Sherif Roubi and Ashraf Ghazaly
The purpose of this paper is to focus on inter‐neighbourhood variation in the rental apartment market in Greater Cairo, Egypt, and its potential influence on property prices and…
Abstract
Purpose
The purpose of this paper is to focus on inter‐neighbourhood variation in the rental apartment market in Greater Cairo, Egypt, and its potential influence on property prices and performance of hedonic pricing models.
Design/methodology/approach
The paper delves into the issue of whether comparables from different neighbourhoods are homogeneous enough to be aggregated in hedonic pricing models. This paper extends the research on rental‐property market segmentation by investigating the existence of apartment submarkets determined by neighbourhoods.
Findings
Results show that parameters are unstable across neighbourhoods and Chow test provides further support for utilising spatial hedonic pricing models.
Originality/value
This paper provides further support for spatial hedonic pricing models using empirical evidence from Greater Cairo, Egypt. The paper finds that explanatory and predictive powers of hedonic pricing models are improved when separate hedonic equations are estimated for each neighbourhood in Greater Cairo. The paper does not provide an elaborate solution for implementing spatial models in Greater Cairo but rather supports the notion that one has to be developed.
Ahmad Baehaqi, M. Nur A. Birton and Fahmi Ali Hudaefi
This paper aims to critically analyse the application of present value (PV) practised in the concept of time value of money (TVM) from the perspective of maqāṣid al-Sharī‘ah…
Abstract
Purpose
This paper aims to critically analyse the application of present value (PV) practised in the concept of time value of money (TVM) from the perspective of maqāṣid al-Sharī‘ah (objective of Islamic law) explained by Ibn ‘Ashur. The analysis is important as this concept has been adopted in the practice of Islamic accounting measurement.
Design/methodology/approach
This paper uses qualitative research approach. The authors first review literature related to TVM in Islamic perspective to understand the extent to which the scholarly articles have been discussing this topic. Furthermore, the authors conduct face-to-face interviews with the experts to comprehend the means of TVM application in the recent Islamic accounting practices. The tawhid (monotheistic) paradigm is further used with special reference to the concept of maqāṣid al-Sharī‘ah of Ibn ‘Ashur to critically analyse the practice of TVM in Islamic accounting measurement.
Findings
This study identifies the opposing views among the experts on the topic of TVM from the Islamic perspective. That is, the experts’ opinion on this issue can be classified into two. Firstly, a view that rejects TVM and proposes the concept of economic value of time. Secondly, an opinion that recognises TVM with the basis of bay’ al-mu’ajjal (deferred sale). This paper further critically analyses these two opposing opinions. The discussion is established based on the theory of maqāṣid al-Sharī‘ah as explained by Ibn ‘Ashur and the excerpts from interviewing the experts. This work draws a conclusion that such PV-based measurement of TVM does not meet the Islamic principles explained in the theory of Ibn ‘Ashur’s maqāṣid al-Sharī‘ah. Thus, the practice of PV measurement in Islamic accounting is debatable.
Research limitations/implications
This study does not establish a positivism discussion. It is thus the generalisation of this work is not applicable to the Islamic perspective in general. Rather, it is limited to Ibn ‘Ashur’s maqāṣid al-Sharī‘ah.
Practical implications
An analysis of PV measurement adoption in Islamic accounting from maqāṣid al-Sharī‘ah perspective is practically important to raise the awareness that such practice is debatable in Islamic principles. That is, such debate opens new arena for academics, industry professionals and other related stakeholders to further discuss an ideal practice of Islamic accounting.
Originality/value
This paper is among the pioneers that analyses the concept of TVM, in particular relation to PV measurement in Islamic accounting practice from the perspective of Ibn ‘Ashur’s maqāṣid al-Sharī‘ah.
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This paper aims to review 69 studies related to Muslim consumer behavior and determine the relationship between these topics and Islamic rationality. In addition, this paper…
Abstract
Purpose
This paper aims to review 69 studies related to Muslim consumer behavior and determine the relationship between these topics and Islamic rationality. In addition, this paper elaborates on Al-Ghazali’s Islamic rationality model.
