Nasim S. Shirazi, Laura A. Kuanova, Adilbek Ryskulov and Aziya G. Mukusheva
This paper aims to take stock of the Islamic finance experience and aims to identify an approach for further development in Kazakhstan, using qualitative and quantitative…
Abstract
Purpose
This paper aims to take stock of the Islamic finance experience and aims to identify an approach for further development in Kazakhstan, using qualitative and quantitative assessments.
Design/methodology/approach
The paper presents a conceptual framework based on literature review and content analysis. Furthermore, the study uses a survey-based methodology to collect data and determine the prospects, challenges and possible remedies. The quantitative parameters of the potential of Islamic finance in Kazakhstan are based on the assessment of funds on bank deposits, which can be considered potential resources for Islamic financial instruments.
Findings
The results suggest improving the legal framework and institutional environment to grow Islamic finance in the country. Raising trust levels in a Shariah-based system within the local population, reducing transaction costs and reducing information asymmetry allow raising public awareness of Islamic finance and integrating Islamic finance into the conventional financial system.
Research limitations/implications
This paper is not free from limitations and does not focus on implementing the suggested results.
Social implications
This work elaborates in what way the Islamic finance advancement affects the development of economics and focuses on co-financing of real asset-based projects, with the risk and loss sharing; charity; strict prohibitions on the financing of haram activities, pseudo-needs; and subordination of the individual’s interests to society.
Originality/value
The proposed study presents originalities and it identifies the significant challenges and barriers for further Islamic financial industry development in Kazakhstan by professionals survey. Furthermore, the study assesses potential Islamic finance assets and provides recommendations for successful Islamic finance advancement, considering the peculiarities of the national economy.
Details
Keywords
Laura Aibolovna Kuanova, Rimma Sagiyeva and Nasim Shah Shirazi
This paper aims to study the main trends of scientific research in Islamic finance’s social aspects to clarify place, role and functions, especially in the context of increasing…
Abstract
Purpose
This paper aims to study the main trends of scientific research in Islamic finance’s social aspects to clarify place, role and functions, especially in the context of increasing social problems. To achieve this goal, this paper focuses on the social component of Islamic finance, analyzes publications on social Islamic finance in the Web of Science database, covering the period from 1979 to 2020, specify the geographical localization of research networks, determines the most cited authors and their scientific position.
Design/methodology/approach
The authors have applied several literature review techniques, a bibliometric citation and co-citation analysis, a co-authorship analysis and a review of the most cited papers. The analyzes’ results allow us to offer five future questions in Islamic social finance, zakat and waqf, which have not been investigated before and could influence Islamic social finance and Islamic finance research.
Findings
The authors also derive and summarize five leading future research questions.
Research limitations/implications
This is a limitation of using only the Web of Science Core Collection database as the premier resource and the most trusted citation index for the world’s scientific and scholarly research. Further study might expand the types of analyzed units, include more keywords and include other databases, such as Scopus.
Originality/value
This paper can be considered as an inspirational one to future researchers and policymakers in Islamic social finance.
Details
Keywords
Dariyoush Jamshidi and Laura Kuanova
Because of the huge advantages of Islamic credit cards for both banks and customers, the purpose of this study is to examine the main factors that influence consumers to use an…
Abstract
Purpose
Because of the huge advantages of Islamic credit cards for both banks and customers, the purpose of this study is to examine the main factors that influence consumers to use an Islamic credit card (ICC).
Design/methodology/approach
Accordingly, the innovation diffusion theory, customer awareness and loyalty concept are considered because of their ability to predict behavior and also to provide valuable information. The proposed research model of the study was empirically validated using data collected from 397 bank customers in Kish Island, Iran. Partial least squares-structural equation modeling was used to analyze the collected data from respondents.
Findings
The results indicated that relative advantage and compatibility have a significant direct effect on ICC loyalty. The significant connection between ICC loyalty by bank customers and their decision to have positive word of mouth was also confirmed.
Originality/value
This study represents a basis for further refinement of individual ICC acceptance and loyalty models for researchers. For practitioners, organizations and banks would be able to redesign and manage-related factors, which, in turn, would increase the probability of ICC acceptance and usage success by bank customers.