Masaood Moahid, Ghulam Dastgir Khan, Yuichiro Yoshida, Keshav Lall Maharjan and Imran Khan Wafa
This research measures the causal effects of pertinent agricultural credit policy attributes on farmers' participation probability and their willingness to pay (WTP) for…
Abstract
Purpose
This research measures the causal effects of pertinent agricultural credit policy attributes on farmers' participation probability and their willingness to pay (WTP) for agricultural credit and its associated services.
Design/methodology/approach
A randomized conjoint field experiment is conducted in three districts of Nangarhar Province, Afghanistan, capturing stated-preference data of 300 farmers. Each survey participant was provided with two hypothetical choices and one opt-out option to generate rankings based on their preferences. The levels of six attributes—namely, the credit service provider's location, the time required to obtain credit, the frequency of installments, the type of loan security, the provider of the credit services and the annual membership fee to participate in the proposed policy—are randomly assigned to produce the alternative choices.
Findings
The results reveal that farmers support the suggested agricultural credit services policy (ACSP), and the lower bound of their WTP for participation in the policy is as high as 5% of their average annual income.
Practical implications
This study provides evidence-based policy input for designing effective agricultural credit policies in Afghanistan, which can be extended to other countries with a similar context.
Originality/value
This is the first study estimating the causal effects of formal agricultural credit policy attributes on farmers' participation probability. Further, this study nonparametrically measures farmers' WTP for participation in the proposed policy.
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This paper aims to explore the historical foundations of ostensible profit and loss-sharing (PLS) trading contracts used in most Islamic financial institutions, and it…
Abstract
Purpose
This paper aims to explore the historical foundations of ostensible profit and loss-sharing (PLS) trading contracts used in most Islamic financial institutions, and it investigates the potential origins of these contracts in an earlier Abrahamic religion, Judaism.
Design/methodology/approach
This paper is conceptual in nature, using a historical analytical review to examine religious interpretations within Jewish and Islamic jurisprudential literature that sought to mitigate usury restrictions, with a particular focus on ostensible PLS trading contracts. To fulfil the research objective, the paper investigates the underpinning foundation of usury prohibition in both Islam and Judaism, through analysing prohibition scriptures in primary legislation sources in Islam (Qur’an and Sunnah) and Judaism (Torah and Talmud), as well as the various interpretations of these scriptures. The paper then delves into particular interpretations that have been used to evade the ban on usury, resulting in the development of ostensible PLS trading contracts, among both religions’ adherents, as a suspected roundabout to bypass the usury prohibition.
Findings
The ostensible PLS trading or quasi-debt contracts were found and used in Judaism for the purpose of circumventing the usury prohibition. Although the context of ostensible PLS trading contracts contradicts genuine Islamic teachings and principles, and even their akin was opposed by early Islamic jurisprudence; nonetheless, these contracts’ echoes can be found in many arrangements used in modern Islamic financial institutions. Furthermore, the comparative analysis showed remarkable similarities between Jewish and Islamic finance literature regarding the usury circumvention progression; although the underlying premises regarding this discourse might be different across both religions’ jurisprudence, yet the resemblance still noteworthy.
Research limitations/implications
The research is confined to Islamic primary legislation sources, Qur’an and Sunnah, and Judaism basic legislation sources, Torah and Talmud, examining the history of theologians’ interpretations respondent to the laity pressure toward slacking usury prohibition. If similarity is apparent, the issue may depart from the ontological analysis of Islamic financial institutions toward a deeper epistemological investigation of usury prohibition theory, with the aim of restricting ostensible PLS contracts in Islamic financial institutions.
Originality/value
The Islamic finance literature has attempted substantially to explain the gap between the theoretical context of Islamic finance and the discrepant practices adopted in most Islamic financial institutions. As the used approach was usually keen to address the issue ontologically as a practice problem, outward built-in solutions such as corporate governance and shari’ah compliance monitoring were prevalent in the literature. Nonetheless, despite their practical essence, such explanations have not solved the practicing problem, in addition to their lack of theoretical premises. This research contributes to enhancing the theory of Islamic finance and scoping the premises behind the problematic current practices of Islamic financial institutions. It sheds light on the early origins of the ostensible PLS or quasi-debt contracts used in Islamic financial institutions as PLS trading contracts, while genuinely, they are not.