Design/methodology/approach
A text analytics approach is used to map 69 studies on Muslim consumer behavior. In addition, the historical-critical and inductive approach is used to identify Muslim scholars’ concepts and opinions regarding Islamic rationality, especially Al-Ghazali.
Findings
This study confirms that Muslim consumer behavior is in line with the concept of Islamic rationality proposed by Al-Ghazali. This is evidenced by a strong awareness of Islamic morals and values, which fosters a high commitment to halal products.
Practical implications
The findings of this study will provide essential benefits in the development of Islamic rationality theory, which can then be used as an alternative in explaining Muslim consumer behavior and also can be used as a reference for stakeholders in the industry to mainstream halalfication on products offered in the Muslim market.
Originality/value
The value of originality in this study lies in identifying the relation between Islamic rationality and Muslim consumer behavior, and this effort was confirmed through 69 selected studies related to Muslim consumer behavior.
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This study argues that in order to address the problems associated with the modern market economy at their core, such as persistent poverty, growing inequality and environmental…
Abstract
Purpose
This study argues that in order to address the problems associated with the modern market economy at their core, such as persistent poverty, growing inequality and environmental degradation, it is imperative to re-assess the well-being and moral philosophy underpinning economic thinking. The author attempts to offer a preliminary way forward with reference to the Islamic intellectual tradition.
Design/methodology/approach
This study employs content analysis of classical and contemporary Islamic texts on human well-being and economic ethics to derive a conceptual well-being model. The paper is structured in four sections: section one provides an overview of relevant secondary literature on moral economic approaches; section two outlines the main well-being frameworks; section three discusses the concept of human well-being in Islam informed by the Islamic worldview of tawḥīd, the Islamic philosophy of saʿādah, and the higher objectives of Islamic Law (maqās.id al-Sharīʿah); and finally, section four discusses policy implications and next steps forward.
Findings
A conceptual model of human well-being from an Islamic perspective is developed by integrating philosophical insights of happiness (saʿādah) with an objective list of five essential goods: religion (Dīn), self (Nafs), intellect ('Aql), progeny (Nasl) and wealth (Māl) that correspond to spiritual, physical and psychological, intellectual, familial and social, and material well-being, respectively.
Research limitations/implications
Further research is needed to translate this conceptual model into a composite well-being index to inform policy and practice.
Practical implications
This model can be used to review the performance of the Islamic finance sector, not solely in terms of growth and profitability, but in terms of realising human necessities, needs and refinements. It can also provide the basis for the Organisation of Islamic Co-operation (OIC) countries to jointly develop a well-being index to guide national and regional co-operation. More generally, this study highlights the need for research in Islamic economics to be more firmly rooted within Islamic ontology and epistemology, while simultaneously engaging in productive dialogue with other moral schools of economic thought to offer practical solutions to contemporary challenges.
Originality/value
This study offers three aspects of originality. First, by outlining well-being frameworks, it highlights key differences between the utilitarian understanding of well-being underpinning modern economic theory and virtue-based understandings, such as the Aristotelian, Christian and Islamic approaches. Second, it provides a well-being model from an Islamic perspective by integrating the Islamic worldview of tawḥīd, the Islamic philosophy of saʿādah, and the higher objectives of Islamic Law (maqāṣid al-Sharīʿah). Third, it proposes an ethical framework for informing economic policy and practice.
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Md. Tanvir Alam Himel, Shahrin Ashraf, Tauhid Ahmed Bappy, Md Tanaz Abir, Md Khaled Morshed and Md. Nazmul Hossain
While the usage of mobile financial services (MFSs) is increasing rapidly in developing countries, research on users' attitudes and behavioral intention to adopt MFS is limited…
Abstract
Purpose
While the usage of mobile financial services (MFSs) is increasing rapidly in developing countries, research on users' attitudes and behavioral intention to adopt MFS is limited. Thus, this study aims to investigate customers' attitudes and intentions to adopt MFS from a Bangladeshi perspective.
Design/methodology/approach
A mixed research design was employed to conduct this study. Data of 196 respondents were analyzed using partial least squares (PLS) path modeling. For the quantitative part, data collection was conducted using non-probability sampling through a structured survey questionnaire. A focus group discussion with ten MFS users from divergent backgrounds was conducted to validate the quantitative findings.
