Research Summary-Journal List

Islamic Banking and Finance Journal List
Yr/Author:Journal Country, Sample, Method, Findings

Paradigm
Impact on securities prices of Pakistan's
Pakistan, 72: shares listed on KSE
1995, Prodhan & Khan: AFE move towards full Islamization in the
1982-9t, Regression, Positivism
financial sector.
Saudi Arabia, Self-referencing
Interactive financial index could not be
2001, Choudhury & Al-Hallaf: methodology and the IIE-model,
achieved as it contrasts the Islamic
MF Positivism
approach.
Indonesia, Comparative and The current disclosure system gives no
2003, Harahap: MF analytical methods, Interpretivism indication of justness or fairness it is
incompatible with Islamic values.
Iran, 11 Period (1984-1994):
Average RoR, Total deposits in
The government intervention plays more
2003, Makiyan: MF banks, Rate of inflation, Error
important role of economic factors.
Correction Model (ECM),
Positivism
Hawala system plays a central role in the
2003, Schramm & Taube: IRFA Literature review, Interpretivism
shadow economy throughout the world.
Greater risk disclosure leads the
2004, Satkunasingam & Malaysia, Literature review,
patrons of Islamic banking to realise the
Shanmgam, JIBR Interpretivism
extent of their risk exposure.
Higher financial participation and higher
2004, Muljawan, Dar & Hall: Critical thinking,
quality of information will improve the
AFE Poststructurialism
quality of the banks and their customers.
Informal Value Transfer System reinforced
2005, Ballard: JBR Literature review, Interpretivism Anti Money Laundring/Combat Finance
Terrorism initiatives.
Islamic funds performed better than the
2007, Abdullah, Hassan & Malaysia, Indeces, Positivism
conventional funds durng bearish
Mohamad: MF
economic trends.
2008, Rosly & Zaini: MF Malaysia, 13: RoE, ROMD, Deposit yields in conventional banks were
Financial ratio approach, lower than ROE and Islamic banks' deposit
Positivism yield and ROEs do not reflect their risk-
taking properties.
2008, Haron & Azmi: MF Malaysia, 60: Month deposit Differenct determinants on deposits at both
levels, VAR-VECM, Positivism Islamic and conventional banking systems.
2008, Siddiqui: MF Pakistan, Comparative and Islamic Banks tend to engage in little long-
analytical methods, Interpretivism term project financing.
2008, Ariffin, Archer, Karim: 8 countries, 28: Islamic banks, Conventional and Islamic banking have
JBR Statistical analysis, Positivism differences level of risks.
2008, Khan & Bhatti: MF Middle East, South East and Islamic banking and finance industry
South East Asia, General review, has become an alternative to
Interpretivism conventional systems at the global level.
2008, Khan & Bhatti: TJRF Middle East, South Asia and Islamic banking has made
Indian Subcontinent, General unprecedented progress over recent
review, Interpretivism years.
2008, Benamraoui: IJIMEFM Algeria, 18: Senior managers Most of the Islamic financial products
from banque Al-Baraka d'Algerie, are short-term financing, the bank
Interview, statistical data and performance has improved.
financial ratio, Interpretivism
2008, Dusuki: IJIMEFM Institution should uphold social objectives
Malaysia, 1500: representing and promote Islamic value towards their
seven stakeholder groups, namely staffs, clients and the general public.
customers, depositors, local
communities, Islamic banking
managers, employees, banking
regulatory officers and sharia
advisers, Factor analysis,
Positivism
2008, Hasan: IJIMEFM Malaysia, Literature Review, Central banks will have to design new
Interpretivism tools for credit control for Islamic banks.
2008, Amin & Isa: IJIMEFM Malaysia, 440: Questionnaires High Muslim customers’ awareness of the
distributed to two banks, Islamic banking products and services.
Structural equation model (SEM),
Positivism
2008, Obiyo: IJIMEFM Nigeria, Literature Review, Implementation and success of Islamic
Positivism banking in Nigeria would require: re‐
shaping the society, restructuring of the
economic system and re‐framing of the
laws according to the dictates of Islam.
2008, Bacha: IJIMEFM Malaysia, 9: Annually data for Many of risks associated with
money market data from October conventional money markets, including
1998 to April 2007, Correlation & interest-rate risks.
regression, Positivism
2008, Fauziah, Taib, Ramayah Malaysia, 300: Post graduate Diminishing Partnership (DP) concept and
& Razak: IJIMEFM students, Correlation & religious and social influence are jointly
regression, Positivism responsible.
2008, Rosly & Zaini: MF Malaysia, 13: RoE, ROMD, Deposit yields in conventional banks
Financial ratio approach , were lower than ROE. Islamic banks'
Positivism deposit yield and ROEs do not reflect
their risk-taking properties.
Malaysia, Time series data from Thesecurities is the most significant
2008, Yusof & Majid:
1999:Q1 to 2006:Q4, ARDL, market in attracting Foreign Portfolio
IJIMEFM
Positivism Investment into the economy.
General equilibrium model,
2008, Al-Zoubi, Maghyereh, The constructing a zakah fund can take the
Positivism
Al-Zu'bi & Bhatti: MF role of issuing debt in financial market.
Malaysia, Paper review,
2008, Jobts, Kunzel, Mils & Sy: Sukuk market continues to generate strong
Interpretivism
IJIMEFM interest by new issues.
2009, Archer & Karim: JBR Literature review, Profit-sharing investment account holders
Poststructurialism is an equity investor without the
governance rights of either creditors or
shareholders.
2009, Sufian & Noor: MENA & Asian countries, Data More efficient banks with smaller market
IJIMEFM Envelopment Analysis (DEA), share and low non-performing loans ratio.
Positivism
2009, Hassan: TJRF Brunei Darussalam, Method of RI Most important types of risk in Brunei
and risk facing the sample banks , are foreign-exchange risk, credit risk
Positivism and operating risk.
2009, Hassan, Mohamad & Middle East, 40: 11 OIC Banks, There is no difference between the overall
Bader, IJIMEFM Data Envelopment Analysis efficiency of conventional and Islamic
(DEA), Positivism banks.
2009, Amin, Hamid, Lada & Malaysia, 250: Bank customers, Bank customers are divided into three
Baba: IJIMEFM Frequency, factor and cluster clusters.
analyses, Positivism
On the same asset universe current basic

Shariah-compliance strategie result is
Portfolio optimalization,
2009, Derigs & Marzban: JBF much lower portfolio performance than
Poststructurialism
portfolios without considering Shariah-
compliance.
Iran, General review,
Increasing the level of efficiency of the
2009, Kordvani: IJIMEFM Interpretivism
banking and financial sector.
Australia, Mixture of direct
Islamic financial services provides nor
2009, Ahmad & Hassan, observation from legal and
conventional financial institutions are
IJIMEFM regulatory perspective,
disadvantaged.
Emancipates
Growth of the Islamic finance sector may
be impacted by the involvement inIslamic
2009, Alexakis & Tsikouras:
General review , Interpretivism finance by western regulators, credit rating
IJIMEFM
agencies; accounting procedures,
protection of stakeholders.
Four approaches must be applied in
Literature Review,
2010, Rosly: IJIMEFM package in determining Shariah compliant
Poststructurialism
status to avoid costly errors.
Although the crisis had limited impact
on Islamic financial institutions, the
2010, Smolo & Mirakhor:
Literature Review, Interpretivism major flaws of capitalist financial
IJIMEFM
system are relevant to the development
of the institutions.
Australia, Mixture of direct
Islamic financial services provides nor
2009, Ahmad & Hassan, observation from legal and
conventional financial institutions are
IJIMEFM regulatory perspective,
disadvantaged.
Emancipates
Growth of the Islamic finance sector may
be impacted by the involvement inIslamic
2009, Alexakis & Tsikouras:
General review , Interpretivism finance by western regulators, credit rating
IJIMEFM
agencies; accounting procedures,
protection of stakeholders.
Four approaches must be applied in
Literature Review,
2010, Rosly: IJIMEFM package in determining Shariah compliant
Poststructurialism
status to avoid costly errors.
Although the crisis had limited impact
on Islamic financial institutions, the
2010, Smolo & Mirakhor:
Literature Review, Interpretivism major flaws of capitalist financial
IJIMEFM
system are relevant to the development
of the institutions.
2010, Karim, Kassim & Arip: 5 countries, Time series data from No evidence was found of cointegration
IJIMEFM february 2006 to december 2008, among the Islamic stock markets in both
Time series of cointegration, periods.
Positivism
7 countries , 26: Takaful non-life Non-executive directors and separating the
2010, Kader, Adams &
insurance , Data envelopment chief executif officer and chairman
Hardwick: TGP
analysis (DEA), Positivism function do not improve cost efficiency.
Malaysia, 5: Islamic unit truts The efficiency of unit trust companies
2010, Norma, Majid, Kassim,
companies , Data Envelopment perform better than their conventional
Hamid and Yusof: IJMF
Analysis (DEA), Positivism counterparts
A new business model for the banking
system based on non-interest-based
Critical thinking, Critical
2010, Ahmed: IJIMEFM transactions but profit and loss sharing
orientation
should be in pracice at the financial
system.
Malaysia, 3: Three sub-periods.
Both the Islamic and conventional
2010, Kassim & Majid: Crisis(1997-1999), the non crisis
banking system are vulnerable to
IJIMEFM (1999-2007) & Crisis (2007-
financial shocks.
2009), VAR, Positivism
Equity and debt-based financing
Indonesia, 3: Returns of group produce suistainable returns of bank
2010, Ismal: IJIMEFM Islamic bank financing , VAR, financing. The performance of service-
Positivism based financing is very sensitive to the
economic conditions.
Malaysia, 642: Companiew listed Kuala Lumpur Stock Exchange Shariah
2010, Rahman, Yahya & Nasir: on the Bursa Malaysia in 2006, Index does not use both the criteria set by
IJIMEFM Explanatory and descriptive in the Dow Jones Islamic Market as its
nature, Positivism measures during the screning process.
2010, Mansour, Abdelhamid, United Kingdom, 156: Statistical Low services charges is top customers'
Masood & Niazi study, Positivism criteria.
2010, Kamil, Abdullah, Malaysia, Descriptive, analytical Sukuk have significantly different
Shahimi & Ismail: IJIMEFM & comparative analyses , underlying structures, provisions a shariah-
Interpretivism compliant.
2010, Chazi & Syed, IJIMEFM 27: Capital ratios, Positivism Islamic banks are maintaining better
capital ratios than their conventional
counterparts.
2010, Hassan & Harahap: 7 countries, 7 Banks, Content CSR is not of major concern for most
IJIMEFM analysis, Positivism Islamic banks.
2010, Ismal: IJIMEFM Liquidity risk management The index produces a good grade for the
(LRM), Postivism liquidity management practices in the
Indonesian Islamic banking industry.
2010, Hutapea & Kasri, Indonesia, 5: two Islamic banks Long-running relationship exists between
IJIMEFM and three conventional banks , the Islamic banking and its determinants.
Autoregressive distributed lag
model, Positivism
2011, Hamid & Masood: Pakistan, 200: Islamic banking Shariahprinciple, fast and efficient service,
QRFM customers, ANOVA-Test, bank reputation, term and condition of
Positivism product flexibility are factors in choosing
Islamic mortgages.
Islamic funds from these markets found
21 countries, 265: Islamic equity are competitive to international equity
2011, Hoeper, Rammal &
funds , Three-level Carhart benchmarks, funds from especially
Rezec: TEJF
model, Positivism western nations with less Islamic assets
tend to significantly.
2011, Martin & Ahmed: Emerging bodies of literature , Trend in offering employee stock option as
IJIMEFM Interpretivism part of Shariah compliant compensation
package is acceptible in most cases.
Australia, 800: 400 Muslim and Islam does ifluence investment behaviour,
2011, Tahir & Brimble:
400 non-Muslims, Experimental however, the degree to which it does this is
IJIMEFM
design, Interpretivism influenced by the degree of religiosity.
2011, Tafri, Rahman & Omar: Malaysia, 45: Islamic and More innovations and product
IJIMEFM conventional banks in Malaysia, development for Islamic banking in
Positivism managing risk.
2011, Masood, Niazi & Ahmad: 30: paramount Islamic banks Larger banks have greater income
QRFM functioning in different countries diversity than do the smaller banks.
from 1998-2008, Z-score and
Pooled ordinary least square
(OLS), Positivism
2011, Muhamat, Jaafar & UAE, 100: Banks’ clients, Arabic terms give competitive edge to the
Azizan: IJIMEFM Convenience sampling method, Islamic banks but at the same time itmight
Positivism give difficulty to obtain quick information.
2011, Suliman & Obaidli: UAE, 70: Employees from top, Climate, justice, innovation and decision
IJIMEFM middle & bottom making explain employees’ turnover.
management ,Regression,
Positivism
2011, Estiri, Hosseini, Yazdani Iran, 970: Bank customer, Value proportion quality and service
& Nejad: IJIMEFM Structural equation model (SEM), delivery quality are two factors in service
Positivism quality.
2011, Bhatii, Awan & Bukhari: Pakistan, 150: Employees of pure Employee perceptions of the
IJIMEFM Islamic banks, Regression, organizational service quality are subject
Positivism to employees’ perception on training and
development, development and positioning
of Islamic banking products, and customer
service oriention.
2011, Fuad, Sawari, Hassan & Malaysia, Inductive methodology, Underlying contract used in PSC violates
Abdullah: IJIMEFM interview, Interpretivism the conditions of wadiah contract.
2011, Smolo & Hassan: Extensive literature reviews, Musyarakah Mutanaqisah has a
IJIMEFM Interpretivism comparative adventage compared with
conventional loans and Bay Bithaman Ajil.
2011, Zaabi: IJIMEFM UAE, Z-score model, Positivism UAE Islamic banks should improve their
scores.
2011, Abdullah, Shahimi & Descriptive, analytical & Operational risk in Islamic banks is
Ismail: QRFM comparative analyses, significant and becoming more
Interpretivism complicated due to unique contractual
fetures and general legal environment.
2011, Lee & Ullah: IJIMEFM Pakistan, 375: Bank cutomers, Islamic banks’ customers highly value
Descriptive statistics & cross- Shariah compliance in their banks and that
tabulation analysis , Positivism non-compliance with Shariah principles
leads to disgruntled customers.
2011, Trabelsi: TJRF 16 countries, General review, The financial crisis pushed most
Interpretivism developed countries to lower their
banking rates and to implement null-
approximating interes rates, a move
which replicates the principle adopted
by Islamic banks.
2011, Mostafa: IJIMEFM Cross sectional data for the year Perfomance of several banks is sub-
2009 of the top 100 Islamic optimal, suggesting the potential for
banks, Data Envelopment significant improvements.
Analysis (DEA), Positivism
2012, Archer & Karim: JBR Literature review, Structure for using UPSIA to raise funds,
Poststructurialism which would permit the above-mentioned
benefits to be achieved.
2012, Masood & Asraf: QRFM Middle East, East Asia, African & Banks with larger assets size and with
South Asian, 25: Islamic banks, efficient management lead to greater return
Regression , Positivism on assets.
Gulf Cooperation Council, 219:

