Paper

FINANCIAL ECONOMETRICS

Submitted To : Dr Tanveer Ahmad

Submitted By : Waseem Ahsan
Roll No : MS320212007
Date : 21-05-2022
Topic : Mid term paper
Paper: Qualitative Research Methods
Question no 1:
Elaborate your research topic & explain your research gap that can
be investigated through qualitative methods.
Answer:
Research topic: Explore Customer loyalty in Islamic banking in
Pakistan.
I have chosen the above Research topic “Explore Customer loyalty in Islamic banking in
Pakistan.” I had study various literature review, limitation, & suggestion. Khan, S.; Akhter, W.
Service quality and the moderating effect of Shari’ah perception on client satisfaction: A
comparison of Islamic and conventional microfinance in Pakistan. Cogent Econ. Financ. 2017, 5,
1–20. [CrossRef] I feel that I will work on this topic because of the technological &
methodological change occur with the passage of time & I also feel that demographic factors
(age and level of education), regional accessibility, relative profitability, haram bank interest,
acceptance of new technology, family mobility, flexibility, and completeness of bank are factors
that positively affect people's decision to save at Islamic Bank. The fulfillment of customer
loyalty with product and service quality is determined by various factors.

Research Gap:
I had read many research Article, literature review, and read different research paper “Rahman
A. U. et al. / Journal of Marketing Management and Consumer Behavior, Vol. 1, Issue 5 (2016)
1-23) for research gap and I feel that future research is need on customer loyalty toward Islamic
sharia banking system. So I decided & make base paper  H. NOVIARITA: Heni Noviarita is a
lecturer of Islamic Economics at the Islamic State University of RadenIntan, Lampung,
Indonesia. Her research interests include Islamic Marketing, Monetary Economics, Indonesian
Economy, and Islamic Microeconomics to select that gap & make my research topic.
Qualitative methods:
Case Study Research

One on One Record keeping

Interview Qualitative
Focus Groups Research Methods Process of
Observation

Ethnographic
Research
I had select Qualitative research topic by following the above steps I had read
many research Article, literature review, and read different research paper. Then I
kept some record of the studies & make observation then I take interview of
individual.
End of Question no 1

Question no: 2
Discuss the ontological & epistemological position of your
qualitative research. Your ontological & epistemological stance
should be justified.
Answer:
Ontology & Epistemology: Ontology & epistemology shape our research
philosophy.
Ontology is basically answering the question what is reality & shape the reality. It tells us about
knowledge, truth & what is happening.
For example if we are planning or any satiations it will it us idea that is the problem & what are
the possible solution. Ontology give us three basic answer of three question.
What is reality?
What shape reality?
What is relationship between each component?
So this is the basic of ontology, from the above we conclude that ontology tells us about reality.

Ontology believes:
There are many believe of ontology but I m explaining only three believes:
1) First believe tells that there is only one reality. Its means that for any problem we have
only one solution it is also know as a singularity.

Singularity

Ref: YoutuberOntology, Epistemology and Research Philosophies by Dr Muhammad Imran

Qureshi.
Means that there is only one universal set of solution of any problem or special situation this
reality exist without how people or how perceiver perceived reality. This believes is also known
as singularity.
2) Second believe tells that there are multiple realities or truth. It depends on perceiver.
 It depends largely on people perceive.

7 1
2

6 Reality
3
5
4

3) Third believe tells that reality can be one or many solutions this believes means that there
are one or many solutions or there are many realities for any situation.

6 4

5
Reality

2 1

The above diagram shows that any reality has one or many solutions.

Ref: YoutuberOntology, Epistemology and Research Philosophies by Dr Muhammad Imran Qureshi.

