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The purpose of this study is to evaluate the global developments in the area of fintech solutions by analyzing Islamic and Conventional banks core accounting and market analysis IFIs and their impact on financial inclusion within its core markets.

The authors collect and analyze annual accounting and market Data of the top ten largest Islamic banks and the top ten US Conventional banks, in terms of Total Asset and Market Capitalization, from Bloomberg Data.

The analysis of Bloomberg data shows higher risk-return for Islamic banks–except ROE Market measure that we suggest-than US conventional banks. Nonetheless, Islamic banking grew faster than conventional banking over the period 2006–2021. As a business model, we find that Islamic banks take more credit with more than seventy percent of their profit from loans, while US conventional banks struggle to reach seventy percent interest rate ratio. The authors’ research documents that Fintech and digitalization are driving Islamic finance growth during financial and economic downturns.

FinTech data is not available for banks, further insights of analysis on FinTech and Innovations in the banking sectors.

Islamic banks continuously innovate to satisfy the users of their services and Fintech is opportune to innovation. This study could be interesting for both practitioners and academics wishing to understand and compare Islamic and conventional banking futures.

The authors compared two banking systems, the US and Islamic Banks, which could be useful for users to differentiate between those banking operations.

The authors collected accounting and market data from Bloomberg of top 10 Islamic and top 10 US Conventional banks from 2006 to 2021 to examine Risk-Return, Growth and Business Model of those banks. The authors propose a new Risk-Return measure ROE-Market and its volatility.

The purpose of this study is to identify the determinants of the intended use of Islamic banking and financial services by US Muslims. It builds on the plethora of studies primarily conducted in Muslim-majority countries.

An extended theory of planned behavior model was tested using structural equation modeling. The hypothesized paths were positive attitude, positive subject norms, perceived behavioral control, greater Islamic religiosity and lower perceived cost of being Muslim. A sample size of n = 251 was analyzed.

The analysis showed that positive attitudes toward Islamic financial services were found to be statistically significant (p < 0.001), and its path was the strongest. The higher Muslim identification path was trending toward being statistically significant (p < 0.086). The analysis also showed that lower perceived cost of being Muslim path was statistically significant (p < 0.035), but in the opposite hypothesized direction. No support was found for the effect of positive subjective norms or perceived behavior control hypotheses.

The study was exploratory in nature and has limitations, including some discriminant validity problems.

The paper includes recommendations for US Islamic banking and financial services providers to develop more effective market segmentation and targeting, as well as integrated marketing communication strategies.

This paper fulfills a void in research on Islamic marketing in the West, particularly the USA, a country with a nominal Muslim population.

Islamic Banking has been in the limelight since the recession of 2008. Although around for a long time, it is enjoying a renaissance of sorts. This case provides an introduction.

EMBA and/or MBA introduction to banking, senior semester undergraduate, specialization in Islamic Banking.

This case is written in the form of an interview with Meezan Bank, one of the leading financial institutions in the Islamic banking sector. It is based on primary as well as secondary data obtained via interviews and documentary analysis.

This is an analytical case and not a decision-making one. The main theme of the case revolves around analysing what Islamic banking is, the challenges that Meezan has faced, the pros and cons of doing business this way and the future issues it can face.

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CSS 7: Management Science.

The purpose of this paper is to explore the nature of market orientation that exists in the Islamic financial institutions. The study further aims at identifying the antecedents and consequences of such market orientation.

Considering the explorative nature, the study uses qualitative research approach, collecting data in words using in-depth interview technique, drawing sample from Islamic financial institutions of both Bangladesh and United Arab Emirates. Data were coded and categorized using inductive reasoning method and similar responses were identified from a prepared data matrix. The results were presented in a narrative way using simple frequency for the agreements and disagreements of respondents considering “street language” without being mediating the meaning of the responses.

A different nature of market orientation called Islamic market orientation has been identified by the results of the study. The study identifies five elements (orientation on Islamic customer, orientation on information, orientation on integration, orientation on competition, and finally orientation on responsiveness) that embody the formation of Islamic market orientation. The study also identifies a different set of antecedents (attitude toward Islamic values, Islamic leadership, risk partaking, inter-relationships, government legislations, and management training) that are responsible for determining the extent of Islamic market orientation. The study further identifies a set of consequences (profitability, customer satisfaction and retention, gaining new customers, increase of employees’ team spirit and satisfaction, service quality improvement, increase of market share, and increase of work efficiency) when market-oriented behavior is being adopted by the Islamic financial institutions.