Ex-ante Shariah audit, ex-post Sharia audit
SSB member, Regression,
and reporting of Shariah Control Drawing
2012, Garas: IJIMEFM Positivism
are related to the Shariah Supervisory
Board (SSB) control.
SSB executive position, the relation
between the SSB members and the BoDs,
Ordinary least square regression,
2012, Garas: IJIMEFM and the membership in Islamic funds and
Positivism
issuers of Islamic bonds are related to the
conflicts of interest.
Visible shortage in practical research
Existing literature & Critical pertaining to the application of the
2012, Kayed: IJIMEFM
analysis, Poststructurialism principles of PLS modes in financing
enterpreneurial activities.
2012, Khasawneh, Bassedat, North African Arab countries, 11: Islamic banks achieved higher average
Aktan & Thapa, QRFM Conventional & Islamic banks, revenue efficiency scores over
Data Envelopment Analysis conventional banks in this region.
(DEA) & Variable return scale
(VRS), Positivism
2012, Masood, Suwaidi & UAE, 148: Credit risk managers, Managers in Islamic banks now do not
Thapa, QRFM Survey based, Positivism rely only on personal experience and
simple credit risk analysis.
2012, Ghauri & Qambar: 7 countries, 87: Bank in seven Islamic banks reflect marginal bank spread
QRFM countries, BS, BM to total assets but bear high operational costs.
& ROA, Positivism
2012, Rehman: QRMFM 3 countries, 225: Customers of Pakistiani & UK customers consider
Islamic banks, Regression, assurance, reliability and empathy.
Positivism
2012, Alam & Tang: QRFM 14 countries, 99: Islamic banks , Islamic banks locate above target risk
Prospect theory, Positivism level tend to show risk-adverse
behaviour.
2012, Mirza & Riaz: QRFM Pakistan, 100: Banks’ employees, Process of needs assessment identifies
Cross-section, Positivism more than one training.
2012, Rehman & Masood: Pakistan, 200: Islamic banking Religious and convenient factors are the
QRFM customers, Regression,Positivism most important factorain selecting an
Islamic bank.
2012, Akbar, Shah & Kalmadi: United Kingdom, 156: Online Islamic banking in the UK is not fully
IJIMEFM respondents, PLS, Positivism aligned with the Islamic finance paradigm.
2012, Ahmad & Rahman: Malaysia, 10: Bank in Malaysia, Conventional banks may be more efficient
IJIMEFM Data Envelopment Analysis than Islamic banks due to managerial
(DEA), Positivism efficiency and technological advancement.
2012, Hussain & Al-Ajmi: Bahrain, 560: Students in the The level of risks faced by Islamic banks
TJRF Islamic finance course, URRM, are higher than conventional banks.
RI, RAA, RMON, RMPs, CRA,
Positivism
2012, Ismal: IJIMEFM Indonesia, Revenue sharing ratio, Equilibrium of revenue sharing ratio
mathematical approach & locates Islamic banks with no
formula, Positivism withdrawal risk and bankruptcy risk.
2012, Yahya, Muhammad & Malaysia, 3: Banks annual reports No significant difference in efficiency
Hadi: IJIMEFM the year 2006 to 2008, Data between Islamic banks and conventional
Envelopment Analysis (DEA), banks.
Positivism
2012, Khalid & Amjad: TJRF Pakistan, 135: Senior staff of head Islamic banks are efficient in managing
office, Regression, Positivism risk where understanding risk
management, risk monitoring and credit
risk management are the most
influencing variables in risk
management practices.
2012, Beck, Kunt & 22 countries, 209: Listed banks , Islamic banks are less cost-effective, but
Merrouche: JBF Univariate comparisons , have a higher intermediation ratio, higher
Positivism asset quality and are better capitalized.
Europe, USA &World , 6: Islamic The impact of the current crisis on the
2012, Arouri, Ameur, Jawadi,
and conventional indexes from Islamic finance industry is less marked
Jawadi & Louhichi: AE
2006 to 2008, VAR, Positivism than on conventional finance.
Malaysia, 7: Month profit since Sukuk investment using ijarah principle is
2012, Jalil & Rahman: QRFM 30 April to 31 October, Calculate found to be a better investment alternative
profit, Positivism than musharakah mutanaqisah.
Malaysia, 10: Bank Muamalat,
Only two out five full-fledged Islamic
2012, Ameer, Othman & Kuwait Finance House, Bank
banks followed Bank Negara
Mahzan: IJIMEFM Islam, Interviews and survey,
Malaysiaguidelines.
Positivism
Islamic finance has grown at a very
2013, Bannet & Iqbal: Comparative method, impressive rate over the last two
IJIMEFM Interpretivism decades but the Islamic fixed income
market remains under-developed.
UAE, 159: Mutual funds listed on
Better performance of International
the Saudi Arabia stock market
Monetary Funds relative to
2013, Ashraf: IJIMEFM from 2007-2011, CAPM
conventional funds during periods of
regression & Treynor and Mazuy
economic crisis.
models, Positivism
The Islamic bond industry's existence is
2013, Azmat, Skully & Brown: contingent upon a Shariah conscious
Literature review, Positvism
PBFJ ethical investor base that can absorb the
lower sharia premium.
2013, Ho, Rahman, Yusuf & 8 countries, Period from 2000 to Islamic indices beat their conventional
Zamzamin: PBFJ 2011 monthly closing value, counterparts during show inconclusive
Empirical method, Positivism for the non-crisis periods.
2013, Quttainah, Song & Wu: 15 countries, 164: Islamic banks , Nonegative different earnings management
JIFMA Regression, Positivism behaviors in Islamic banks, with and
without Shariah Supervisory Boards.
2013, Azzam & Rettab: AE GCC countries, 55: Conventional The effect of concentration on margins is
banks 30 Islamic banks 25, the sum of market power, marginal cost of
Nonlinear regression, Positivism intermediation and marginal cost of
uncertainty.
2013, Hamza: IJIMEFM Malaysia, Decentralized model in The independence of the Shariah Board
the Gulf Cooperation Council and the consistency of Shariah ruling are
(GCC) & Centralized model, the principal components of Shariah
Interpretivism governance structure.
2013, Abedifar, Molyneux & 24 countries, 553: Banks over 24 Small Islamic banks appear more stable
Tarazi: RF countries, Compares the risk and loan quality of Islamic banks is less
features, Positivism responsive to domestic interet rates.
2013, Mobarek & Kalonov: AE OIC countries, 1857: Financial Conventional banks are more efficient than
statemets, Data Envelopment their Islamic counterparts.
Analysis (DEA) & Stochastic
frontier analysis (SFA),
Positivism
2013, Hassan, Sanchez & Safa: OIC countries, 24: Islamic bank Foreign Islamic banks follow aggressive
IJIMEFM financial statements, Weight least financing in host countries and enjoy
squares, Positivism higher net profit margin.
2013, Eljelly & Elobeed: Sudan, 9: Banks , Financial ratio Liquidity risk, coverage, efficiency,
IJIMEFM approach, Positivism profitability, capital adequacy & control
explain most of the variation of financial
ratios.
2013, Amirzadeh & Shoovarzy: Iran, 382: bank branches , Fuzzy Islamic doctrines and accessible brances
IJIMEFM set theory, Positivism are the least significant factors of service
quality by Iranian bank customers.
2013, Shafique, Hussain & Pakistan, 69: Financial The overall risk management practices
Hassan: TJRF institutions in Pakistan, ANOVA- of IFI and CFI are alike in Pakistan.
Test, Positivism
2013, Sukmana & Kholid: Indonesia, Critical & policies Islamic banks are designed to boost the
QRFM analysis, Critical orientation real sector, compared to conventional
banks.
2013, Ismal & Haryati: QRFM December 2000-September 2010: The optimum growth rate of the market
monthly data of total assets of share is predicted to occur in 2012 but
both Islamic & financial asset, slowing in October 2018.
ARIMA models, Positivism
Seven issues have been identified as main
Laws & regulation analysis, factors responsible for reducing the level
2013, Alkhamess: JBR
Interpretivism of Shariah compliance in Islamic Financial
Service.
Three specific ends (maqashid) in Islamic
2013, Laldin & Furqani: finance, namely wealth circulation, fair
Literature review, Interpretivism
IJIMEFM and effectively financial practices and
justice at the micro-and macro-level.
Service.
The online respondents are likely to using
United Kingdom, 230: Online
takaful if the cover is offered as
2013, Maturi: IJIMEFM respondents , Analyzed
conventional insurance and the price are
statistically, Positivism
competitive.
17 countries, 180: firm/ years,
Average levels of cost efficiency in takaful
2014, Kader, Adams, Hardwick Data Envelopment Analysis
insurance markets mirror the efficiency in
& Kwon: IRFA (DEA), Positivism
developed non-life insurance markets.
The framework offers an improved tool
Dow Jones Islamic & Standard
2014, Bekri, Kim & Rachev: to ameliorate Islamic stock market risk
and Poor’s sharia index, ARMA
IJIMEFM exposure and to reduce the costs of
GARCH, Positivism
Islamic risk management.
UK, 487: 336 accepted credit
application 151 rejected credit Fator affecting the decision-making
2014, Abdou, Alam &
application, Regression and process are monthly expenses, age &
Mulkeen: IJIMEFM
Perception, Positivism marital status.
Differences and divergence of corporate

