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Article
Publication date: 25 September 2024

Ahmet Faruk Faruk Aysan, Aza Sidi Lemine and Umar Kayani

This study aims to assess that whether Islamic real estate crowdfunding (RECF) can offer a compelling alternative investment that can attract substantial funds from traditional…

Abstract

Purpose

This study aims to assess that whether Islamic real estate crowdfunding (RECF) can offer a compelling alternative investment that can attract substantial funds from traditional securities and other conventional methods or otherwise.

Design/methodology/approach

The current study draws on secondary data that was published on legitimate website, Twitter and official documents. Document analysis is conducted using the statements of privacy policy, Sharia compliance, terms and conditions disclosers and the established facts. Second, to achieve in-depth knowledge, a qualitative analysis was conducted for the published interviews and presentations with Aseel CEO Majed Abalkhail on YouTube. Thematic analysis is adapted; it is among the most popular types of analyzing qualitative data.

Findings

The findings show that the Aseel platform has been successful in providing simple access to investment opportunities by minimizing the obstacles, reducing entry and exit costs, streamlining the process and widening the investor’s base.

Originality/value

This paper seeks to contribute to the literature on crowdfunding, Islamic crowdfunding and RECF. Its objectives include exploring the concept of crowdfunding, its growth and various types. Furthermore, the paper aims to examine the expansion of the Islamic crowdfunding system, its current market position and a focus on the Saudi Arabian market. Lastly, the paper investigates the first RECF in Saudi Arabia, Aseel Company, which has achieved remarkable success with seven investment funds completed within its first year of establishment.

Details

Journal of Science and Technology Policy Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2053-4620

Keywords

Article
Publication date: 8 November 2024

Muhammad Fazlurrahman Syarif and Ahmet Faruk Aysan

This study aims to explore the structure and dynamics of Qatar’s crowdfunding ecosystem to support economic diversification and enhance entrepreneurial activities. This research…

Abstract

Purpose

This study aims to explore the structure and dynamics of Qatar’s crowdfunding ecosystem to support economic diversification and enhance entrepreneurial activities. This research focuses on analyzing the development of the industry, its regulatory environment and the collaborative dynamics among stakeholders.

Design/methodology/approach

This study used network analysis and Monte Carlo simulations to examine the interplay between various stakeholders, including entrepreneurs, to understand their roles and interconnections. This study also simulated different economic scenarios to evaluate the potential impact of crowdfunding under various market conditions and regulatory frameworks.

Findings

The analysis reveals a moderate level of crowdfunding activity characterized by conservative fundraising outcomes. The key factors identified include the pivotal role of a supportive regulatory framework and the necessity of robust stakeholder collaboration and infrastructure to ensure the industry’s resilience and growth.

Research limitations/implications

The findings are constrained by the simulated scenarios and the current state of the crowdfunding market in Qatar, suggesting that further research could explore emerging trends as the market evolves.

Practical implications

This study provides actionable recommendations for policymakers and regulatory authorities to boost a conducive environment for crowdfunding platforms. This includes enhancing connectivity among stakeholders and building robust infrastructure to support industry growth.

Social implications

This study underlines the significant social benefits of crowdfunding, including promoting innovation, supporting economic growth and facilitating entrepreneurship. These elements are vital to Qatar’s broader economic diversification strategy.

Originality/value

This study provides original insights into the crowdfunding landscape in Qatar, particularly in terms of strategic planning and risk management, using advanced simulation techniques to predict the outcomes of different regulatory and economic scenarios.

Details

Journal of Islamic Marketing, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1759-0833

Keywords

Article
Publication date: 30 September 2024

Muhammad Fazlurrahman Syarif and Ahmet Faruk Aysan

This study aims to understand the practices and rules of Sharia crowdfunding policies in Indonesia given the rapid growth of financial technology and the increasing importance of…

Abstract

Purpose

This study aims to understand the practices and rules of Sharia crowdfunding policies in Indonesia given the rapid growth of financial technology and the increasing importance of crowdfunding as a funding alternative for micro, small, and medium enterprises (MSMEs).

Design/methodology/approach

This study used qualitative methods, exploratory methods and literature studies for data collection. The focus is on understanding the regulatory environment and institutional framework that support Sharia crowdfunding in Indonesia.