To the best of the knowledge of the authors of this study, the results offer a different kind of market orientation along with its antecedents and consequences which can be considered as completely original and unique.

The study applies Erving Goffman's (1974) “frame analysis” principles to examine how Sharia governance is practiced in Islamic banks and explores the interaction and strategies adopted by bank managers to influence the decisions of Sharia scholars. The study also aims to identify inherent flaws in the Sharia compliance review system.

The study employs the principles of Goffman as a lens to critically analyse a rich dataset obtained through interviews undertaken with 46 key players operating in the governance framework of the Malaysian Islamic banking industry due to its progressive Islamic governance framework.

The study demonstrates that managers of Islamic banks may engage in “passing” and “covering” strategies while interacting within the governance structure. Concurrently, Sharia boards (SBs) implement “protective practices” during their interactions, adding complexity to their responsibilities within the banks. Consequently, SBs cannot merely be viewed as instruments for legitimising banking operations. This raises questions about the “impression management,” “concealment” and “competence” strategies employed by managers and SB members, as suggested by Goffman's framework. These findings indicate that there is room for further enhancement in the governance practices of Islamic banks.

Future research could explore aspects related to the governance of Islamic banks, such as investigating the independence and effectiveness of internal Sharia officers. Examining the strategies employed during their interactions with external Sharia boards and other stakeholders could provide further valuable insights.

By highlighting shortcomings in the governance and compliance review process, the findings could serve as a valuable resource for policymakers. The insights derived could inform the development of regulations aimed at reducing opportunistic behaviour and promoting accountability in the Islamic banking sector.

This study uniquely employs Goffman's concepts of “frontstage” and “backstage” strategies to offer insights into the interactions between Islamic bank managers and SBs and the impact of these interactions on Sharia compliance. The study contributes to the understanding of the dynamics between key players in the governance of Islamic banks and the factors influencing their adherence to Sharia principles.

This study aims to provide a bibliometric analysis of 1,104 journal articles to explore the multifaceted research field of Islamic finance and banking, explicitly emphasising the impact of the COVID-19 pandemic.

Insights into the evolving trends and dynamics within the academic discourse are presented.

The research highlights different patterns and collaborative networks through co-authorship, co-occurrence and thematic map analyses. Prior to the pandemic, research focused primarily on customer satisfaction and compliance with Shariah principles. However, the pandemic heralded an increased discourse on sustainability, fintech and the financial crisis.

This review describes the prevailing academic terrain and identifies potential avenues for future research, particularly those that examine the socio-economic impact of the pandemic within the context of Islamic finance and banking.

Prominent author such as M. Kabir Hassan, leading institution such as the International Islamic University Malaysia and esteemed journal such as the International Journal of Islamic and Middle Eastern Finance and Management have been instrumental in shaping academic discussions and creating synergies in research. Moreover, Malaysia’s strong commitment to spatial research, evidenced by its robust global collaborations, underscores its pioneering role in the academic world of Islamic finance and banking.

This paper aims to empirically assess the contribution of Islamic banks toward the financial stability of Pakistan. For this, the authors investigate the relative financial strength of Islamic banks and their contribution toward the financial stability. They also examine the relationship between the competitive conduct of banks and banking system stability.

The authors use quarterly data of ten conventional banks, four full-fledged Islamic banks and six standalone Islamic branches of conventional banks of Pakistan for the period 2006-2012. The z-score has been computed and used as the measure of stability of banks and the random effects estimator applied to quantify the impact of bank-specific variables and macroeconomic indicators on the financial stability. The empirical framework used in the paper enables the authors us to examine the differential effect of each underlying variable on the financial stability across Islamic and conventional banks. To check the robustness of the results, the authors have estimated several models with different specifications.

The regression results indicate that income diversity, profitability ratio, loan to asset ratio, asset size and the market concentration ratio of banks have significant effects on the stability of banks. Comparing Islamic and conventional banks, notable differential effects of the empirical determinants of financial stability for Islamic and conventional banks have been observed. The results suggest that Islamic banks have performed better as compared to conventional banks and contributed more effectively in the stability of financial sector. Overall, the results depict that the contribution of Islamic banks toward the financial stability has been reasonable and prospective.

The empirical results of the paper are very useful not only for banks’ managements but also for the investors, bank customers and policymakers. Specifically, the findings help in enhancing our understanding as to how the bank-specific variables and macroeconomic indicators are related to the financial stability of the banking system. The results also help understand the role of both Islamic and conventional banks in the financial stability. Further, the results suggest that the financial soundness can be enhanced by creating healthy competition in the banking industry. The results about macroeconomic indicators imply that protective measures are required to intensify (mitigate) the positive (negative) effect of gross domestic product (inflation) on banks’ financial stability.