2014, Grassa & Matoussi: 7 countries , Descriptive analysis
governance structure in GCC countries and
IJIMEFM approach, Interpretivism
in Southeast Asia countries.
Service.
GARCH, Positivism
2014, Abdou, Alam &
Mulkeen: IJIMEFM

Service.
GARCH, Positivism
2014, Bekri, Kim & Rachev: Dow Jones Islamic & Standard The framework offers an improved tool
IJIMEFM and Poor’s sharia index, ARMA to ameliorate Islamic stock market risk
GARCH, Positivism exposure and to reduce the costs of
2014, Abdou, Alam &
Mulkeen: IJIMEFM

2014, Ginena: CG Literature review, Interpretivism This study concludes some risks that
might appear in Islamic banks ie.
Shariah, credit, compliance, market and
reputation risks.
2014, Muneeza & Hassan: CG Explanatory and descriptive in Code for Shariah corporate governance is
nature, Poststructurialism needed due to the widespread.
2014, Aldohni: JBR United Kingdom, Laws and The sharia compliance requirement has
regulation analysis & literature implication on the nature of Islamic
review, Interpretivism banking operations.
2014, Mohamad & Rahman: Literature review, Interpretivism Most of the studies discussed the
IJIMEFM fundamental theoriesinjurisprudence.
2014, Suzuki & Uddi: Bangladesh,Bank rent theory & The asset-based financing gives the
IJIMEFM empirical evidence, Bangladeshi Islamic banks higher Islamic
Poststructurialism bank rent opportunity.
2014, Ringim: IJIMEFM Nigeria, 286: Account holders, Perception was positively associated with
Pooled Least Square (PLS) a Muslim account holder’s decision to
model, Positivism patronize Islamic banking products.
2014, Mokni & Rachdi: AFE MENA region, 30: Conventional The determinants vary between Islamic
banks (15) & Islamic banks (15), and conventional banks.
Genralized method of moments &
Regression, Positivism
2014, Zouari & Taktak: 15 countries, 53: Islamic banks , Ownership is at 49%, and for 41 banks
IJIMEFM Regression, Positivism from the full sample, the ultimate owner is
institutional.
2014, Ullah: IJIMEFM Bangladesh, 334: Questionnaire Shariah compliance status of the Islamic
to selected senior excecutive, banks in Bangladesh is poor.
Weighted average, percentage,
SD, Variance, correlation,
Positivism
2014, Lahrech, Lahrech & 15 countries, 25: Global operating Enhanching transparency will prevent
Boulaksil, IJIMEFM Islamic banks , Generalized least- shadowing profit allocation practices and
squares, Positivism place investment account holders in a
better position.
2014, Ergec, Kaytanci: Turkey, 8: Time deposit interest Time deposit interest rates are related to
IJIMEFM rates between 2002-2010, Islamic bank rate of returns.
Granger Causality method,
Positivism
2014, Sarac & Zeren: AE Turkey, December 2001-August Term-Deposit rates of three Particiption
2013 TDR data, Maki banks’ are significantly cointegrated with
cointegration tests with multiple those of Conventional banks.
breaks and frequency domain
causality tests, Positivism
2014, Sun, Hassan & 13 countries , 1997-2010 data Conventional banks have better assets
Mohamed: AFE period of profit margins/ net quality of assets and liabilities with an
interest, Model to gaps and NIMs optimum composition of profitable assets
& Integrated model of the net and low-costs liabilities.
interest margin, Positivism
2014, Echchabi & Aziz: QRFM Malaysia, 10: well-educated & The interviewers have exposure and
articulate individuals , Qualitative awareness of the current criticisms of the
approach & phenomenological Shariah compliance of Islamic banks.
techniques , Interpretivism
Pakistan, 150000: loans data set,

2014, Baele, Farooq & Ongena: Default rate in Islamic loans is less than
The hazard function in duration
JBF half the default rate of conventional loans.
analysis, Positivism
The international diversification can
MENA countries, 260: Islamic help reduce risk if Asia Pacific/ North
2014, Bahlous & Yusof: MF
equity funs , ARDL, Positivism America/ Europe funds and MENA
region invested contemporaneously.
United States, 3: Market indices, Performance based Islamic Market US can
2014, Farooq & Reza:
Comparative study, Interpretivism be improved when Technical Analysis is
IJIMEFM
applied.
United States, Data span the
period 1 january 1996-22 July Terms of model diagnostics and
2014, Nasr, Ajmi & Gupta:
2013, fractionally integrated time- information criteria as well as portfolio
AFE
varying GARCH (FITVGARCH) allocation.
model, Positivism
Idea on Hybrid risk-sharing options by
2014, Kok, Giorgioni & Laws: Combine and examining
combining elements of both wa'ad and
IJIMEFM method,Poststructurialism
murabaha.
2014, Gupta, Hammoudeh, US, 16: Time period from 1997- Dow Jones Islamic Market return is best
Kegne & Sarafrazi: AFE 2013, Regression, Positivism predicted by an autocorrelation.
Sharia stocks and sukuk do not seem to
GCC countries , 1241: Global behave differently from their conventional
2014, Aloui, Hammoudeh &
GCC markets , Wavelet stock. The finding implies investors should
Hamida: JIFMIM
coherence analysis, Positivism consider simultanceously the short and
long-run co-movements.
North Africa & Asia, 78: The result show a consistent positive
2014, Baki & Sciabolazza:
Financial data from 72 banks, relationship between CG and financial
QRFM
Regression, Positivism performance metrics.
Emerging market stock markets seem to
be less efficient than developed Islamic
2015, Jawadi, Jawadi & 77 Countries, 12000: Securities, markets and nonrejection of the
Cheffou: AE GARCH models, Positivism convetional stock market point to
efficiency for the former in the long
term.
United States, 50: Mutual funds ,
2015, Dah, Hoque & Wang: Risk adjusted, co-integration No apparent opportunity cost for Shariah
MF analysis, Positivism compatible investment.
2015, Makni, Benouda & Middle East, Africa, North The average efficiency scores during
Delhoumi: RIBF America, Europe & Asia Pacific, recession periods are higher than the
301: IEF with periode 1993-2013, corresponding scores during growth
met-frontier approach with data
envelopment analysis, Positivism periods.
6 countries, 10: prominent sharia

Extracontractual disputes or post-default
scholars, Interview, literature
processes could avoid being caught
2015, Oseni & Hassan: JBR review, Interpretivism
unawares when an issue eventually crops
up.
Economic stability, financial inclusion,
2015, Ibrahim: PBFJ economic development and stabilization
policies are needed.
Islamic fund investors respond to
performance in much the same way as
2015, Marzuki & Worthington: Malaysia, 127: Equity funds, conventional fund investors, increasing
IJIMEFM Regression, Positivism fund flows to better performing funds and
decreasing fund flows to poore performing
funds.
Asia-Pacific, 1353: constituent
Market risk factors explain all
2015, Narayan, Narayan, Phan, firms , First-order autocorrelation,
momentum profits, suggesting that
Thuraisamy & Tran: PBFJ Positivism
profits are compensation for risk.
Europe, Asia & USA, 1999- Islamic equity market responds to
2013: DJIM, SPA500, SPEU & shocks from the risk factors and not
2015, Nazlioglu, Hammoudeh
SPAS50TR, Hafner & Herwartz from oil price and the US economic
& Gupta: AE
causality-in-variance test, policy uncertainty index during borh
Positivism periods.
Conventional firm characteristics such as
debt and size likewise drive Islamic credit
ratings. Islamic bond characteristics such
2015, Azmat, Skully & Brown: Malaysia, 458 issues bond from
as the type of religious advisor, the
PBFJ 83 issuers, Regression, Positivism
regulatory changes by the AAOIFI and the
bond issuer's industry also influence their
ratings.
Saudi Arabia, January 2003-April
There is a negative relationship between
2015, Merdad, Hassan & 2011: Storck returns , Cross-
Saudi Islamic firms and average stock
Hippler III: PBFJ section, Non-diversifiable risk
returns.
factor , Positivism
USA, March 2004-March 2011: Ethical investment has inferior
2015, Charfeddine, Najah &
Daily frequency data, Empirical performance compared with their
Teulon: RIBF
method , Interpretivism unscreence benchmark.
No adverse effects on returns due to the
application of Islamic and
Environmental Social Governance
2015, Erragraguy & Revelli: 270: Firm , Panel-Regression,
screening: substantially higher
FRL Positivism
performance results from the inclusion
of good governance criteria in the post-
subprime crisisperiod.
10 countries, Daily stock indices
2015, Dewandaru, Bacha, The timescales are not statistically
of Islamic and conventional ,
Masih & Masih: JMFM significant.
Multi-scalces analysis, Positivism
The Islamic indexes seem to be more
2015, Charles, Darne & Pop: USA, 14 years of daily data, risky than their conventional
RIBF GARCH models, Positivism counterparts as well as exhibit a higher
performance on the full period.
Method combining Murabaha and Wa'ad
2015, Ahmadvand, Dezfuli & Iran, Library method & TOPSIS
is the most proper strategy in Iranian stock
Sadehvand: QRFM approach, Poststructurialism
mrket.
Pakistan, 150000: loans data set,
2014, Baele, Farooq & Ongena: Default rate in Islamic loans is less than
The hazard function in duration
JBF half the default rate of conventional loans.
The international diversification can
MENA countries, 260: Islamic help reduce risk if Asia Pacific/ North
2014, Bahlous & Yusof: MF
equity funs , ARDL, Positivism America/ Europe funds and MENA
region invested contemporaneously.
United States, 3: Market indices, Performance based Islamic Market US can
2014, Farooq & Reza:
Comparative study, Interpretivism be improved when Technical Analysis is
IJIMEFM
applied.
2015, Khederi, Charfeddine & 6 countries, 62: 44 conventional Islamic banks are on average, more
Youssef: RIBF banks & 18 Islamic banks , profitable, more liquid, better
Logistic regression, Positivism capitalized and have lower credit risk
than conventional banks.
2015, Bukair & Rahman: 6 countries, 40: Islamic banks , Size and composition of the board have
IJIMEFM Generalized least-squares, negative effect on bank performance.
Positivism
2015, Omar & Jones: IJIMEFM Collection data analysis, critical Islamic FOREX products are not different.
thinking, Critical orientation
2015, Sufian & Kamarudin: 3 countries, 6: Financial data from Level of revenue efficiency on the
IJIMEFM 2006-2011, DEA, t-test & OLS, domestic Islamic banks is higher than
Positivism foreign Islamic bank counterparts.
2015, Bilal & Meera: IJIMEFM Malaysia, Descriptive research Practice of credit card in Malaysia is still
method, Poststructurialism controversial.
2015, Andrew & Worthington: Libya, 385: Libyan retail Resondents have at least some knowledge
IJIMEFM consumers , Descriptive, factor & about some Islamic products.
discriminant analyses, Positivism
2015, Miah & Sharmeen: Bangladesh, 10: Audited financial Conventional banks are more efficient in
IJIMEFM statement from period 2001-2011, managing cost than Islamic banks.
2015, Basov & Bhaatii: Literature and model review, Small disadvantage of Islamic banks may
JIFMIM Interpretivism have comparatively to the conventional
ones can be severely exacerbated by
positive assortive matching.
2015, Shahari, Zakaria & 11 countries, 40: Islamic banks , Majority of Islamic banks use debt-based
Rahman: IJMF VAR on Panel data, Positivism financing and avoid asset-based financing.
2015, Maali & Atmeh: Critical thinking, Critical Islamic banks are increasingly using
IJIMEFM orientation concept of the Takaful & Tabarru.
2015, Bahrini: IJIMEFM MENA countries, 33: Islamic GCC banks have known a productivity
banks operating during period decline between 2006-2011. The
2006-2011, Panel data models productivity growth of MENA Islamic
used to investigate the banks was mainly determined by bank-
determinants of TFP change, specific factors.
Positivism
2015, Gilani: IJIMEFM Explanatory and descriptive in The involvement of ethics in different
nature, Interpretivism procedures, operations and approaches of
Islamic banking and how it is perceived by
its many stakeholders.
2015, Azmat, Skully & Brown: Literature Review & Model debt The model is augmented with risk
PBFJ financing firm, Interpretivism averse depositors to show that the
emergence of asset side could be
deterred by Islamic banks’ liability side.
2015, Daher, Masih & Ibrahim: 18 countries, 128: Conventional Privately owned Islamic banks attempt
JIFMIM & Islamic banks, Two-step to safeguard shareholders by
dynamic generalized method of independently mitigating the effects of
moment , Positivism displaced comemercial risk through
higher capital buffers.
2015, Mollah & Zaman: JBF 25 countries, 164: Islamic banks , Shariah supervision boards positively
Regression , Positivism impact on Islamic banks performance
when they perform a supervisory role.
2015, Ayedh & Echchabi: Yemen, 9: Interviewers , The Islamic banking still lacks regulations
QRFM Qualitative approach, and standards.
Interpretivism
The derivation of underwritting returns
Malaysia, Mathematical
through convolution of accumulated funds
2015, Olorogun: IJIMEFM derivative procedures,
and claims paid views in the form
Interpretivism
insurance industry.
Malaysia, 200: Malaysian lower
2015, Htay, Sadzali & Amin: The lower income people are willing to
income group, Qualitative
QRFM contribute about RM5 per month.
approach, Interpretivism
2016, Boulanouar & Alqahtani: Saudi Arabia, 33: Insurance Underpricing not only exist but also is
IJIMEFM companies, IR & AIR, Positivism among the highest in the world.
2016, Zarrouk, Jedidia & MENA countries, 51: Islamic Profitability is affected by banks' cost-
Moualhi: IJIMEFM banks from 1994-2012, System- effectiveness, asset quality and level of
generalized method, Positivism capitalization.
The market risk factors namely excess