Findings
This paper integrated both the technology acceptance model (TAM) and innovation resistance theory (IRT) to validate the results. The authors found that perceived usefulness (PU), perceived ease of use (PEOU) and perceived trust (PT) positively contribute to customers' attitudes toward MFS adoption. Besides, barriers to acceptance had unfavorable effects on users' attitudes and usage intentions. Furthermore, a focus group discussion revealed valuable insights on the constructs used in this study.
Practical implications
The study results have implications for both MFS providers and researchers. The outputs and recommendations presented in this paper will encourage the MFS practitioners to stimulate users' attitudes and behavioral intentions by ensuring useful, easy to use, credible and risk-free mobile payment platforms.
Originality/value
This is one of the very few studies in Bangladesh that have taken a contemporary and emerging research topic, providing theoretical, methodological and practical contributions regarding the determinants and consequences of attitude toward using MFSs.
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Sujit Kumar Ray and Sangeeta Sahney
This study aims to obtain an understanding of the impact of personal cultural orientation on potential consumers’ intention toward the purchase of high-involvement green products…
Abstract
Purpose
This study aims to obtain an understanding of the impact of personal cultural orientation on potential consumers’ intention toward the purchase of high-involvement green products, specifically, electric two-wheelers in India, which is one of the largest emerging markets of the world.
Design/methodology/approach
A self-administered questionnaire comprising a total of 30 items was administered over a sample of 582 respondents. The structural equation modeling using partial least square was used to analyze the relative impact of different cultural dimensions on consumers’ green purchase intention. Geert Hofstede’s typology of culture was used to represent personal cultural orientation and four of the five dimensions, namely, collectivism, long-term orientation (LTO), masculinity and uncertainty avoidance were studied.
Findings
Findings of the study revealed that collectivism, LTO and masculinity appear to be significant cultural dimensions that influence Indian consumers’ intention to purchase electric two-wheelers. Collectivism is the most influential dimension, followed by LTO and masculinity.
Research limitations/implications
This study helps in expanding literature in the area of green purchase by providing insight on how consumers’ individual cultural orientation influences their purchase of eco-friendly products such as electric two-wheelers.
Practical implications
The findings of the study offer insights, which can be useful for marketers in developing various promotional strategies, as consumers’ cultural values have significant implications for decisions with respect to the advertisement content.
Originality/value
This study illustrates the relative impact of different dimensions of national culture (measured at consumers’ personal level) on consumers’ green purchase intention. Such a study appears to be important in extending current knowledge on green purchase behavior in one of the largest emerging markets such as India.
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Wan A'tirah Mahyudin and Romzie Rosman
This study aims to systematically explore the approaches used by previous studies in measuring the performance of Islamic banks based on maqāṣid al-Sharīʿah.
Abstract
Purpose
This study aims to systematically explore the approaches used by previous studies in measuring the performance of Islamic banks based on maqāṣid al-Sharīʿah.
Design/methodology/approach
The data obtained in this study were derived from a review of empirical literature based on 15 articles published between 2012 and 2019. The sample articles on the performance of Islamic banks based on maqāṣid al-Sharīʿah were located by searching keywords in the most relevant social science research databases such as Scopus, Web of Science and EBSCOhost.
Findings
The emerging trend in measuring the performance of Islamic banks from the maqāṣid perspective highlighted that there is insufficient research on the determinants of Islamic bank performance.
Practical implications
The reviews undertaken in this paper will resolve the literature gaps in the area of maqāṣid al-Sharīʿah and Islamic banks, as this study serves as a reference for scholars, academicians and interested researchers in Islamic banking and finance studies to pursue more research in this area.
Social implications
Performance measurement based on maqāṣid al-Sharīʿah enhances society’s confidence in supporting Islamic banking practices, particularly among the Muslim community. Islamic banks can also be exemplary financial intermediaries supporting fair and equitable financial systems for the entire community.
Originality/value
This paper is original in its nature, considering that understanding the relationship between maqāṣid al-Sharīʿah and the performance of Islamic banks is limited. This paper reveals a literature gap that can be explored by future studies theoretically and practically.