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Rabail Tariq, Yifan Wang and Khawaja Fawad Latif
This paper is drawn on resource-based theory (RBV), dynamic capability theory (DCV) and situational strength theory (SST). It aims to investigate the relationship of…
Abstract
Purpose
This paper is drawn on resource-based theory (RBV), dynamic capability theory (DCV) and situational strength theory (SST). It aims to investigate the relationship of entrepreneurial leadership (EL) on project success (PS) through the mediating role of dynamic capabilities (DCs), big data analytic capability (BDAC) and sustainable resilience (SR). It also explores the moderating effect of knowledge sabotage behaviour (KSB) on the relationship of BDAC and SR with PS.
Design/methodology/approach
Data was collected via Questionnaire survey through convenience sampling from the sample of 550 employees working on project in software companies. Of these, 467 response was deemed valid for analysis. The data was analysed using structural equation modelling (SEM) with SMART-PLS tool.
Findings
The study revealed a significant impact of EL on PS (p < 0.05). It also confirmed the significant mediating role of BDAC and SR (p < 0.05) in EL and PS relationship. These findings emphasize that adapting an entrepreneurial leadership style provides an environment conducive to achieving project success. Moreover, the presence of DCs like BDAC and SR enhances the organization adaptability, efficiency and firms’ endurance to disruption and strengthens their ability to navigate challenges and drive firm outcomes.
Originality/value
The research provides valuable insight into the role of EL as a contemporary leadership style in project-based firms that are marked by high risk and uncertainty. Also, this research is the first to examine the role of DCs, i.e. BDAC and SR as essential support in the execution of a project. Moreover, the research also highlights the importance of the effective role of DCs in achieving PS by mitigating the moderating influence of KSB. Thus, these DCs are empirically proven to facilitate EL in-driving project success in volatile environment while avoiding counterproductive work behaviour.
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Md Akther Uddin and Abu Umar Faruq Ahmad
This paper aims to compare and contrast the concept of conventional futures contract from the Islamic law of contract perspectives. The underlying theory and practice of Islamic…
Abstract
Purpose
This paper aims to compare and contrast the concept of conventional futures contract from the Islamic law of contract perspectives. The underlying theory and practice of Islamic finance is based on the principles of Islamic law of contract. Although the necessity of derivative instruments such as the case with futures contract is essential for developments in Islamic finance, the permissibility of using these instruments still remains a debatable issue.
Design/methodology/approach
The paper discusses arguments for and against using derivative instruments as in futures, for example, in light with the Qur’an and Sunnah (the Prophet’s traditions), as well as the views of classical scholars, jurists and contemporary researchers. Arguments for and against are analysed systematically to derive a logical conclusion.
Findings
The study finds that majority scholars consider futures contracts as non-compliant with the Islamic law due to the fact that selling something that does not exist, deferment in the both counter values, gharar or ambiguity and excessive risk taking, pure speculation and sale of one debt for another.
Research limitations/implications
The study focuses narrowly on conventional futures contract. Analysing other financial derivative contracts could be a future research endeavour.
Practical implications
The study has so far found the verdict of impermissibility of conventional futures contract in its current form as has been argued by majority scholars in the premise that they do not comply with the Islamic law. Policymakers and industry practitioners need to take this opinion of majority scholars while developing new Islamic financial derivatives.
Originality/value
To the best of the author's knowledge, the present research is the first attempt so far that explained the validity of conventional futures by analysing arguments of classical and contemporary jurists, scholars and researchers.
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Mohammed Ali Al-Awlaqi, Ammar Mohamed Aamer, Maged Mohammed Barahma and Mohamed Battour
The purpose of this paper is to investigate the tendency of leaders to select their followers depending on their human capital factors such as age, education level, previous…
Abstract
Purpose
The purpose of this paper is to investigate the tendency of leaders to select their followers depending on their human capital factors such as age, education level, previous working experience and training.