United States, 532: Islamic market returns, value, size and betting
2016, Narayan & Phan: PBFJ
stocks, Regression, Positivism againts beta factors and macroeconomic
risk factor.
Low degree of association between
United States, 468: weekly Islamic bonds and global stock markets
2016, Balcilar, Cerci &
closing price, GARCH models, with episode of negative correltions
Demirer, MF
Positivism observed, particularly during market
crisis periods.
United States, 1091: Index over
An increase in debt level bear a more
1999-2011, Panel data Debt ratio
2016, Chen & Ngo: GFJ severe decrease in liquidity and
institutional ownership.
Morocco, 36: month average Screening process resulted in well-
2016, Bousalam & Hamzaoui:
market value equity , ARCH- diversified universe of Shariah-compliant
JFRC
EGARCH, Positivism stocks to invest in.
Islamic mutual funds generally
Malaysia, 448: 131 Islamic
outperformed conventional funds in the
2016, Boo, Ee, Li & Rashid: mutual funds 317 conventional
riskiest asset class, equity, one year
PBFJ mutual funds, Modified Value at
before and during the global financial
Risk (MVaR), Positivism
crisis.
USA, 20: Equity indexes from
Time-varying nature of co-movement
2016, Aloui, Hkri, Lau & period 1990-2010, Squared
exists for both the Islamic and
Yarovaya: FRL wavelet coherence, Positivism
conventional indexes.
2016, Ismail, Ghani & Zain: Malaysia, Review on the Deposit taking activities are characterized
underlying contracts,
IJIMEFM Poststructurialism by principal guaranteed.
4 countries, 10: Daily price

observation, VAR-VECM, US Islamic equity index is the leader
2016, Kabir & Manahov: FMII
Positivism among three independent indices.
3 countries, Data set of daily

The finding indicates that some
yield-to-maturity series for sukuk,
characteristics of Islamic are similar to
2016, Naifar, Hammoudeh & Daily returns stock market
those conventional bonds. Second issue,
Dohaiman: JIFMIM SPAS50 for conventional global
sukuk behavior is different from those
market, Archimedean copulas,
conventional bonds.
Positivism
Sukuk is important in the strategic asset
2016, Maghyereh & Awartani: US, 10: Years financial
allocation and hedging of portfolio fund
RIBF history,VAR, Positivism
mangers.
3 countries, 2577: Islamic stocks ,
2016, Narayan, Phan. Sharma Eevidence of predictability only when US
Robustness test, Positivism
& Westerlund: PBFJ stock returns are used as a predictor.
10: Dow Jones Islamic
2016, Mensi, Hammoudeh, &conventional sector index pairs, Significant time-varying conditional
Sensoy & Yoon GARCH models, Positivism correlations for all pairs.
2016, Mehdi & Mghaieth: USA, 200-2014, GARCH Model The DCC-FIAPARCH is the best model
RIBF (DCC-FIAPARCH), Positivism for conditional heterosedsticity.
The dependence structure proves to differ
USA, January 1, 1996- March 17,
2016, Fakhfeh, Hachicha, noticeably among the Islamic Dow Jones-
2014 daily data, FIEGARCH-
Ghorbel & Selmi: JAM oil price aand the conventional Dow Jones
EVT, Positivism
one.
Saudi Arabia, 9 years trading
volume , ARMA GARCH, The returns are lower and volatility is
2016, Wasiuzzaman: JAM
Positivism higher during the hajj period.
Malaysia & Singapore,

2016, Saakti, Tareq & Mahdzir: Shariah scholars are aware of the Shariah
Phenommenological techniques
QRFM issues surrounding Islamic derivatives.
data analysis , Interpretivism
The market risk factors namely excess
United States, 532: Islamic market returns, value, size and betting
2016, Narayan & Phan: PBFJ
stocks, Regression, Positivism againts beta factors and macroeconomic
risk factor.
Low degree of association between
United States, 468: weekly Islamic bonds and global stock markets
2016, Balcilar, Cerci &
closing price, GARCH models, with episode of negative correltions
Demirer, MF
Positivism observed, particularly during market
crisis periods.
United States, 1091: Index over
An increase in debt level bear a more
1999-2011, Panel data Debt ratio
2016, Chen & Ngo: GFJ severe decrease in liquidity and
institutional ownership.
2016, Nasser, Hikmany & Tanzania, Comparative study, Court system provides main avenue for
Oseni: IJIMEFM Interpretivism Islamic finance litigation.
2016, Yusof, Mahfudz, Arif & Malaysia, Financial simulation , Proposed rate rental-index is found to be
Hayati: IJIMEFM Poststructurialism more stable, having less fluctuation,
resilent to macroeconomic and comparable
to the conventional interest rates.
2016, Ahmed: IJIMEFM Pakistan, 370: Administrated Islamic banks are not well stating their
stakeholders, Content analysis, missions statements.
Positivism
2016, Moshin: IJIMEFM Malaysia, Data collected Potential of cash waqf in financing not
analysis , Critical orientation only religious areas but also financing
different goods and services needed.
2016, Khir: IJIMEFM Deductive &Inductive , Critical Bilateral rebate instead of unilateral
orientation rebate to be the best and fairnest
Islamic mechanism to overcome
injustice in several events that may be
impact the banks liquidity.
2016, Khasawneh: IJIMEFM MENA countries, , Descriptive & Determinants of banks profitability and
analytical approach, stability are different according to bank's
Interpretivism type.
2016, Louati, Louhichi & MENA countries, 34 Islamic The best capitalized western banks
Boujelbene: MF banks & 89 Conventiona banks , more engaged in the excessive risk-
Triple square model, NPL ratio, taking behavior, resulting in increased
z-score, Positivism toxic-loan ratios and simultaneously a
rather shaken stability.
2016, Gimigliano: IJIMEFM Italy,Laws & regulation analysis, No sharia-compliant institution has been
Interpretivism authorised yet, but no legal obstacle is laid
down.
2016, Ergec, Kaytanci & Turkey, 500: bank customers, Religiousity is not the most significant and
Toprak: IJIMEFM Semi-structured survey, leading factor in Islamic bank preference.
Positivism
2016, Hardianto & Wulandari: Indonesia, 39: conventionl banks Islamic banks have a higher intermediation
IJIMEFM (31) & Islamic banks (8), ratio, proportion on fee income-to-total
Stochastic frontier approach and operating income and are less efficient.
panel data regression, Positivism
2016, Wulandari, Putri, Kassim Indonesia, 32: bankers from 14 Fairness to customer, country regulation,
& Sulung, IJIMEFM Islamic banks, Forum group perceived business practicality and product
discussion, literature review, characteristic affecting the contract
Interpretivism agreement.
2016, Ashraf, Rizwan & 136: Islamic banks from 30 Modified net stable funding ration has
L'Huillier: JFS jurisprudentions, Pairwise positive impact on the financial stability of
correlatiion matrix, Positivism Islamic banks.
2016, Soedarmono, Pramono & 1997-2012: Islamic bank around Loan loss provisioning in Islamic banks
Tarazi: RIBF the world, Regression Model, remains procyclical.
Positivism
2016, Alqahtani, Mayes & GCC countries, 101: Banks , The Islamic banks performed better in
Brown: PBFJ CAMEL indicators terms of capitalisation, profitability and
liquidity in the early stage of the global
financal crisis, they performed worse in
later stages with the real economic
downturn.
2016, Bekele, Chowdhury & UAE, 4799: individual borrowers, The profitability of default are not
Rao: RBF Box-Cx double hurdle model, different between Islamic & conventional
Positivism banking borrowers.
2016, Wanke, Azad, Barros & 16 countries, 114: Islamic banks , Variables related to both country and cost
Hassan: JIFMIM Data Envelopment Analysis structure have a prominent impact on
(DEA) & TOPSIS, Positivism efficiency. The Islamic banking market
would benefit from higher level of
competition between institution.
2017, Alandejani & Asutay: GCC countries , 2005-2011: Sectoral distribution of Islamic financing
RIBF Financial statement, Generalized has an adverse impact on NPL.
method of moment, Positivism
2017, Leon & Weill: PBFJ 53 countries, 15309: Firms, Islamic banking development has no
Correlation & regression, impact on credit constraints, while
Positivism conventional banking development
alleviate obstacle to financing.
2017, Rashid, Yousaf & Pakistan, 20: 10 conventional Income diversity, profitability ratio,
Khaleequzzaman: IJIMEFM banks, 4 full-fledge Islamic banks loan to asset ration, asset size and the
& 6 Islamic branchs from 2006- market concentration ratio of banks
2012, Z-score & Regression have significant effects on the stability of
analysis, Positivism banks.
2017, Sheikh & Qureshi: Pakistan, 10: Annual reports from Islamic commercial banks have relatively
IJIMEFM 2004-2014, Ordinary least square more fixed operatig assets and growth in
regression & fixed effect and total assets.
random effect, Positivism
2017, Uddin, Chowdhury & Bangladesh, 25: 18 Conventional The statistical significance level of credit
Islam: IJIMEFM banks 7 Islamic banks, Dynamic risk, capital adequacy ratio and efficiency
GMM & Quatile Regression, ratio of conventiona banks and Islamic
Positivism banks differ at different percentile.
2017, Korbi, Bougatef: 17 countries , 224: 68 Islamic Islamic banks seem to be less stable than
IJIMEFM banks 156 conventional banks , Z- their conventional peers.
Score, Positivism
2017, Mili & Abid: IJIMEFM Explanatory factor , Franchise value is an important
Poststructurialism determinant of Islamic bank risk-
taking.
2017, Alharbi: IJIMEFM OIC countries, 110: Islamic banks Capital ratio, other operating income, GDP
from 25 countries, Unbalanced per capita, bank size, concentration and oil
data fixed-effect regression prices affected Islamic bank positively.
model, Positivism
2017, Khan, Khan & Tahir: Pakistan, 24: conventional banks Islamic banks are relatively better in
IJIMEFM (19) Islamic banks (5), T-test & profitability, efficiency, risk and
Logistic regression, Positivism liquidity management.
2017, Suandi: IJIMEFM Bangladesh, Pakistan, Sri Lanka, The result show heterogeneity of
Brunei Darussalam, Indonesia, classification for Profit Sharing Investment
Malaysia, Thailand, Bahrain, Accounts.
Jordan, Kuwait, Oman, Qatar,
Saudi Arabia, UAE & Yemen, 63:
Islamic banks, Literature review,
Positivism
2017, Mbawuni & Nimako: Ghana, 975: respondents , PLS- The least influental factors were perceived
IJIMEFM SEM, Positivism religion effect (PRE) and perceived threat
of violence (PVT).
2017, Cupian & Abduh: Indonesia, 27: Islamic banks , Islamic banking industry in Indonesia
IJIMEFM Concentration ratio and operating in a higher degree of market
Herfindal-Hirschman index & power which leads to a less competitive
Panzar-Rosse-H statistics and market.
Lerner index, Positivism
2017, Kayed: IJIMEFM Saudi Arabia, 12: Conventional Profitability, lagged dividends and
banks (6) Islamic banks (6), leverage are all significant determinants of
Panel-Regression, Positivism Islamic banks' dividend policy.
2017, Oseni & Omoola: JFRC Malaysia, 109: respondent in "Acces to justice and "resolving disputes"
Malaysia, Multivariate sttistical are the most ifluencing factors affecting
anlysis, Positivism the intention use ODR among
stakeholders.
2017, Islam & Rahman: Indian, 290: Indian Muslim, Majority of the respondents lack an
IJIMEFM Statistical analysis, Positivism understanding of how Islamic banking
works.
2017, Shibani & Fuentes: RIBF Comparative and analytical Islamic governance demonstrate that
methods, Interpretivism mainstream corporate governance is not a
law of nature but a social construct.
2017, Mahdi & Abbes: RIBF MENA, 129: Islamic (41) & Bank above the target level tend to show
conventional (88) banks, risk aversion behavior, while the banks
Fishburn's risk measure and listed below tend to be risk-oriented.
Kendall's t, Positivism
2017, Nawaz: TIJBS 174: Banks , Regression, Quality and size of the advisory board to
Positivism have the opposite effect on market value.
2017, Narayan & Phan: PBFJ Literature Review, Focus on new areas and quality of
Poststructurialism research.
2017, Farag, Mallin & Yong: 13 countries, 90: Islamic banks , The larger the ShariahSupervisory Board
JIFMIM Cross-section, Positivism (SSB) the better the financial performance.
2017, Othman 10: Islamic banks , Multivariate Predictive ability of the integrated model
& Asutay: JAM discriminant analysis (MDA), to differentiate healthy and non-healthy
Positivism Islamic banks, thus reducing the expected
cost of bank failure.
2017, Mahdi & Abbes: RIBF MENA countries, 130: Islamic Positive bidirectional relationship
and conventional banks , between capital and risk of Islamic
Simultaneous equation model , banks.
Positivism
2017, Bitar, Hassan & Walker: Turkey, 40: banks , Factor Challenges Islamic banks face in western
JFS extracted from principal countries in terms of perception, financial
component analysis , Positivism infrastructure, and regulatory constraints.
2017, Majid, Falahaty & Jusoh: 50: 36 conventional and 14 Factors in efficiency between the two
RIBF Islamic banks , Stochastic frontier banks are the wide disparity from their
& Meta-frontier Approach , respective best banks and technological
Positivism constrains.
2017, Wei & Thaker: QRFM Malaysia, 8: Scholars & bankers The Islamic banking and finance is
in Islamic banking , Qualitative developing in line with its counterpart-the
research approach, Interpretivism conventional banks.
2017, Baber: QRFM Extensive literature reviews, The Bai bithaman ajil is a convergence of
Critical orientation conventional housing finance and does not
fall in line wih Shariah regulations.
2017, Rehman, Benamraoul & Pakistan, 150: bank senior Risk identificaation, risk assessment and
Dad: JAM mangers , In-depth interview analysis, credit risk analysis and risk
analysis, Positivism governance are efficient in explaining
the risk management practices of
Islamic banks.
2017, Othman, Majid & Malaysia & Indonesia, 26: 17 Bank with partnership financing are more
Rahman: PBFJ Malaysian 9 Indonesian efficient than other banks.
banks,Frontier approach,
Positivism
2017, Rejeb: RIBF GARCH models, Positivism Islamic stock markets are not immune
to the global financial crisis.
2017, Narayan, Phan, Narayan US, Europe, Australia, Asia, High and low news sensitive stocks
& Bannigidadmath: PBFJ 2000: stocks listed on multiple generates additional profit of 5,60% per
markets, Regression, Positivism year.
2017, Karabiyik, Narayan, Phan 19 countries, 900: Islamic stocks, A mean variance investor makes
& Weserlund: PBFJ Vector Error Correction Model annualized average profit of 4,91%
(VECM), Positivism compared to an average buy-and-hold
profit of 2,97% per annum.
2017, Mahdzan, Zainudin, Malaysia, 751: Muslim working Islamic religiosity is insignificantly related
Hashim & Sulaiman: IJIMEFM individuals, Probit regression to portfolio allocation.
model, Positivism
2017, Hammami & Oueslati: GCC countries , 157: Mutual Skilled managers exist in the Islamic
JIFMIM funds, Boostrep methodology, mutual fund industry.
Positivism
37 countries, Time series market SD relationships between Islamic and

