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1 – 3 of 3God promised pious individuals who obey to His commandments, to increase their economic well-being. Although it is difficult to demonstrate with figures in hand this causality…
Abstract
Purpose
God promised pious individuals who obey to His commandments, to increase their economic well-being. Although it is difficult to demonstrate with figures in hand this causality relationship, Muslims must believe in its existence and robustness at both the individual and collective levels, as it is argued in Qur'an and the Prophetic Narration. We aim in this paper to model this positive relationship between Islamic work ethics and economic growth and prove theoretically its existence.
Design/methodology/approach
We develop an endogenous growth model very close technically to Lucas–Uzawa model (1988) in which the human capital defined as the individual's skill level acquired through formal education and learning by doing is replaced by ethical capital (piety).
Findings
The model proves theoretically that Islamic ethics are a key engine of endogenous economic growth and that the underdevelopment of Muslim populations is due to their low ethical capital (lack of piety).
Practical implications
The study recommends some policies such as providing formal religious education at all educational levels (elementary, secondary and higher levels) and promoting ethical values such as piety, sincerity, transparency, etc., through media and cultural institutions. Also, managers could provide courses and training to their workers to teach them Islamic work ethics.
Originality/value
This paper is the first to mathematically model Islamic work ethics as endogenous phenomena in socioeconomic systems and study theoretically their contributions to economic growth.
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Fahmi Ali Hudaefi and Kamaruzaman Noordin
This paper aims to develop a performance measure for Islamic banks (IBs) by harmonizing related studies. Furthermore, this work uses the developed yardstick to analyze the…
Abstract
Purpose
This paper aims to develop a performance measure for Islamic banks (IBs) by harmonizing related studies. Furthermore, this work uses the developed yardstick to analyze the performance of a sample of 11 IBs from across different countries.
Design/methodology/approach
This paper uses the mix-mode method. The qualitative approach is engaged first to construct the IBs performance yardstick. Following this, the quantitative approach is applied through the use of the performance yardstick to measure the sample’s performance.
Findings
This study develops a maqāṣid-based performance yardstick adapted from previous works. The developed model in this study is called an integrated maqāṣid al-Sharīʿah--based performance measure (IMSPM). By using this performance measure, the present paper finds that the sample performed highest on the objective of nafs (self) over the three-year period. In addition, this study identifies the information which best indicates the sample’s performance during the analysis.
Research limitations/implications
This paper uses the sample’s annual reports. The analysis is thus limited to informational disclosure.
Practical implications
Islamic banking and financial institutions may use the IMSPM to communicate a measurable report on their promotion of the maqāṣid al-Sharīʿah (objectives of Islamic law).
Social implications
The evidence from 11 IBs is indicative of their efforts to realize maqāṣid al-Sharīʿah in the banking industry. This point may best challenge the practice of stigmatizing IBs for not being in line with the Sharīʿah (Islamic law) or of imitating conventional banks.
Originality/value
The novelty of this study lies in two points. First, this study harmonizes previous works to integrate financial and religious measures in a single yardstick. Second, by using the developed standard, this study offers a fresh insight into the global IBs’ performance, represented by 11 IBs worldwide.
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Muhammad Sholihin, Catur Sugiyanto and Akhmad Akbar Susamto
This paper aims to systematically review the concept of homo Islamicus discussed in the existing literature. The second objective is to offer a set of criticisms of the…
Abstract
Purpose
This paper aims to systematically review the concept of homo Islamicus discussed in the existing literature. The second objective is to offer a set of criticisms of the descriptions of homo Islamicus.
Design/methodology/approach
In this paper prespecified eligibility criteria are applied to select articles that are indexed in Scopus and ProQuest, or published by two major publishers, ScienceDirect and Emerald, or appear on ResearchGate. A set of books related to homo Islamicus was also used as secondary sources to support the selected articles. As a result, this paper systematically reviews 53 articles and four books to synthesize the homo Islamicus.
Findings
There are four notions of homo Islamicus: Firstly, homo Islamicus as the kind of economic agent that is required to achieve Islamic economic objectives. Secondly, homo Islamicus as a defining factor that makes the difference between Islamic and conventional economics. Thirdly, homo Islamicus as an economic agent whose characteristics are something Islamic economics aims to realize. Lastly, homo Islamicus as an economic agent representing the fundamental assumption in Islamic economics.
Practical implications
Mapping homo Islamicus can be helpful for future researchers to conduct analyses related to homo Islamicus, especially in the context of empirical studies of the existence of homo Islamicus in economic reality. This literature review can help other researchers to understand the development of literature related to homo Islamicus.
Originality/value
This paper seems to be the first to systematically identify, select and synthesize the description of homo Islamicus in the literature.
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