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There is a growing body of literature that recognizes the importance of Islamic financial literacy (IFL) while it is at the heart of our understanding of the overall financial system. To date, insufficient attention has been paid to Turkey, the Balkans and other potential Islamic finance hubs like Suriname. In fact, there have been no attempts to examine IFL in those regions or economies. The purpose of this paper is to test and validate the IFL scale developed by Dinc et al. (2021) in an international setting. By doing so, this study elaborates on possible antecedents and levels of IFL across countries and economic systems.

The design of the questionnaire used is based on the principles of Islamic finance and covers all the segments. The total number of collected observations is 3,579. This study uses the confirmatory factor analysis (CFA) to ascertain the factor structure and test the revised scale fit with the original form. Besides, IBM AMOS 25 Graphics is used for calculating the fit indexes for the scale.

The results from the CFA revealed that the scale has a good fit for its original and kept the four-dimensional structure. In addition, it also indicates that the predeveloped IFL scale is valid for different cultures, countries and individuals either having conventional or Islamic financial institutions preferences. Furthermore, results of empirical tests demonstrate that Turkey is significantly higher in Islamic financial awareness, whereas other countries' group is higher on all other subdimensions of the scale. On the other hand, female respondents indicate significantly higher levels of Islamic financial awareness, and male respondents show significantly higher levels of Islamic financial knowledge. Finally, the most prominent finding to emerge from the analysis is that the principles of Islamic finance are well accepted, except for some liberal views on the concept of “interest” (riba).

Because of the diverse demography of the collected sample observations, this revised scale has a homogeneous set of implications. This IFL scale can accurately measure the level of IFL attained by an individual, group, society or nation, as well as suggest necessary actions based on its four-dimensional structure.

This study tests the IFL scale by considering two key elements: increased sample size and vast geographical coverage. To ensure that the developed scale is universal, this study took into account more than 3,000 observations from 28 different countries. These amendments ensure the uniqueness of this paper and its originality.

This study aims to develop a valid and reliable Islamic financial literacy (IFL) scale that can capture all the segments of the Islamic financial sectors and which could be considered applicable for all jurisdictions across the globe.

To build the measure, this study followed a scale development process by collecting 698 a priori items from 81 respondents. Later, it generated an item pool through the analysis of the items with experts and gave the last form (40 items) to 287 respondents in Turkey with another IFL scale that is frequently used in the literature and a scale assessing religiosity. With explanatory factor analysis, the scale demonstrates a four-factor construct with 20 items. This construct provides good fit indexes and reliability scores.

Results of the correlation analysis and comparison of the fit indexes of alternative structures provided supportive evidence for discriminant and convergent validity of the scale and its sub-dimensions. As a result, an applicable scale is developed for countries where Islamic financial institutions are operating and where they are not.

One of the strengths of this study is that it represents a comprehensive scale development for the entire Islamic financial system, including banking, takāful (Islamic insurance) and fund management. In addition, the attempt to design an IFL scale applicable to any economy or individual is a pioneering attempt in the literature.

This study aims to investigate the evolvement of the concept and practice of the Rotating Savings and Credit Association (ROSCA) from informal fund collection for indivisible durables to real property acquisition under the interest-free SBF model by analyzing the previously conducted research that focused on the concept in terms of names, forms, and natures.

A PRISMA-compliant systematic literature review is adopted to ascertain the most relevant studies from various sources and analyze the extracted data or items to accomplish the research objective. Besides, bibliometric network, thematic, and statistical analysis are also applied to bolster the findings acquired from the systematic review. Furthermore, this study mathematically formulates and introduces the customized PRISMA systematic flowchart.

The results reveal that the concept of ROSCA has evolved over the years from informal to formal, micro to macro, individual to institutional, social to business, and fund collection for purchasing household items to real property acquisition since 1962. In this process, the focus area of the research has been shifted from characteristics, operation, and economics to law; source of funds, and history to social; benefits and contribution to digital, risk, and savings behaviour. It is noticed that the majority of the study are Africa-centric, followed by Asia; academic discussion on the ROSCA covers most of the social and economic arena, except the real property acquisition aspect. However, the SBF concept fills up this gap by introducing a real-property-acquisition-centric ROSCA model. The authors provide future agendas regarding focus areas that researchers may consider to develop the SBF concept.

The study focuses on the evolvement of a savings-based model. No study concentrates on the evolution process of the model from ROSCA to SBF; in fact, no conspicuous academic study is found regarding the systematic review of ROSCA in the literature archive.

The emerging markets have been witnessing a remarkable revival of rotating savings and credit associations (ROSCAs) serving as alternative informal financing and investment platforms, also known as savings-based finance (SBF) in Turkey. The purpose of this study is to present the SBF model mathematically, analyse the performance of the SBF sector and propose a new Sharīʿah-compliant SBF model for the acquisition of durables.

The paper thoroughly reviews the concept and practice of ROSCA across the globe, mathematically models and empirically analyses the performance of Turkish SBF companies using a unique data set.

The study formulates a two-person SBF model and proposes a Mudarabah-Wakalah hybrid model with a new investment feature. It is found that the concept of ROSCA is being operationalized in 105 countries across the globe under different names with slight business model modifications. The research also reveals that the demand for financing of durables in Turkey significantly increased in recent years with the demand for housing is twice greater compared to vehicles. Most importantly, a strong significant inter- and intra-comovement is observed between these durables implying that the success of the sector in one segment has attracted the customers to other SBF products. It shows that the SBF institutions can effectively serve as the alternative financing houses for pooling savings and financing the durables, and they have strong potential to capture a larger financial market share in Turkey and even globally.

The study constructs mathematical models and proposes a new investment wing to an existing SBF wealth fund.

Seismic vulnerability evaluation of various public structures, especially school buildings, is very crucial for designing hazard mitigation initiatives in seismic prone areas. The city of Mymensingh is at great risk of earthquake because of its geographical location, geological structure and proximity to active faults. The city is famous for its ancient and renowned educational institutes that need to be evaluated for understanding the seismic performance of the building during an earthquake. This study aims to evaluate the seismic vulnerability of educational buildings of Mymensingh city using rapid visual screening (RVS) and index based approach.

RVS procedure includes field survey and secondary source assessment for evaluating structural vulnerability attributes. Analytical hierarchy process is applied to develop an index focusing on systematic attributes of vulnerability based on expert opinions. Then, a composite vulnerability map is developed combining both structural and systematic vulnerability score providing an equal weight.

This study evaluates the seismic vulnerability of 458 educational buildings of Mymensingh city and the result shows that 23.14% educational building has high, 46.29% has moderate and 26.86% has moderately low and only 3.71% buildings has the low seismic vulnerability. This study expected to be helpful in resource targeting and prioritizing seismic hazard mitigation activities for education buildings of Mymensingh city.

This study endeavors to present a comprehensive vulnerability assessment method by integrating RVS and index based approach that incorporates both structural and systematic dimensions of vulnerability. The result is expected to be helpful in the formulation of disaster prevention policy for vulnerable educational buildings and development of the earthquake-resistant building codes for the new building construction in Mymensingh city.