data 2002-2014, Markov regim conventional optimal-diversified portfolios
switching model, MSR change according to investment region and
optimization & SD approach, market engine.
Positivism
2017, Bahloul, Mroua &
Naifar: AE
2017, Ariff, Chazi, Shafari & Malaysia, 9: montly treasury bills, The average of sukuk treasury bonds are
Zarei, JEMF treasury bonds, government higher than conventional treasury bonds.
agency bonds & AAA-rates
bonds, ARDL-ECM, Positivism
2017, Hikiri, Hammoudeh, 4 countries and 2 zone areas, 12: Global financial crisis strongly affect the
Aloui & Yarovaya: PBFJ Islamic & conventional indexes , cross-market volatility.
VAR, Positivism
2017, Mwamba, Hammoudeh US, Europe, Asia, 4: Market During major crisis the islamic stock
& Gupta: PBFJ indexes, VAR, Positivism index is not less risky but also
significantly different from conventional
stock market.
2017, Mbengue: RIBF West Africa, 3: BRVM, GSE, Financial sector reducing number of
NSE, S & P methodology, securities.
Positivism
2017, Trabelsi & Naifar: RIBF US, Europe, UK & GCC, Sample Systemic risk has adverse effect on
Period: 2005 to 2015, GARCH Islamic indexes, with a lower level in
models, Positivism GCC Countries.
2017, Derbali, Khaldi & Jouini: Malaysia, 10: sharia public-listed Islamic CAPM is applicable in
JAM companies, CAPM regression, investigating the linkage among risk and
Positivism return in the Islamic stock market.
2017, Alam, Akbar, Shahriar & Descriptive study, Interpretivism Revisiting the norms laid down by Shariah
Elahi: QRFM and current global practices of Islamic
stock market and indexes.
2017, Sakti, Tareq, Saiti & Theoretical & Empirical review, Literature on IB capital structure is
Akhtar: QRFM Positivism largerly theoretical than empirical.
2017, Azmi, Non & Aziz: 3 countries, 19: Shariah screener Companies still make Islamic-related
IJIMEFM & advisors, In-depth intervirew, disclosures on a voluntary basis.
semi-structured, Positivism
2017, Darus, Shukri, Yusoff, Malaysia, 16 Islamic bank & 8 Corporate waqfis viewed as a viable
Ramli, Zain & Bakar: RIBF Takaful organizations, CSR alternative to help address social issues of
index, Positivism the community.
2017, Sherif & Hussnain: MENA, 13: Annual data from Demand for family Takaful in MENA are
IJIMEFM period 2000-2013, Multivariate affected by inflation, financial
analysis, bootstrapping and development and male life expectation.
generalised method, Positivism
2017, Akhter, Pappas & Khan: ASEAN & Middle East, 14: Islamic and conventional insurance
RIBF Countries, Panel Regression, demand to be negatively affected by
Positivism GDP/ capita, albeit the Islamic showing
a greter resilence during crisis.
Islamic Microfinance Journal List
Year/Author : Country, Sample, Method, Findings
Journal Paradigm
1995, Kuran: JEP Arab World, Turkey, Pakistan, The Islamic Sub-economy is providing
Literature Review, Interpretivism palpable benefits that secular economic
agencies and institutions are failing to
provide.
1996, Alderman, Pakistan, 7000 individuals, Dummy To reduce gender gaps will require
Behrman, Ross and Regression, Postivism policies that focus on the market. The
Sabot: JHR response to modest changes in incentives
may be high.
1999, Ghatak and Bangladesh, Europe, Literature This risk of IMFIs is inherent in the system
Guinnane: JDE Review, Interpretivism and needs to be viewed as a potential
cost.
Year/Author : Journal Country, Sample, Method, Findings

Paradigm
2002, Bangladesh, Literature Review, The social wellbeing objective becomes
Choudhury : Interpretivism the principal one in this for the
IJSE microenterprise.
2003, Kuran : JEH Middle East, Europe, Comparative, Given the important role that Islamic law
Critical played in the economic life of the
premoder in the Middle East, it is hardly
surprising to find that it contributed to
the region's economic frustration
2005, Eid : IJEF MENA, Literature Review, Larger macro-economic and governance
Interpretivism` reforms are essential, but this research
points to the importance of sectoral
strategies, even if their efficacy is only
fully optimized when all other reforms are
carried out.
2006, Dixon, Ritchie, Zambia, The client-loan officer, The findings show that tensions between
and Siwale : AAAJ Live observation, Poststructurialism vertical and horizontal accountability in
practice can be directly translated into
heightened pressure and stresses on both
the non-governmental organisation
(NGO) and its loan officers, which
constrain overall accountabilities to other
stakeholders and disguise other potential
dysfunctions.
2008, Dusuki, Bangladesh, Malaysia, Indonesia, Microfinance requires innovative

Humanomics Grameen bank, Amanah Ikhtiar approaches beyond the traditional
Malaysia, Bank Rakyat Indonesia, financial intermediary role.
Literature Review, Interpretivism
2008, Torkestani and Iran, 30 experts working as top First, Iranian MFIs have enough readiness
Ahadi, IJIMEFM managers in 15 selected Iranian to introduce micro-insurance as a new
MFIs, Likert scales ranging,
Positivism product. Second, the collaborative nature
of Iranian culture (score: 84.67) and the
government’s supports (score: 88) are the
most important strengths of Iran, in
respect to the development of micro-
insurance.
Year/Author: Journal Country, Sample, Method, Findings

Paradigm
2009, Brunei, Malaysia, UAE, UK, A collective approach of businesses, IFIs
Hassan and Literature Review, Interpretivism and awqaf/charitable foundations would
Latiff, increase the flow of corporate resources
Humanomics
into the social sector/microfinance.
2009, Mair and Marti, Bangladesh, The programe of BRAC has been able to build a raft of
JBV BRAC, Literature Review, institutional arrangements by innovatively
Interpretivism combining and redeploying the resources
it had at hand and thus enabling social
and economic inclusion for the poorest in
Bangladesh.
2009, Ahmad and Australia, Muslim Community Co- The signs for the Islamic financial
Ahmad, Humanomics operative (Australia) Ltd, Islamic institutions operating continued growth
Co-operative Finance Australia appear positive.
Limited, Literature Review,
Interpretivism
2009, Uygur, JBE Turkey, 32 Turkish The findings of this research imply that
business people, in-depth the Turkish entrepreneurship has its own
interviews, characteristics
Poststructurialism
2009, Shahinpoor, MENA, Literature Review, This paper finds that it is possible to
IJSE Interpretivism combine the two practices and to
convince Islamic religious leaders that
Islamic banking could be applied to
microfinancing.
2009, Minard, SEJ Senegal, interviews and focus Socio-religious networks in West Africa
groups, Critical like Mouridism has actually created a
non-capitalist spirit of commerce, and to
some degree entrepreneurialism, among
Senegalese Mourids who are majority
Wolof.
2009, Benzing, Chu, Turkey, 139 questionnaires, The most serious problem faced by
and Kara : JSBM surveys, Poststructurialism entrepreneurs in Turkey is the complex
and confusing tax structure. Other
important problems include unreliable
employees, the inability to maintain good
records, and a weak economy.
2010, Kaleem, and Pakistan, Microfinance Model MFIs in Pakistan mostly seek technical
Ahmed : NVSQ Literature Review, Interpretivism and financial assistance from foreign
donor agencies.
2010, Bug ̆ra and Turkey, comparative analysis, The role women assume in contributing
Cakar : DC Interpretivism to household income is defined in the
realm of social assistance and not in the
labour market.
2010, Rahman dan Bangladesh, 1,020 clients working clients’ socio-economic factors like age,
Ahmad: IJIMEFM across country, Logit Model, number of family members in farming,
Positivism total land size and clients’ ethics and
morals had a positive and significant
influence on household income.
2010, Hadisumarto Indonesia, Literature Review, The implementation of Islamic micro-

and Ismail : Interpretivism financing, which was preceded by
Humanomics selection process of micro-enterprises
and also accompanied by business
control, incentive system, and construct
good relationship, is effective in
developing micro-enterprises and
improving the household income.
2010, Saad : JIEBF Malaysia, 1800 AIM members from The results of this study indicate that
the states of Kelantan and Perak, AIM, through its microcredit and training
Correlation, Positivism activities, has been able to alleviate
poverty, improve health condition of it
members, as well as enable its members
to improve the education level of their
children.
2011, Halkias, Nigeria, 62 practicing Nigerian Female entrepreneurship in Nigeria is