Design/methodology/approach
The participants were 1,388 employees working in a randomly selected sample of 289 small-sized businesses operating in Yemen. A self-reported questionnaire was used to collect the data. The correspondence analysis method was used to explore the tendency of leaders to select their followers depending on their human capital factors.
Findings
We found significant corresponding relationships between leadership styles and the selection of the followers' human capital factors. The passive avoidant style was found to select middle-age, long-experience and fully-trained followers. Transactional style on the other hand was found to select young, middle-level experience and non-trained followers. The transformational leadership style was found to have no selection preferences towards any of the human capital factors except for working experience.
Originality/value
Although, some previous studies tried to understand the leaders–followers relationships, no one investigated the tendency of leaders to select their followers according to their preferences. This study contributes significantly to the leaders–followers theory by studying the selection process of the leadership style of their followers' human capital factors. Understanding this phenomenon could help explain why some leadership styles are more effective than others, especially in very limited resources contexts such as micro-sized businesses.
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Jameel Ahmed, Ahamed Kameel Mydin Meera, Muhammad Yusuf Saleem and Patrick Collins
This paper aims to apply the doctrine of siyasah shariyyah to a policy proposal in the area of monetary economics, namely, the Grondona system of conditional currency…
Abstract
Purpose
This paper aims to apply the doctrine of siyasah shariyyah to a policy proposal in the area of monetary economics, namely, the Grondona system of conditional currency convertibility, which has been proposed as a practical means of resisting the economic instability caused by the present-day fiat money system.
Design/methodology/approach
The paper uses library research to review the literature relevant to the Grondona system, and examines the extent to which its operations conform to the principle of siyasah shariyyah, thereby encouraging Maslahah, i.e. the public interest.
Findings
It has been found that the Grondona system conforms to the philosophy of siyasah shariyyah because it promotes public welfare in a number of ways. First, it is based on the fundamental principle of Prophet Yusuf’s/Joseph (peace be upon him) economic planning, which is accumulating reserves of primary commodities during times of plenty and releasing those reserves of commodities during periods of scarcity. Second, it provides the necessary linkage between the monetary world and the real economy. Third, it could be implemented in parallel with the existing monetary system by using the national currency. Fourth, it would help the least developed countries of the world, which mainly depend on exports of primary commodities (mostly agricultural).
Research limitations/implications
Because of the chosen research approach, this research study is theoretical in nature. Therefore, researchers are encouraged to evaluate the system from economic perspective based on simulation for the purpose of possible implementation.
Practical implications
The paper includes important implications for the policymakers in the Organization of Islamic Cooperation countries for the possible implementation of Grondona system.
Originality/value
This paper fulfils an identified need to apply the philosophy of siyasah shariyyah to the area of monetary economics.
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The application of steel fiber reinforced concrete (SFRC) beams is limited in practice, partially due to the lack of accurate shear strength prediction models. This study aims to…
Abstract
Purpose
The application of steel fiber reinforced concrete (SFRC) beams is limited in practice, partially due to the lack of accurate shear strength prediction models. This study aims to develop a reliable shear strength prediction model for SFRC beams.
Design/methodology/approach
In this study, an artificial neural network was employed to predict the shear strength of SFRC beams, utilizing a comprehensive database of 562 experimental studies. Multiple neural networks were established with varying hyperparameters, and their performance was evaluated using statistical parameters.
Findings
The neural network with 11 neurons showed superior results than other networks. The performance evaluation, efficiency and accuracy of the selected neural network were examined using margin of deviation, k-fold cross-validation, Shapley analysis, sensitivity analysis and parametric analysis. The proposed artificial neural network model accurately predicts the shear strength and outperforms other existing equations.
Originality/value
This research contributes to overcoming the limitations of existing prediction models for shear strength of SFRC beams without stirrups by developing a highly accurate model based on ANN. Utilizing a comprehensive database and rigorous evaluation techniques enhances the reliability and applicability of the proposed model in practical engineering applications.