Findings

Despite a specific law regulating Sharia crowdfunding, several authoritative institutions in Indonesia offer FinTech, crowdfunding and Sharia crowdfunding services. Some regulations have been issued, such as Bank Indonesia Regulation Number 19/12/PBI/2017 and Financial Services Authority (OJK) Regulation Number 37/POJK.04/2018, which was later amended to Number 57/POJK.04/2020. This study emphasizes the crucial role of OJK in providing security guarantees for implementing FinTech, including crowdfunding. At the same time, Sharia crowdfunding also follows fatwas issued by DSN-MUI.

Research limitations/implications

This study describes Sharia crowdfunding policies in Indonesia and indicates that further research could delve deeper into specific cases and examine the impact of these policies on the growth and sustainability of Sharia crowdfunding.

Practical implications

This study underlines the need to enhance Sharia crowdfunding standards and to create rules that explicitly address this issue. This has implications for regulatory authorities, FinTech companies and MSMEs seeking to leverage Sharia crowdfunding.

Social implications

This study suggests potential social implications, including a more inclusive financial system that complies with Islamic principles and supports MSMEs' growth.

Originality/value

This study is unique in its focus on Sharia crowdfunding policies in Indonesia, providing a comprehensive view of the regulatory landscape and existing institutional framework.

Details

Journal of Science and Technology Policy Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2053-4620

Keywords

Article
Publication date: 30 July 2024

Ahmet Faruk Aysan and Muhammad Fazlurrahman Syarif

This study aims to examine the potential influence of Nonfungible Tokens (NFTs) and the Metaverse on the Halal tourism industry, with a particular emphasis on Halal brands and…

Abstract

Purpose

This study aims to examine the potential influence of Nonfungible Tokens (NFTs) and the Metaverse on the Halal tourism industry, with a particular emphasis on Halal brands and hotel booking platforms. This study also purpose to uncover the opportunities and challenges associated with the adoption of these technologies in the sector.

Design/methodology/approach

A qualitative research approach is employed, encompassing a comprehensive literature review of the halal tourism industry, NFTs and the Metaverse. Furthermore, this study utilizes case studies of brands and hotel-booking platforms that have experimented with or integrated these technologies. This study aims to provide a nuanced understanding of the implications of digital technologies in the context of the halal tourism industry.

Findings

The study uncovered several opportunities provided by NFTs and the Metaverse for the Halal tourism industry, such as enhanced authentication and traceability of halal products and immersive experiences tailored to Muslim travelers. However, it also identifies challenges including compliance with Islamic principles, data privacy, cybersecurity and equitable access to technology.

Research limitations/implications

While the study has several significant implications, it acknowledges potential limitations related to the nascent nature of NFTs and the Metaverse. Future research should delve deeper into ethical, legal and socioeconomic issues surrounding the application of these technologies in the halal tourism industry.

Practical implications

The findings of this study have practical implications for halal brands, hotel-booking platforms and regulators. This study provides a roadmap for harnessing the transformative power of NFTs and the Metaverse while addressing potential challenges.

Social implications

This research underlines the necessity for collaboration among industry stakeholders, technology providers and regulators to ensure equitable access and adherence to Islamic principles. This study preserves a more inclusive and ethically compliant use of these technologies, potentially shaping the future of the halal tourism industry.

Originality/value

This study focuses on the intersection of NFTs, the Metaverse and the Halal tourism industry. It provides fresh insights into the transformative potential of these technologies, aiding halal brands and hotel booking platforms in creating distinctive value propositions and experiences.

Details

Journal of Islamic Marketing, vol. 16 no. 1
Type: Research Article
ISSN: 1759-0833

Keywords

Article
Publication date: 22 September 2021

Ali Yavuz Polat, Ahmet Faruk Aysan, Hasan Tekin and Ahmet Semih Tunali

This study aims to investigate the effect of fear sentiment with a novel data set on Bitcoin’s (BTC) return, volatility and transaction volume. The authors divide the sample into…

Abstract

Purpose

This study aims to investigate the effect of fear sentiment with a novel data set on Bitcoin’s (BTC) return, volatility and transaction volume. The authors divide the sample into two subperiods to capture the changing dynamics during the COVID-19 pandemic.

Design/methodology/approach

The authors retrieve the novel fear sentiment data from Thomson Reuters MarketPsych Indices (TRMI). The authors denote the subperiods as pre- and post-COVID-19 considering January 13, 2020, when the first COVID-19 confirmed case was reported outside China. The authors use bivariate vector autoregressive models given below with lag-length k, to investigate the dynamics between BTC variables and fear sentiment.