Nwajiuba, female entrepreneurs, Interviews, driven by micro-financing as well as family
Harkiolakis, and Poststructurialism dynamics that work to shape and
Caracatsanis : MRR
influence the birth of a business.
2011, Shubber : Literature Review, Interpretivism All this represents one of the challenges
IJIMEFM facing the well-established and still-
growing sector of Islamic finance and
banking. Clearly, the leaders of this global
sector will need to deal with the
challenge sooner or later.
2011, Kabeer : DC Bangladesh, organizational staff, The study has noted that in many cases,
qualitative exploration, Interview, men’s initial resistance to women’s
Poststructurialism membership of the NGOs subsequently
gave way to active support, particularly in
those cases where both had participated
side by side in the struggle for their land
rights, but also more generally through a
better understanding of what these
organizations were about.
2011, Al-Azzam a, Jordan, 160 urban borrowing This research suggests some potential
Hill, and Sarangi : groups, Regression, Positivism means to improve repayment, i.e.,
JDE lenders should focus on encouraging
group pressure, monitoring, and aspects
of social ties that increase repayment
rates.
2011, Chan and Malaysia, Three villages under the The study concludes that microfinance is
Ghani : APBR Sarikei Branch of AIM Office in an empowering tool in vulnerable remote
Sarawak, survey interviews, areas.
Interpretivism
2011, Kroessin : JID Bangladesh, Islami Bank The development truths constructed by
Bangladesh Limited Practice, the IBBL, in response to their construction
Literature Review, Interpretivism of ‘Western’ development as purely
material, are therefore a re‐casting of
development as a holistic process that is
both material and spiritual with an
ultimately higher transcendental goal.
2011, Gosh : DC Literature Review, Interpretivism, The hard and challenging work of
structural transformation, asset
redistribution and systemic change still
has to be done, if we really want to
eradicate, rather than just continue to
deal with, poverty.
2012, Ahmed : JDE Bangladesh, 3000 households in 91 Microcredit can help in two ways. In the
villages spread evenly throughout short run, it helps insure consumption. In
the country (in 1997–1998, 1998– the long run the change in the value of
1999, 1999–2000 and 2004–2005),
livestock in response to health shocks is
Panel Data, Positivism
lower for households with access to
microcredit, and thus insurance does not
come at the cost of production efficiency.
2012, Wardiwiyono : 30 questioners were distributed to BMTs in Indonesia have implemented an

IJIMEFM 30 BMTs, descriptive statistic and internal control system for their financing
qualitative analysis, activities.
Poststructurialism
2012, Spiegel : JID Bangladesh, Literature Review, Microfinance is far from a panacea;
Interpretivism several studies conclude in that fashion,
and certainly the preceding analysis has
suggested that microfinance strategies
are susceptible to a multitude of risks in
the artisanal mining context.
2012, Chowdhury : Bangladesh, the Household Income It is found that the probability that a
JSBE and Expenditure Survey 2005 data household will own a business in the CHT
set (N=10,080), Probit Regression, region is 11 percent lower in comparison
Positivis
to that of a household elsewhere in
Bangladesh. Moreover, starting a
business in the CHT region requires more
capital, and violent conflict and geo-
cultural characteristics are particularly
discouraging for entrepreneurship.
2012, Farre ́: WBRO Literature Review, Critical The main implication is that policies
meant to achieve gender equality should
focus on men rather than exclusively
target women.
2013, Kunt and 148 countries, more than 150,000 The data show wide gaps in account
Klapper : BPEA adults in 148 countries, Regression, penetration between income and
Positivism, developing countries and between the
poor and the within countries
2013, El-Komi and USA, 44 participants, Logit This study finds significantly higher
Croson : JEBO Regression, Positivism compliance rates for the Islamic-
compliant contracts (profit-sharing and
joint venture) than for the traditional
contract (interest-based).
2013, Sahoo and South Asia, annual data spanning Study finds that financial sector
Dash : EM 1975 to 2010 : SR, M2Y, inflation development positively affects total and
rate, GDP growth rate (GY), real private savings in South Asia along with
per capita income (PCI), current
per capita income, share of agriculture
account deficit as ratio of GDP
(FSY), bank credit to domestic and foreign savings. Results also support
sector (BCR), age dependency ratio the humped-shaped relationship between
(DEP), and the share of agriculture financial development and savings. The
in GDP (AGY), Panel data, causality results support that financial
Positivism development leads to higher savings
mobilisation in South Asia.
2013, Binzel and Fehr Egypt, 144 slum dwellers from the Study finds that an increase in trust
: JDE various districts of Manshiet following a decrease in social distance is
Nasser, Dummy Regression, related to the principals' believes: the
Positivism
expectation that an agent will choose
Trustworthy is associated with a greater
probability to choose Trust among friends
but not among strangers.
2014, Bassem : EM MENA, dataset of 198 observations An essential strategic implication for the
from 33 Middle East and North MENA microfinance industry is that they
Africa microfinance institutions need to pursue a technological progress
over the period of 2006–2011,
in order to meet the dual objectives of
Panel data, Malmquist Index,
Positivism, reaching many poor people and financial
sustainability.
2014, Abdullah and Literature Review, Interpretivism The use of Al-Tawhid principles of
Ismail : Humanomics contract suggested practices that are fair
and free from elements of riba and
gharar. Cash waqf is suggested as a
source of fund for Islamic MFI for
sustainability.
2014, El-Gamala, El- Egypt, Three villages of Cairo, also Empirically, bank-insured RoSCA model
Komib, Karlanc, and among the poorest, Experimental generated significantly higher takeup and
Osmanc : JEBO Model, ,Poststructurialism repayment rates than the Grameen
model. This suggests that this model, by
overcoming the religious barriers to
credit, can be a useful alternative to
Grameen-style microfinance.
2014, Salleha, Jaafarb Malaysia, Literature Review, Results of study support the policy
and Ebrahim : JEBO Interpretivism direction of the FDIC’s (2010) small-dollar
loan programme
2014, Wahyudi, Indonesia, 131 BMT spread This research shows that commitment
IJIMEFM throughout Central Java and contributes positively in achieving the
Yogyakarta, Survey, financial goals of an alliance. Coordination
Poststructurialism
and initial agreement has a positive and
significant influence in forming
commitment from BMT and trust from
Islamic banks
2014, Katwalo and Kenya, 293 questionnaires of banks The success in the unbanked segment
Muhanji : IJBM in Nakuru and Kericho Counties, largely lays in banks developing the
Regression, Critical “software” for directly addressing the
specific needs of the traditionally
unbanked.
2014, Tolba, Seoudi Egypt, 125 Firms, in-depth The results show that intentions to take a
and Fahmy : JSBE interviews and a focus group, commercial bank loan are low in Egypt
ANOVA, Positivism and SME owner-managers have negative
perceptions on the service quality of loan
providers.
2014, Syed, Buren : Literature Review, Interpretivism a dialectical approach to understanding

BEQ the relationships among religion, culture,
and business provides a better guide to
responsible business action in Muslim
Majority countries than does the
capability approach.
2014, Samad : India, 300 Muslim lower- and IMF can play a very critical role in
Humanomics middle-class respondents in 2011, providing deliverance from financial
Observation, Poststructurialism slavery.
2014, Riwajanti : Indonesia, 348 questionnaires from The findings suggest that
BIES BMT or BMRS and 22 interviews microenterprises in Indonesia face
with the directors or managers of challenges in gaining access to finance,
these institutions, Survey
despite their large numbers, their
interviews, Correlation, Positivism
potential, and their important role in the
macro-economy.
2014, Kazemian, Malaysia, 6 Amanah Ikhtiar Based on the findings of this study, AIM
Rahman, and Malaysia (AIM) medium-level has a high level of customer orientation
Ibrahim : QRFM managers, Interviews, and inter-function coordination and a
Poststructurialism middle level in competitor orientation.
2014, Ashraf, Hassan, Muslim Countries, 2,138 rm-years Results show that country gross domestic
and Hippler III : for 754 different MFIs across 83 product size is positively related with
Humanomics countries, 33 Organization of profitability, and the percentage of
Islamic Conference (OIC) member
women borrowers is also significant in
Muslim countries and 50 non-
member countries, a pooled driving loan recovery and profitability in
ordinary least squares regression, the OIC sample, but they are otherwise
Positivism not significant for the rest of the world
sample.
2014, Hassan : India, Islamic microfinance group This study found that collective action
Humanomics members, Survey, Interpretivism through Islamic microfinance groups
actually helps to increase environmental
awareness, economic betterment of the
members and fruitful management of
LCRs through Islamic microfinance.
Year/Author : Journal Country, Sample, Method, Findings

Paradigm
2015, Salleh : Brunei, structured interviews (215 This paper highlights the need for bank
IJIMEFM welfare recipients and 216 non- accounts and credit facilities that meet
welfare recipients), semi-structured the needs of welfare recipients, to fulfil
(39 welfare recipients), interviews,
their daily needs, as well as saving for
Positivism
children/grandchildren’s education, and
for welfare recipients who save.
2015, Wahyudi : Indonesia, 89 BMT, SEM, Empirically, conflict, coordination and

Humanomics Positivism trust are a positive and significant
contributor in the success of transfer of
knowledge. Trust and transfer of
knowledge is significantly influenced
positively by the building of coordination,
agreement, interdependence and social
capital.
2015, Htay, Sadzali Malaysia, questionnaire, Interview, Micro-health takaful will be viable if and
and Amin : QRFM Interpretivism only if TOs collectively offer it as a part of
their corporate social responsibility, and it
must be subsidized by the zakat or waqf
authorities.
2015, Obaidullah : Indonesia, Pakistan, Sudan, Case studies of successful initiatives