This paper provides an overall comparative analysis of financial stability of both Islamic and conventional banks of Pakistan. First, the paper computes the z-score for each bank included in the sample, and then, it performs the regression analysis to study how bank-specific variables and macroeconomic factors are related to the financial stability of banks. Unlike the previous studies, our empirical framework enables the authors to examine the differential effect of each underlying variable on the financial stability across Islamic and conventional banks.

The core objective of this paper is to direct worldwide attention towards the unparalleled development in Islamic banking, its infrastructures and supporting institutions in recent years. This paper articulates the case for Islamic banking in a very comprehensive and effective manner. It depicts Islamic banking as a growing discipline adding more ethical, competitive and diversified tools and systems into global finance. It highlights the paradigm, theory and practice, achievements, pitfalls and future prospects of Islamic banking.

The paper deals with the Islamic paradigm of borrowing, lending and investment. It presents the conceptual model and practice of Islamic banking. It covers other related issues over the recent development of Islamic banking across the globe.

The paper observes that Islamic banking has made unprecedented progress over recent years. The Middle East, South Asia and the Indian Subcontinent have emerged as hubs of Islamic banking. Western conventional regulators and investors and other agents have also shown a greater interest in and a receptive attitude towards Islamic banking. Despite all this, Islamic banking has been facing some core problems and challenges that will have deep impacts on its future growth and development.

The paper deals with concepts, information and other facts on Islamic banking that are not supported by any statistical analysis and empirical evidence. Thus this paper may be regarded as being subjective in its real essence.

The paper educates Western market players about Islamic banking tools and systems in their own language so as to bridge the gap between conventional and Islamic banking disciplines. It suggests that Islamic banking is an equity‐based system with conventional features. It makes an important point – that the main players from both the Islamic and conventional streams have a good opportunity to pool their expertise and resources to come up with better solutions in business, investment and finance.

The purpose of this paper is to examine the relation “diversification-risk-performance” for Islamic and conventional banks in different financial stress levels. Also, it aims to investigate the impact of the structure of board directors, macroeconomic variables and banking specific factors on banking diversification.

The authors use generalized least squares regressions to examine the impact of banking specific, macroeconomic and governance variables on investment diversification of 66 Islamic and conventional banks during the period from 2006 to 2018. In addition, this study uses panel threshold regressions to study the impact of banks’ profitability and risks on investment diversification in different financial stress levels.

The findings show liquidity risk, performance, credit risk and capitalization ratio are significantly related to investment diversification of Islamic banks. On the other hand, liquidity and credit risks, capital to total assets ratio and size have a significant influence on investment diversification of conventional banks. In addition, the diversification strategy of Islamic banks is less sensitive to macroeconomic indicators. As regards to governance variables, the results suggest that the board size, the executive directors and the foreign directors have significant impact on the investment diversification in Islamic banks. On the other hand, chief executive officer duality and foreign directors affect significantly the investment diversification of conventional banks. This study also found that financial stress enables us to develop a better understanding of the relation “performance-risks and diversification.”

It is expected that the findings of this paper can be used by Islamic and conventional banks in Gulf Cooperation Council (GCC) region that seek to manage the diversification strategy by reducing risk-taking and maximizing profitability. This study suggests that bank managers should consider the level of financial stress during the development of diversification strategy. It provides a better understanding for bank managers about the effect of bank specific and macroeconomics factors as well as governance variables on diversification.

This study focuses on providing an extension of the existing literature by studying the impact of financial stress indices on the relation between banks’ risk-performance and investment diversification for Islamic and conventional banks in the GCC region.

In recent years, the central monetary authorities of some Gulf Cooperation Council countries have made several regulatory changes in order to achieve social & economic goals. The monetary authorities of these countries have strengthened prudential norms. Asset classifications and provisioning norms have moved closer to international standards. Banks are required to maintain capital to risk weighted assets ratios of 8 per cent required by the BIS. Local banks follow International Accounting Standards. Although the central monetary authorities of the GCC countries are active in supervising and monitoring their regulations on financial institutions, but not in a rapid way. In a global financial market, Islamic‐banking regulators that operate Islamic banks should think about the compatibility of the regulatory setting. Through a deep understanding of the nature of the Islamic banking business and the recent western banking supervisory framework, Islamic banking regulators will be able to develop a sound banking system without loosing its own distinction.