Findings

BTC market measures have dissimilar dynamics before and after the Coronavirus outbreak. The results reveal that due to the excessive uncertainty led by the outbreak, an increase in fear sentiment negatively affects the BTC returns more persistently and significantly. For the post-COVID-19 period, an increase in fear also results in more fluctuations in transaction volume while its initial and cumulative effects are both negative. Due to extreme uncertainty caused by the COVID-19 pandemic, investors may trade more aggressively in the initial phases of the shock.

Practical implications

The authors are convinced that the results in this paper have more far-reaching implications for other markets regulated by the states. BTC provides a natural benchmark to understand how fear sentiment drives and impacts the markets isolated from any interventions. Hence, the results show that in the absence of regulatory frameworks, market dynamics are likely to be more volatile and the fear sentiment has more persistent impacts. The authors also highlight the importance of using micro, asset-specific sentiment measures to capture market dynamics better.

Originality/value

BTC is not associated with any regulatory authority and is not produced by the governments and central banks. COVID-19 as a natural experiment provides an opportunity to explore the pure effects of market sentiment on BTC considering its decentralized and unregulated features. The paper has two main contributions. First, the authors use BTC-specific fear sentiment novel data set of TRMI instead of more general market sentiments used in the existing studies. Next, this is the first study to examine the association between fear and BTC before and after COVID-19.

Details

Studies in Economics and Finance, vol. 39 no. 1
Type: Research Article
ISSN: 1086-7376

Keywords

Article
Publication date: 5 September 2024

Hassnian Ali and Ahmet Faruk Aysan

The purpose of this study is to comprehensively examine the ethical implications surrounding generative artificial intelligence (AI).

Abstract

Purpose

The purpose of this study is to comprehensively examine the ethical implications surrounding generative artificial intelligence (AI).

Design/methodology/approach

Leveraging a novel methodological approach, the study curates a corpus of 364 documents from Scopus spanning 2022 to 2024. Using the term frequency-inverse document frequency (TF-IDF) and structural topic modeling (STM), it quantitatively dissects the thematic essence of the ethical discourse in generative AI across diverse domains, including education, healthcare, businesses and scientific research.

Findings

The results reveal a diverse range of ethical concerns across various sectors impacted by generative AI. In academia, the primary focus is on issues of authenticity and intellectual property, highlighting the challenges of AI-generated content in maintaining academic integrity. In the healthcare sector, the emphasis shifts to the ethical implications of AI in medical decision-making and patient privacy, reflecting concerns about the reliability and security of AI-generated medical advice. The study also uncovers significant ethical discussions in educational and financial settings, demonstrating the broad impact of generative AI on societal and professional practices.

Research limitations/implications

This study provides a foundation for crafting targeted ethical guidelines and regulations for generative AI, informed by a systematic analysis using STM. It highlights the need for dynamic governance and continual monitoring of AI’s evolving ethical landscape, offering a model for future research and policymaking in diverse fields.

Originality/value

The study introduces a unique methodological combination of TF-IDF and STM to analyze a large academic corpus, offering new insights into the ethical implications of generative AI across multiple domains.

Details

International Journal of Ethics and Systems, vol. 41 no. 1
Type: Research Article
ISSN: 2514-9369

Keywords

Article
Publication date: 31 January 2025

Mirzat Ullah, Umar Kayani, Ahmet Faruk Aysan, Oleg Mariev and Farrukh Nawaz

This study explores the sophisticated processes involved in knowledge dissemination and the regulatory framework of digital construction (DC). Specifically, it assesses the…

Abstract

Purpose

This study explores the sophisticated processes involved in knowledge dissemination and the regulatory framework of digital construction (DC). Specifically, it assesses the interaction between organizational sustainability, knowledge sharing and corporate social responsibility as essential factors in enhancing digital innovation in high-tech enterprises. The role of corporate governance is examined to engage organizational social structures and sustainability.

Design/methodology/approach

The research empirically evaluates the adaptation processes of organizational social networks (OSNs) and corporate collaboration to drive digital innovation. By integrating perspectives from social exchange theory and social cognition theory, a comprehensive model is developed to understand the influence of corporate social networks and collaborative creativity within enterprises. Hierarchical regression analysis is conducted on a sample of high-tech companies located in the Yangtze River Delta region of China.