Epistemology:
Epistemology tells us how we seek knowledge how do we know about reality or truth, means
that how we receive or collect knowledge this is called epistemology.
Or we may say that Epistemology concerned with the origin, nature, source, scope, and limits of
knowledge. Here knowledge means that the reality we known how we come to know about that
knowledge from where such knowledge come.
As ontology has some believes in the same way epistemology has also some believes:

1) Knowledge can be measure using scientific rules, using reliable tools & design. This
believe simply stated that knowledge can be measure. Therefore this believe also know as
measurability believes.
2) Knowledge is interpretive in nature so need to be interpreted or explained.
3) Knowledge should be explained using best tools, scientific designs or interpretative at the
same time.
Now we see how can be combine use these believe to see how they shape our research.
If we put the first believes of ontology that “there is only one reality” & first believe of
epistemology that “knowledge can be measure” it shape our research a positivism.

there is only one reality knowledge can be measure

+ = Positivism

If we put the second believes of ontology that “reality can be many” & first believe of
epistemology that “Knowledge is interpretive or explained in nature” it shape our research a
constructivism.

Reality can be many Knowledge is interpretive or

Explained in nature constructivism
+ =
If we put the third believes of ontology that “reality can be one or many” & third believes of
epistemology that “Knowledge is interpretive or explained in nature” it shape our research a
pragmatism.

Reality can be one or many Knowledge is interpretive or

Explained in nature Pragmatism
+ =
Now coming to my own research to justified ontology & epistemology level I
had selected topic “customer loyalty in Islamic banking in Pakistan”
Pakistan adopt the Islamization of the banking and financial sector, In 1981, interest-free
counters were operating in one foreign bank (Bank of Oman) and nationalized all commercial
banks. After the Islamization of the financial sector, the first Islamic bank providing its services
in early 2000 was named Meezan Bank. In Pakistan, Islamic and conventional banks are
competing to attract the maximum number of customers. Islamic banks innovated quality
interest-free products and services; however, researchers believe that the majority of the
customers choose Islamic banking due to their religious motives and not because of service or
product quality.
Now the above is the small part of my research topic here now if we see ontology first believe
that Muslims in Pakistan open accounts or use Islamic banking system just because of religious.
As the belief Islam prohibits and considered haram conventional banks different product.
Coming to next believe that there are many or multiple reality means that some people may open
accounts or use Islamic banking perhaps they are non Muslims, or they like Islamic banking
facilitate or may be bank location compelled them to use.
Coming to the next term epistemology stance, this term is broader in scene as compare to
ontology:
Epistemology in my research is how we know about the about the Islamic product & services
mudarabah and musharakah, Mudarabah (‫اربة‬QQQ‫ )مض‬refers to "trustee finance" or passive
partnership contract, while Musharakah (‫اركة‬QQQQ‫ مش‬or ‫ركة‬QQQQ‫)مش‬ refers to equity participation
contract. Other sources include suck (also called "Islamic bonds") and direct equity investment
(such as purchase of common shares of stock) as types of PLS.
The profits and losses shared in PLS are those of a business enterprise or person which/who has
obtained capital from the Islamic bank/financial institution (the terms "debt", "borrow", "loan"
and "lender" are not used). As financing is repaid, the provider of capital collects some agreed
upon percentage of the profits (or deducts if there are losses) along with the principal of the
financing. Unlike a conventional bank, there is no fixed rate of interest collected along with the
principal of the loan.  Now all such knowledge about Islamic rules comes from our previous
experiences, education, age’s factor etc.

End of Question no 2

Question no 3
Answer:
Qualitative Research Design What will be the qualitative research
design of your project? (i.e what will be the methodology and data
collection method) justify the benefit of using a particular research
methodology for your topic of investigation. It should be related to
your research questions and research objective.

Qualitative Research Design:

A Qualitative research design is a strategy for answering your research question using empirical
data. Creating a research design means making decisions about:

1) Consider your aims and approach

Research aim means to answer your research question there are many different ways you could
go about answering this question. Your research design choices should be driven by your aims
and priorities—start by thinking carefully about what you want to achieve.