AFR Literature Review, Interpretivism reveal that composite models involving
the integration of philanthropy-based,
not-for-profit as well as for-profit
components may provide ideal solutions.
2015, Saeed and Pakistan, 368 listed Pakistani non it was found that small- and medium-
Sameer : SEF financial firms over the period of sized enterprises (SMEs) are financially
2001-2009, Panel data, Positivism constrained in the credit market. The
main finding indicates that reduction in
bank concentration eases financing
constraints, and this effect is more
pronounced for SMEs.
2015, Hassan : Literature Review, Interpretivism The paper finds that there are some
Humanomics opportunities capable of improving the
economic condition of the poor Muslim
communities through some innovative
approaches. To illustrate this finding, the
paper emphasises on designing and
delivering Islamic micro financial products
suitable for the poor based on the
principle of Islamic solidarity.
2015, Sambajee and Maldives and Mauritius, 6 The Maldivian Government is less
Dhomun : IJEBR government officials, 8 SME proactive in supporting its SMEs
owner/managers, 1 private bank compared to the Mauritian Government.
owner, 1 academic and one resort
Its failure to facilitate access to finance
owner, interviews,
Poststructurialism and provide business support services has
led the Maldivian SMEs to use multiple
methods of bootstrapping to sustain
existing businesses and/or start new
ones.
2015, Haneef, Bangladesh, 381 respondents, SEM, The results show that there are significant
Pramanik, Positivism relationships between IsMF and takaful,
Mohammed, Amin, waqf resources and human resource
and Muhammad :
development, takaful and human
IJIMEFM
resource development, IsMF and human
resource development and, waqf
resources and project financing.
2015, Aydin : Literature Review, Interpretivism The paper suggests that Muslim countries
IJIMEFM should embrace the social business model
for sustainable development and greater
subjective well-being.
2015, Alam, Hassan, Malaysia, 393 microcredit Results indicate that the microcredit
and Said : borrowers from Amanah Ikhtiar program of AIM has a positive and
Humanomics Malaysia (AIM). , Survey, enhancing effect on the livelihood of
Poststructurialism
clients. This effect is reflected in the
assessment of their well-being, especially
in the context of Maqasid Al-Shariah.
2015, Adnan and Indonesia, 20 respondents from This paper reveals that BMT financing is
Ajija : Humanomics each selected branch, 200 clients, effective in reducing poverty. Most of
Descriptive statistics, respondents can increase their income
Poststructurialism
after receiving BMT financing. Products
of BMT, especially BBA and mudarabah,
to empower the poor in various
productive businesses have been able to
reduce the extent and severity of poverty.
2015, Abbas and Pakistan, 270 micro-entrepreneurs the study found the strong opinions of
Shirazi : JIABR and petty traders in three major the respondents speak in favour of Islamic
cities of Pakistan, 100 people from microfinance under a system of pro t and
middle and top management,
loss sharing. Conversely, the majority of
Reliability and descriptive analysis,
Poststructurialism the clients also feel that Islamic banks do
not encourage lower-income micro-
entrepreneurs.
2015, Klapper and Africa, 33,000 observations from Unbanked adults in Africa cite the lack of
Singer : JAE the 33 African countries, money to use an account, high costs of
Regression, Positivism opening an account, distance and
documentation requirements as some of
the reasons behind not having formal
accounts.
2015, Neubert, 4,000 clients with nine credit Results from microcredit entrepreneurs in
Bradley, Ardianti and officers (a microcredit bank, Kenya and Indonesia indicate significant
Simiyu : ETP Kenya) and 168 Indonesian relationships between entrepreneurs’
Indonesia, Kenya, respondents ,
spiritual capital and business innovation
and performance, even after accounting
for other forms of capital.
2015, Meagher : JID Nigeria, 18 leadership of relevant Fieldwork in northern Nigeria shows that
enterprise associations, as well as inclusive initiatives are intensifying
35 interviews and eight focus group competitive struggles within the informal
discussions with Muslim informal
economy in which stronger actors are
enterprise operators, Interview and
FGD, Poststructurialism crowding out poorer, less educated and
migrant actors, exacerbating disaffection
and vulnerability to radicalization.
2015, Haile, Malaysia, 20 female borrowers of Results show that most of the borrowers
Osman,Shuib And Amanah Ikhtiar Malaysia (AIM) are empowered. However, it is
Oon : JID and TEKUN Nasional, in-depth inconclusive whether economic
interviews , Poststructurialism
empowerment achieved by borrowers
could be entirely attributed to the
services of the studied MFIs, given the
prevalence of cross-borrowing.
2016, Rozzani, Malaysia, clients of the Islamic It was found that clients are quite
Mohamed, and microfinance institution, interview, satisfied with the disbursement process
Yusuf : IJSE Poststructurialism through a mobile solution. However, the
same cannot be said with the repayment
process. The difficulties in using the
mobile solution pose a major threat to its
success.
2016, Zhao and 891 MFOs, 244 public funders, and This study finds that strong market logic
Lounsbury : Journal 990 commercial funders, enhances both commercial and public
of Business Venturing Regression, Positivism capital acquired by MFOs, whereas
religious diversity decreases the amount
of commercial capital flowing to MFOs.
Religious diversity also mitigates the
positive impact of the market logic on
capital flows into MFOs.
2016, Zhao and 891 MFOs, 244 public funders, and This study finds that strong market logic
Lounsbury : JBV 990 commercial funders, enhances both commercial and public
Regression, Positivism capital acquired by MFOs, whereas
religious diversity decreases the amount
of commercial capital flowing to MFOs.
Religious diversity also mitigates the
positive impact of the market logic on
capital flows into MFOs.
2016, Thaker, Malaysia, Literature Review, The findings of this paper will provide
Mohammed, Duasa, Interpretivism micro enterprises with an alternative
and Abdullah : JIABR source of financing to start-up or expand
their business by using cash waqf fund.
2016, Hyun, and Bangladesh, 10 state-owned banks, the Bangladesh financial markets are still
Uddin : EM 31 private domestic banks, 9 considered underdeveloped and
foreign banks, and 8 Islamic banks) constrained, the lending behaviours of
from 2001:Q1 to 2014:Q2 (2572
Bangladeshi domestic banks resemble
observations), VAR, Positivism
those of banks in the U.S. and South
Korea, as indicated by the results of
volatility and cyclicality.
2016, Aziz and Literature Review, Interpretivism The study identifies the inefficiency in the
Mohamad: IJSE current practices and makes some
propositions that are in conformance with
Islamic principles and implementable by
Islamic institutions all over the world. The
authors propose a theoretical framework
and operational propositions for ISB.
2016, Wulandari and Indonesia, chairman and staff of the The findings show that the Central BMT
Kassim : IJBM Central BMT (Induk Koperasi has built specific products and
Syariah) and Central BMT (Pusat empowerment mechanisms for the poor
Koperasi Syariah), the structured
and has an ideal product to be applied in
interviews, Poststructurialism
382 BMT in Indonesia. There are two
schemes of financing source in BMT,
namely, social ministry (Kelompok Usaha
Bersama) and private financing (national
and international donor).
2016, Chowdhury : Bangladesh, 430 players forming The paper finds significant evidence
AEJ 215 groups sampling , (OLS) supporting theoretical hypotheses in
regressions and maximum joint-liability microcredit lending.
likelihood estimation (MLE) binary Nevertheless whether joint-liability is the
estimation., Positivism,
optimal lending model for alleviating
world poverty remains undetermined.
2016, Jebarajakirthy Sri Lanka, 1,250 youth aged 18-27 Positive affect, subjective norms,
and Thaichon : IJBM selected from the Northern entrepreneurial desire and self-identity
Province of Sri Lanka, enhanced intentions of obtaining
Confirmatory factor analysis
microcredit, whereas perceived
(CFA), Positivism
deterrents reduced those intentions
2016, Rahman, Bangladesh, 207 divisions of The findings of this study show that,
Muhammad, Ahmed, Bangladesh, SEM, Positivism overall, the model fits the data and can be
and Amin used to advance Islamic MF in
Bangladesh, which implies that the IMIM
is applicable for use in this country.
2016, Oliver, information for 563 MFIs around the findings show that the higher the SI
Dieguez, and the world for the year 2012, PLS (social impact ), the higher the FP
Alvarado : JBR path modelling, Positivism ( financial performance) in the
microfinance sector
2016, Kazemian, Malaysia, 190 management staff of the results provide empirical evidences
Rahman, Sanusi, and AIM across Malaysia, The partial that indicate that management
Adewale : least square-structural equation sustainability is significantly influenced by
Humanomics modelling, Positivism
customer orientation and inter-function
coordination. However, only customer
orientation affects the financial
sustainability of AIM.
2016, Wulandari, Indonesia, representatives of BMTs The proposed model incorporates the
Kassim, Sulung, and for the (JABODETABEK), peculiarities of the poor people in pre-
Putri : Humanomics Sulawesi Selatan, Yogyakarta and financing, financing and post-financing
Nusa Tenggara Barat, in-depth
activities of micro-financing products to
interview, Poststructurialism
serve as a reference for policy makers.
The paper also found that each region has
unique product preferences depending on
the poor’s characteristics.
2017, Hassan and Bangladesh, 700 women, customers The main result of this study shows that
Saleem : of sample Islamic microfinance growth in women’s revenue and
Humanomics programme, Regression, resources played an important role in
Positivism,
improving women’s financial freedom
and sense of self-possession
2017, Sinhaa and Literature Review, Interpretivism This study proposes eight marketing
Sheth : JBR strategies rooted in the 4 A's framework :
Affordability through democratizing and
upscaling the offer; Accessibility through
managing and reinventing reach;
Acceptability through cultural and
functional fusion; and Awareness through
building brand identity and engaging
stakeholders.
2017, Ahamed and 2,635 commercial banks, The results highlight that the importance
Mallick : JEBO cooperative banks and Islamic of ensuring inclusive financial system is
banks in 86 countries over the time not only a development goal but also an
period 2004-2012, Regression,
issue that should be prioritised by banks,
Positivism
as such a policy drive is good for their
stability.
2017, Zhang and Developing World, Macroeconomic The study finds macroeconomic evidence
Posso : AEL variables of 64 developing of a negative relationship between
economies over the period 2003– women’s participation in microfinance
2014, Panel Data, Positivism
and GI
2017, Shaikh : JIABR the model of Holmstrom and Tirole The study suggests a framework in which
(1997, mathematical model, equity financing could be used to fund
Interpretivism microenterprises that will employ poor
people with related skills.
2007, Farzanegan and Iran, 140,000 individuals, which The analysis shows that the resource
Habibpour : EE include more than 36,000 Iranian dividend policy with a subsequent direct
urban and rural households in 2009, income tax has a significant decreasing
the bootstrap, Positivism
effect on the household Gini index while
targeted policies are more effective in
reducing number of households under the
poverty line.
2017, Rozzani, Malaysia, staffs of Risk it was found that both Institution A and
Mohamed and Yusuf : Management Department in Institution B are both exposed to Shariah
RIBF Institution A and Institution B, in- risk, operational risk and credit risk. In
depth interviews, Poststructurialism
addition to that, as Institution B is an
established and reputable financial
institution in Malaysia, it is also exposed
to reputational risk.
2017, Lindvert, Patel Pakistan, 21 women entrepreneurs, Results also show that although women
& Wincent : ERD Semi-structured interviews, do get some selective access to resources
Poststructurialism from family members, they are restricted
by limited access to social capital outside
of family members.
2017, Abdullah and Literature Review, Literature to ensure the perpetuity of the waqf, it is
Ismail : IJSE Review, Interpretivism suggested that only revenue from the
waqf property should be used for
microfinance fund.
2017, Patel : SBR Sri Lanka, Amana takaful, Islamic finance had to be put to many
Observation, Poststructurialism complex tasks, one of which was to
delicately finesse political capital and
build trust through that capital.
Islamic Accounting Journal List
Country, Sample, Method,
Yr/ Author : Journal Finding
Paradigm
1986, Gambling & Karim ; JBFA N/a, Literature Review, The traditional Western double-entry
interpretativism, based accounting technology is well-
Sustainability suited to an orthodox, positivist society
of any kind, and it is proving
inadequate for an integrated Islamic
world-views.
1989, Karim & Ali ; JBFA Sudan and Kuwait, Faisal This paper attempts to shed light on
Islamic Bank of Sudan that important aspect of Islamic banks.
(FIBS) and Kuwait Finance
House (KFH). Data 1979-
1985, Descriptive Statistic,
Interpretivism,
Sustainability
1990a, Karim ; AAAJ N/a, Literature Review, It is necessary that through joint forces,
Critical, Accountability SSB and external auditors are perceived
to be independent to ensure the
credibility of financial statements.
1990b, Karim ; ABR N/a, Literature Review, The fear of Islamic banks of possible
future intervention by their regulatory
Interpretivism,
agencies in their current accounting
Accountability
practices seems to be the predominant
factor that has motivated Islamic banks
to establish a standard setting body to
regulate their financial accounting and
reporting.
Yr/ Author : Journal Country, Sample, Method, Finding