Findings

The findings reveal a significant positive relationship between robust OSNs and enhanced collaborative innovation in business environments. Notably, the connection between OSNs and corporate collaborative creativity is partially mediated by the dissemination of information and expertise within the networks. Additionally, the integration of DC tools enhances both OSNs and collaborative innovation. This underscores the need for strategic investments in nurturing corporate social networks and fostering a culture of knowledge sharing among employees.

Originality/value

This study is the first to examine the nexus among OSNs, Knowledge Sharing and Digital Innovation in high-tech enterprises, contributing valuable insights through the lens of social exchange and social cognition theories.

Details

Journal of Financial Reporting and Accounting, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1985-2517

Keywords

Article
Publication date: 26 December 2024

Madiha Kiran, Sumayya Chughtai, Mustafa Raza Rabbani and Ahmet Faruk Aysan

This study aims to explore the effect of environmental, social and governance (ESG) disclosure on the cost of finance (debt and equity) and further investigates contextual factors…

Abstract

Purpose

This study aims to explore the effect of environmental, social and governance (ESG) disclosure on the cost of finance (debt and equity) and further investigates contextual factors that might influence this relationship.

Design/methodology/approach

The study analyzes data from 300 nonfinancial firms listed on Next – 11 stock exchanges from 2015 to 2021. It uses panel data estimation techniques for robustness checks, including the fixed effect model, moment quantile regression methods and feasible generalized least square estimation.

Findings

The study finds a significant negative relationship between ESG practices and the cost of finance, highlighting a curvilinear moderating effect of managerial ownership. This suggests that ESG disclosure not only enhances firm value and reduces the cost of finance by improving disclosure quality and addressing stakeholder concerns but also alleviates financing constraints.

Originality/value

This study represents one of the initial endeavors to investigate the influence of ESG disclosure on the financial expenses (debt, equity) in N11 nations, to the extent of the authors’ knowledge. The research presents novel evidence on the curvilinear moderating impact of managerial ownership on these connections in emerging economies.

Details

Journal of Financial Reporting and Accounting, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1985-2517

Keywords

Article
Publication date: 9 September 2024

Ahmet Faruk Aysan, Ozcan Ozturk and Noha Hesham Selim

There is an increasing shift toward cashless societies worldwide, with electronic payment networks at the forefront of facilitating this transition. The purpose of this research…

Abstract

Purpose

There is an increasing shift toward cashless societies worldwide, with electronic payment networks at the forefront of facilitating this transition. The purpose of this research is to explore the critical role of domestic payment networks and to propose recommendations for the effective implementation of such networks.

Design/methodology/approach

This research paper uses a multiple-case study design, informed by global best practices in domestic payment systems. Using thematic and content analysis methodologies, this research rigorously analyzes secondary data sources to investigate the strategic importance of domestic payment networks to national economies and the motivations driving their developments.

Findings

This paper illuminates the role of domestic payment networks in advancing cost-effective transactions, enhancing financial inclusion and safeguarding national sovereignty. It highlights the growing trend among nations to prioritize the development of their own payment systems. The research further explores the strategic initiatives undertaken by governments to prefer domestic over multinational networks, thereby maintaining control over their financial systems and safeguarding economic interests. Additionally, the study addresses the challenges these networks face, providing a thorough analysis that serves as insight for policymakers and financial institutions aiming to develop and improve their domestic payment infrastructures amidst current and future challenges.

Originality/value

This study contributes to the existing literature on domestic payment networks by studying their significance within the global financial ecosystem, particularly highlighting their role in advancing financial inclusion and ensuring national financial sovereignty. This research paper uses competition state theory as a foundation for its arguments and provides policy and practical recommendations for policymakers and financial institutions. Through this synthesis, the research aims to facilitate the enhancement and strategic development of domestic payment infrastructures globally.

Details

Journal of Science and Technology Policy Management, vol. 16 no. 1
Type: Research Article
ISSN: 2053-4620

Keywords

Article
Publication date: 18 November 2024

This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies.

Abstract

Purpose

This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies.

Design/methodology/approach

This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context.

Findings

Real estate crowdfunding (RECF) platforms provide investors with a viable alternative to traditional funding and investment sources. Firms can increase interest in their platforms among investors through moves that include offering a variety of investment opportunities, streamlining the process and lowering the costs involved.

Originality/value

The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

Details

Strategic Direction, vol. 40 no. 11
Type: Research Article
ISSN: 0258-0543

Keywords

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