Like my research question is why people are converting from conventional banking to Islamic
banking?

The second choice in the first step you need to make is whether you’ll take a qualitative or
quantitative approach, as I select Qualitative research approach.

There are five types of Qualitative Research Design

1) Ethnography 2) Narrative 3) Phenomenological 4) Grounded Theory 5) Case
study

Ethnography:
Ethnography, one of the most popular methods of qualitative research, involves the
researcher embedding him of her into the daily life and routine of the subjects.
Either as an active participant or an observer, the researcher experiences their
customs, traditions, mannerisms, and reactions to situations etc. first hand
sometimes for years.
Geographical constraints could be a hindrance for the researcher.
For example of ethnography is if I want to see or observe how people living in
karak village where water is scare & basic living necessity are not in approach of
people, so to observe all this situation you should to live in between them in order
to properly investigate
Narrative:
The research gathers data or fact from one or two subjects through interview,
document etc. over a period of time.
It focuses on the experience of individuals. Based on a theme, these are then pieced
together (not necessarily in the same sequence) to derive answers & suggestions.
Once we plan for to take interview of individual we the care of each movement this
is brief observation in which we note every point.
Phenomenology:
In phenomenology we used to study an event or activity as it happens, from
various angles. Using interview, videos, an site add on to existing information
using perspective and insights from the participants themselves about the activity
or event. It is primarily an experience or perception based research method.
Grounded Theory:
In ground theory we collect data then we give or allot code for similar concept
Case study:
In case study we used to gather in depth and detailed information about a subject,
which could be any entity, organization, event or something larger like a country.
The nature of this qualitative research method can be explanatory or exploratory.
In my research I use phenomenology design in such type of research we used to
study an event or activity as it happens, from various angles. Using interview,
videos, and site add on to existing information using perspective and insights from
the participants themselves about the activity or event. It is primarily an experience
or perception based research method.
Research methodology
Research methodology is the specific procedures or techniques used to identify,
select, process, & analyze information about a topic. In a research paper, the
methodology section allow the read to allow the reader to critical evaluate a study
overall validity & reliability.
There are various methodological approaches in qualitative study. Each
methodology has explicit criteria for the collection, analysis and interpretation
of data. Qualitative studies are flexible and iterative, but it should be under the
methodological approach.

1. Grounded Theory
2. Phenomenology
3. Ethnography

Qualitative data-collection methods

One-on-one interviews
Interviews are one of the most common qualitative data-collection methods, and
they’re a great approach when you need to gather highly personalized
information. Informal, conversational interviews are ideal for open-ended
questions that allow you to gain rich, detailed context.

Open-ended surveys and questionnaires 

Open-ended surveys and questionnaires allow participants to answer freely at
length, rather than choosing from a set number of responses. For example, you
might ask an open-ended question like “Why don’t you eat ABC brand pizza?” 

Focus groups
Focus groups are similar to interviews, except that you conduct them in a group
format. You might use a focus group when one-on-one interviews are too
difficult or time-consuming to schedule.  

Observation
Observation is a method in which a data collector observes subjects in the course
of their regular routines, takes detailed field notes, and/or records subjects via
video or audio. 
Case studies
In the case study method, you analyze a combination of multiple qualitative data
sources to draw inferences and come to conclusions. 

Benefit of Phenomenology methodology

As I had select Phenomenology methodology the following is the benefit of
Phenomenology methodology.

1. Unique Perspectives
To be sure, there is some value to be found in focusing research on how people
perceive an event or phenomena, rather than simply how the phenomena exists in a
vacuum.
2. Understanding
Perhaps the biggest benefit of phenomenological research is the fact that it can
provide us with a profound, detailed understanding of a single phenomena.
3.RichData
Culled from enough individuals, the data one can receive through
phenomenological research is rich and impressive. This is a form of research that
allows for a truly unique approach to understanding phenomena.

End of Q no 3