers, especially when they decide to boycott US products.

The purpose of the paper is to evaluate what caused the debates and confusion in articulating a gender-equal inheritance policy in Bangladesh, and to identify the socio-political drivers and nature of the political power play that thwarted the policy’s adoption.

The research undergirding this paper is based on a qualitative approach involving a case study with in-depth semi-structured interviews, focus-group discussions, and secondary data analysis. The interviews were conducted with policy makers, officials, lawyers, women activists, Muslim religious scholars, Hindu priests, academics and researchers, and women representing Hindu and Muslim religions.

The findings illustrate that the controversies between the Islamic religion and national and international policies led to serious debates and confusion about gender-equal rights of inheritance in Bangladesh. The failure to formulate and adopt a gender-equal inheritance policy was influenced by several socio-political phenomena and gender-biased institutional settings. This kind of policy is deeply political, and cultural compatibility is necessary to formulate it, especially when the policy affects religious sentiments. Religious sentiments and beliefs, which are associated with religion-based personal law, therefore influence both the formulation or non-formulation of a gender-equal policy. To move forward with the fundamental idea of women’s inclusion, there is a strong need to identify the socio-cultural and political drivers behind formulating, non-formulating, as well as implementing a gender-equal policy.

The paper will be beneficial to scholars and policy makers who seek to explore the epicenter of challenges and opposition to formulating a gender-equal policy in the context of a developing country with a Muslim majority.