Guest Editors:

M. Kabir Hassan (Professor, University of New Orleans, United States): Handling Editor
Dr. Tonmoy Choudhury (Lecturer, Edith Cowan University, Australia)
Dr. Abul Bashar Bhuiyan (Associate Professor, State University of Selangor, Malaysia)


Islamic finance is playing a major role in the modern-day financial environment (Hassan, Aliyu, Saiti, & Halim, 2020; Paltrinieri, Dreassi, Migliavacca, & Piserà, 2020; Zaher & Kabir Hassan, 2001). The growth of Islamic banking from almost zero in 1970 to approximately $2 trillion by 2014 endorses its transformation from a fringe element to a core component of the international financial system (Hoggarth, 2016). The scope and market capitalization have never been larger for Islamic financial institutions compared to the past (Masih, 2017) given the dramatic entrance of COVID-19 has significantly reduced the growth of the modern economy (Carlsson-Szlezak, Reeves, & Swartz, 2020). Still, the financial mechanisms related to Islamic financial institutions have protected the stakeholders from a classic meltdown (Bhuiyan & Bashar, 2020; Shaharuddin, 2020; Sherif, 2020). Thus, in the post-COVID world, Islamic financial institutions are going to play a major role following the tremendous success in the COVID. This opens a major research consideration for the successful management of Islamic financial institutions and what the other stakeholders can learn for them in the future. In this regard, several works have been published on various dynamics of Islamic finance in South Asia given its large Muslim population.

At present, international financial institutions and other multilateral organizations in Asia are employing Islamic finance as a strategic development intervention to encourage the incorporation of individuals into financial markets through the use of Islamic saving and lending instruments (Hanieh, 2020). Moreover, Islamic finance has now established itself as a reliable complementary/alternate avenue for public-private partnership financing which can be very effective to meet the needs of developing countries and their societies (Kociemska, 2020). This success of Islamic finance and its growing acceptance among the public have stimulated various governments to diversify their financing options through the issuance of Islamic instruments.

The prospects of Islamic finance in South Asian countries look even promising as the majority of the market is still unsaturated. Currently, only 33% of businesses in South-east Asia have access to proper financing, 18% of adults use a bank account, just 11% of adults borrow formally and 27% of adults save formally (Asian Development Bank, 2020). However, the probability of Islamic finance exploiting this opportunity is contingent on the technological progression in the financial sector. Research on Islamic financial technology (Fintech) is currently nascent but emerging studies indicate its potential to achieve congruence between Islamic financial instruments and society's expectations (Hasan, Hassan, & Aliyu, 2020; Mohamed & Ali, 2018).

This special issue, therefore, invites empirical papers, theoretical and case studies dealing with the above issues in the context of South Asia. The key areas of focus include (but are not limited to):

  • Current issues and challenges in the progression of Islamic finance and possible solutions
  • The role of fintech in Islamic finance
  • The impact of regulatory, institutional, governmental, and political factors
  • Innovative shariah-compliant products and services
  • Financial contagion in Islamic banks
  • Carbon financing and the role of Islamic financing in environmental and social development
  • The role of shariah in risk management and asset pricing.

If you are interested to submit an EOI, please feel free to contact us at ([email protected]) or ([email protected])


Deadline and Submission Details

Submission Window Opens: 8th March 2021
Submission Deadline: 1st July 2021
Review of the paper: 1st November 2021
Publication of the special issue: Early 2022

To submit your research, please visit the ScholarOne manuscript portal.

To view the author guidelines for this journal, please visit the journal's page.

 

References

Asian Development Bank. (2020). Accelerating Financial Inclusion in South-East Asia with Digital Finance.

Bhuiyan, D., & Bashar, A. (2020). The covid-19 pandemic: conceptual model for the global economic impacts and recovery. The Covid-19 Pandemic: Conceptual Model for the Global Economic Impacts and Recovery (July 20, 2020).

Carlsson-Szlezak, P., Reeves, M., & Swartz, P. (2020). What coronavirus could mean for the global economy. Harvard Business Review, 3.

Hanieh, A. (2020). New geographies of financial power: global Islamic finance and the Gulf. Third World Quarterly, 41(3), 525-546.

Hasan, R., Hassan, M. K., & Aliyu, S. (2020). Fintech and Islamic finance: literature review and research agenda. International Journal of Islamic Economics and Finance (IJIEF), 3(1), 75-94.

Hassan, M. K., Aliyu, S., Saiti, B., & Halim, Z. A. (2020). A review of Islamic stock market, growth and real-estate finance literature. International Journal of Emerging Markets.

Hoggarth, D. (2016). The rise of Islamic finance: post-colonial market-building in central Asia and Russia. International Affairs, 92(1), 115-136.

Kociemska, H. (2020). Public-Private Partnership: Reconciling Mainstream and Islamic Finance in sub-Saharan Africa. Emerging Markets Finance and Trade, 56(12), 2891-2907.

Masih, M. (2017). Islamic finance and banking. In: Taylor & Francis.

Mohamed, H., & Ali, H. (2018). Blockchain, Fintech, and Islamic finance: Building the future in the new Islamic digital economy: Walter de Gruyter GmbH & Co KG.

Paltrinieri, A., Dreassi, A., Migliavacca, M., & Piserà, S. (2020). Islamic finance development and banking ESG scores: Evidence from a cross-country analysis. Research in International Business and Finance, 51, 101100.

Shaharuddin, A. (2020). Guest Editors’ Notes: COVID-19: The Pandemic’s Impacts on The Economy and Realisation of Maqasid Al-Shariah and Islamic Finance. The Journal of Muamalat and Islamic Finance Research, 1-2.

Sherif, M. (2020). The impact of Coronavirus (COVID-19) outbreak on faith-based investments: An original analysis. Journal of Behavioral and Experimental Finance, 28, 100403.

Zaher, T. S., & Kabir Hassan, M. (2001). A comparative literature survey of Islamic finance and banking. Financial Markets, Institutions & Instruments, 10(4), 155-199.