Bashir Tijjani, Murtaza Ashiq, Nadeem Siddique, Muhammad Ajmal Khan and Aamir Rasul
The purpose of this study is to provide quantitative information on the growth of Islamic finance literature. The study focused on publishing trends, countries producing research…
Abstract
Purpose
The purpose of this study is to provide quantitative information on the growth of Islamic finance literature. The study focused on publishing trends, countries producing research on Islamic finance, key authors, major contributing organizations, authorship patterns, keywords and articles with the highest citations.
Design/methodology/approach
Bibliometric analysis is applied to analyse the growth and publishing trends in Islamic finance literature. The Web of Science (WoS) database was used to extract bibliometric data covering the period 1939–2019 for Islamic finance literature.
Findings
The study finds that Islamic finance research has gained remarkable momentum in the literature. However, such growth is largely manifested in Malaysia because of a conducive atmosphere for this type of research. Interestingly, the study finds that the three most productive journals are located in the UK and Malaysia, while Professor M. Kabir Hassan from the University of New Orleans, the USA appears to head the list of authors with 23 publications on Islamic finance.
Practical implications
This study provides up-to-date literature on the current state of Islamic finance in the world; as a result, it supports the development of policies by the Islamic finance industry. The findings of the study also serve as a reference point for Islamic finance training and educational institutions.
Originality/value
Islamic finance is an emerging financial discipline; as such, there is a need for more awareness of this financial system in the world. Muslim-majority countries, especially Saudi Arabia, Turkey, Indonesia, the United Arab Emirates (UAE), Pakistan and Bahrain, have to include Islamic finance in their curriculum and establish research institutions and research journals. In addition, Arabic language journals should be indexed in WoS and/or Scopus to provide a high-quality publication platform. This study provides a more comprehensive bibliometric analysis on the growth of Islamic finance literature (1939–2019) in the WoS database; most of the prior studies have covered relatively few areas of focus and a lower range of years in some cases.
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Keywords
Pyemo N. Afego, Dahiru A. Bala Abdullahi, Bashir Tijjani and Imhotep Paul Alagidede
This paper operationalizes insecurity and governance crises to study their effects on stock market response to two political events in Nigeria – the 2015 and 2019 presidential…
Abstract
Purpose
This paper operationalizes insecurity and governance crises to study their effects on stock market response to two political events in Nigeria – the 2015 and 2019 presidential elections.
Design/methodology/approach
An event study was used to capture the market responses. Abnormal returns at the aggregate and sectoral levels were measured over several time windows before and after the respective election results were announced.
Findings
The market reacted strongly positively to a change in presidency from an incumbent to an opposition party candidate in the 2015 election but weakly positively, at best, to the re-election of the incumbent candidate in the 2019 election. In addition, banking stocks exhibited greater sensitivity to these events than oil and gas stocks.
Research limitations/implications
There may be peculiarities with the Nigerian case and with the two elections analyzed. Therefore, future research could focus on understanding the extent to which the results generalize to the broader sub-Saharan context and other regions that face similar governance challenges.
Practical implications
Understanding that markets may have a different perception towards incumbent versus opposition candidate electoral victories during periods of insecurity and governance crisis is important for investors, policymakers, researchers and the wider society.
Originality/value
Past empirical studies on political events and stock returns in Sub-Saharan Africa contexts such as Nigeria ignore shifts in voter mood and produce contradictory findings. This paper helps to resolve some of these contradictions by providing insight into how the markets can have a different perception towards incumbent and opposition candidate electoral victories during periods of insecurity and governance crisis.
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Ishrat Hossain, Aliyu Dahiru Muhammad, Binta Tijjani Jibril and Simeon Kaitibie
In societies with strong presence of Islam, Islamic instruments with more scope for fairness and equity can be innovatively harnessed to play an increasing role in the development…
Abstract
Purpose
In societies with strong presence of Islam, Islamic instruments with more scope for fairness and equity can be innovatively harnessed to play an increasing role in the development process and poverty alleviation schemes. Poor smallholder farmers dominate agricultural production in many developing countries and contribute a significant portion of global food production. This paper aims to develop a scheme to improve poor smallholder farmers’ vulnerable financial situation through the application of Zakah and Salam contract, using Bangladesh as a case study. Secondary goals are to show the effect of the scheme on food security and relevance to Nigeria.
Design/methodology/approach
The authors explore the existing traditional modes of financing available to poor smallholders, identify their challenges and propose an appropriate Islamic financing scheme.
Findings
With the Zakah-based Salam forward contract, the proposed scheme would procure food through Institutional Demand to offer interest free financing, fair price and access to new marketing channels and reduce income uncertainty for the rural smallholders. The discussions indicate that the local food security will be enhanced through incentivized farming activities and disbursement of food from the food bank to the Zakah-eligible food insecure local people.
Research limitations/implications
This proposal brings forth a potentially powerful idea that needs further empirical validation.
Originality/value
The religion-based Institutional Demand initiative to promote smallholder agricultural development and social protection is a novel one. The attempt to apply the framework to Nigeria context shows the potential of the framework to generalize for other Muslim developing countries with similar characteristics, especially the poorer agriculture-based countries.