Paradigm
1993, Gambling, Jones, &Karim, N/a, Literature Review, The common feature of accounting for
FAM charities, Islamic banks, and
Interpretivism,
governments, is the absence of
Sustainability
agreement over the inherent moral
justification of their financial activities,
thus requires assurance.
1993, Hamid, Craig And Clarke, N/a,Literature Review, Its potential for influencing accounting
Abacus policy is illustrative of religion as a
Interpretivism,
confounding element in the analysis of
Sustainability
national idiosyncrasies in accounting
practice and in deconstructing the
impediments to international
harmonization.
1995, Karim, ABR N/a, Literature Review, The ambiguities that may arise from
different interpretations of the
Interpretivism,
religious rules will require resolutions
Sustainability
primarily by reference to religious
rather than accounting authority.
1996, Karim, IJBM N/a, Literature Review, It develops four possible scenarios for
Intepretivism, the treatment of profit sharing
Accountability accounts.
1996, Cooke & Cürük, EAR N/a, Turkey, The results of the empirical part of this
paper show that, except for three
Literature Review,
requirements stated in IAS 17, all the
Interpretivism, principles set out in that standard are
Accountability acceptable to accountants in Turkey.
1997, Pomeranz, JIAAT N/a, Literature Review, Increased communication between the
Critical, Sustainability West and the nations of Islam will help
mankind to follow the ethical and
moral precepts of the revealed
religions.
1997, Zaid ; JBE Australia, The examination revealed the lack of

such general agreement and further
303 Accountant and
indicated that the perceptual
auditor,
differences are subjective in nature and
Observation, not influenced by the participant's
qualifications, income, experience,
Poststructurialism, gender or marital status.
Sustainability
1998,Archer, Karim, & Al-Deehani ; N/a, Literature Review, Three main ways to mitigate
JMG Intepretivism, deficiencies in IAH governance; reduce
Accountability Islamic Banks’ discretion to manage
IAH’s return; increase monitoring;
generalization of hostage posting.
1998, Rahman and Goddard ; FAM N/a, 12 Islamic banks, The emergent theoretical perspective
Observation, stage is an important but far from
Poststructurialism, terminal stage. More theorizing and
Sustainability testing is required both within the
organizations studied in this research
and in new case studies before a
grounded theory can be proposed.
1999, Al-Deehani, Karim, & N/a, Bahrain, 52 It provides new dimension to the
Murinde ; IJTAF accountants, theory of capital structure.
Interview,
Poststructurialism,
Accountability
1999, Joshi & Al‐Basteki; ARA N/a, Malaysia, It is found that the need for compliance
with IASs will better enhance users'
Literature Review,
understanding of accounting concepts
Interpretivism, and financial statements.
Accountability
2000, Iskandar, Pourjalali ; ARA N/a, Literature Review, The development of IAS continues to
Critical, Accountability help the advancement of accounting
practices in Malaysia as the MASB
continues to support and adapt the
IASs.
2000, Baydoun And Willett ; Abacus N/a, Literature Review, The specific recommendations are that
ICRs should contain a value-added
Interpretivism,
statement as the focus of performance
Accountability
of the accounting entity and a current
value balance sheet in addition to the
historic cost balance sheet. It is argued
that ICRs, extended in this way, would
better serve the needs of users wishing
to act in accordance with the Islamic
code.
2000, Naughton and Naughton ; JBE N/a, Literature Review, The use of stock index and equity
Interpretivism, futures and options are also unlikely to
Accountability be acceptable within an Islamic market.
Regulatory authorities in Muslim
countries will therefore find a vast
array of problems in attempting to
structure a trading system that will be
acceptable.
2000, Karim ; IJA N/a, Literature Review, Islamic banks casts light on the need to
Critical, Accountability develop and implement accounting
standards that specifically cater for the
unique characteristics of the contracts.
2001, Ataur Rahman Belal ; MAJ Bangladesh, in addition to measuring the extent and
volume of disclosures by using content
analysis, it explores the socio-political
30 annual reports, and economic context in which these
disclosures take place.
Statistic Descriptive,
Accountability
2002, Haniffa And Cooke ; Abacus Malaysia, This finding has implications for
corporate governance policy
167 companies that
formulation by the Malaysian Institute
published their annual
of Corporate Governance (MISG). One
reports during the year
cultural factor (proportion of Malay
ended 31 December 1995,
directors on the board) is significantly
Regression, Positivism,
associated (at the 5 per cent level) with
Accountability
the extent of voluntary disclosure
suggesting that governmental focus on
culture may solicit a response to
secrecy from those who feel
threatened.
2003, Harahap ; MF Indonesia, The standard issued by AAOIFI are not

binding but can be used as a guideline
Bank Muamalat,
to be followed by Islamic financial
comparative and institutions when preparing their
analytical, Interpretivism, financial statements. It is also argued
Accountability that the BMI annual report places
primary emphasis on local regulations
and in particular, those decreed by
Indonesia’s central bank, Bank
Indonesia.
2003, Ahmad, Sulaiman, Alwi ; MAJ N/s, Malaysia, The companies in Malaysia appear to
use flexible budgets more than those in
62 companies in two
the UK and New Zealand.
sectors; industrial
products 104 companies)
and consumer products 58
companies),
questionnaire survey,
Poststructurialism,
Accountability
2003, Robin & Wu ; JAE Hong Kong, Malaysia, The paper shows their financial
Thailand, Singapore, reporting quality is not higher than
under code law, with quality
Literature Review,
operationalized as timely recognition of
Interpretivism,
economic income (particularly losses).
Accountability
It is misleading to classify countries by
standards, ignoring incentives, as is
common in international accounting
texts, transparency indexes, and IAS
advocacy.
2004, Zaid ; AHJ Arab World, Literature This paper argues that the accounting
Review, Interpretivism, systems and recording procedures
Accountability practiced in Muslim society
commenced before the invention of
the Arabic numerals in response to
religious requirements, especially
zakat, a mandatory religious levy
imposed on Muslims the year 2 H.
2004, Joshi, Amal Wakil ; MAJ N/a, Bahrain, ACs do not report their findings to
shareholders, but other functions seem
30 companies listed on the
to accord with the BRC’s
Bahrain stock exchange,
recommendations. However, some
Descriptive Statistic, perceptions of audit firms negate the
Positivism, Accountability claims of the companies to comply with
BRC recommendations.
2005, Mirshekary & Saudagaran, ; Iran, 55 bank loan officers, There is a weak level of consensus
IAAT 35 academics, 40 among bank loan officers, tax officers,
stockbrokers, 40 bank and auditor groups about the
investment officers, 55 importance of several information
institutional investor items. the overall results showed that
representatives, 95 they ranked the income statement, the
auditors, and 180 tax auditors’ report, and the balance sheet
officers, Kruskal–Wallis as the three most important parts of
and Mann–Whitney U the annual report (in that order).
tests, Positivism,
Accountability
2005, Hassan & Christopher ; ARA N/a, Malaysia, Literature Being an Islamic organization (by virtue
Review, Interpretivism, of label attached to and/or the nature
Sustainability of its operations) and/or having
Malaysia/ Muslim directors leading
such Islamic organization have not
resulted in better corporate
governance practices and disclosure
relative to other secular banking
institutions that have fewer
Malay/Muslims directors.
2005, Shankaraiah and. Rao ; RAR Oman, 2001–2002 annual To strengthen accounting standards
reports of 10 top Omani and improve financial reporting and
companies, Literature corporate governance in Oman, the
Review, Interpretivism, Capital Market Authority in Oman, in
Accountability consultation with other appropriate
professionals and regulatory bodies,
should develop some mechanism to
limit the scope of alternative methods
available by focusing on appropriate
disclosures under Oman’s domestic
conditions to improve the relevance
and indigenisation of accounting
standards.
2005, Bakar, Rahman, and Malaysia, Audit firm size appears to be the most
Rashid ;MAJ important factor that affects the
86 officers of commercial
auditor independence, followed by
Banks, Survey,
tenure, competition, audit committee,
Poststructurialism, audit firms providing managerial
Accountability advisory services and size of audit fee.
2005, Sulaiman, Ahmad, Alwi ; MAJ Malaysia, 66 companies, Despite its various criticisms, the
empirical findings suggest that
Descriptive Statistic,
standard costing is still being used by a
Postivism, Accountability
large majority of firms in Malaysia.
Thus, Malaysian companies (both
Japanese and local) perceive that the
basic principles of standard costing
remain sound.
2005, Beekun and Badawi ; JBE N/a, Literature Review, The Islamic ethical system is balanced,
fair, just, and benevolent,
Interpretivism,
and seeks to respect the rights of both
Sustainability
primary and derivative stakeholders
without allowing for exploitation,
nepotism and other human ills. Islam
advocates a tiered, multi-fiduciary
stakeholder approach that calibrates
what various stakeholders of a business
receive in proportion to their inputs.
2006, Rahman & Ali ; MAJ N/a, Malaysia, The study reveals that earnings
management is positively related to the
100 top companies, for
size of the board of directors.
the period January 2002 to
December 2003,
Accountability
2006, Naser, Hussaini, Kwari and Qatar, Annual reports The outcome of the study lends partial
Nuseibeh ; AIA from 22 listed companies support to agency theory, political
for the year 1999/ 2000, economy theory, legitimacy theory,
Regression, Postivism, stakeholder theory as well as the
Accountability accountability approach.
2006, Auyeung, Dagwell, Ng, Australia, Hong Kong, Results suggest that Australian and
Sands ; ARA Malaysia and Singapore, Malaysian accounting educators
differed significantly in their
Participants were
epistemological beliefs on the source of
accounting academics,
Observation, knowledge as well as the acquisition of
Poststructurialism, knowledge.
Sustainability
2006, Maali, Casson And Napier ; N/a, 200 financial The results of the analysis also suggest
Abacus institutions around the that banks required to pay the Islamic
world offering Islamic reli-gious tax Zakah provide more social
banking, disclosures than banks not subject to
Zakah.
disclosure index,
Interpretivism,
Sustainability
2007, Haniffa, Hudaib ; JIAAT Arab Saudi, the ‘performance gap’ arises from four
factors in the environment within
48 respondents,
which auditing is practiced: licensing
the questionnaire using a policy, recruitment process, the
Likert scale, Positivism, political and legal structure, and
Sustainability dominant societal values.
2007, Perera and Baydoun ; AIA Indonesia, The possibility that the use of IFRSs in
Indonesia might trigger a change from
Literature Review,
a ‘credit-insider’ to an ‘equity-outsider’
Interpretivism, financing system should not be ruled
Accountability out.
2007, Kamla, AIA Middle East, Literature Pursuing a critical and postcolonial
Review, Critical, perspective that is sensitive to the
Accountability context of the AME, it is concluded that
social accounting manifestations in the
AME are largely orientated towards
‘repressive /counter radical’ positions
of accounting.
2007, Waha, How and Verhoeven ; Malaysia, The implementation of MCCG has had a
JCAE substantial effect on shareholders'
440 firms from 1999 to
wealth, increasing stock prices by an
2002, Panel data,
average of about 4.8%. Although there
Positivism, Accountability
is no evidence that politically
connected firms perform better,
political connections do have a
significantly negative effect on
corporate governance, which is
mitigated by institutional ownership.
2007, Ali and Ahmed ; RAR South Asia, Literature The paper concludes that the prevailing
Review, Interpretivism, similarities in political, legal, economic,
Accountability business ownership, accounting
profession, culture and institutional
structures in the three countries should
have facilitated regional accounting
harmonization.
2007, Haniffa and Hudaib ; JBE The Arabian Gulf region, The study founds the largest
incongruence to be related to four
24 annual reports for the
dimensions: commitments to society;
years 2002-2004, content
disclosure of corporate vision and
analys, Interpretivism,
mission; contribution to and
Sustainability
management of zakah, charity and
benevolent loans; and information
regarding top management.
2008, Hassan ; JAOC Egypt, 12 individuals, The paper finds that the EFAR have had
Interview, a constitutive tendency during the
Poststructurialism, Egyptian transformation towards a
Accountability market-based economy.
2008, Mashayekhi and Azaz ; JCAE Iran, companies listed in There is no relationship between
the Tehran Stock Exchange leadership structure and firm
(TSE) for the years 2005- performance. Likewise, the presence of
2006, Regression, institutional investors on the board of
Positivism, Accountability directors is not positively associated
with firm Performance.
2008, Dey, Grinyer, Sinclair, El‐ Egypt, 320 firms, The evidence of the study is consistent
Habashy ; JAAR multivariate analysis, with the validity of the conventional
Positivism, Accountability ‘bonus’ and ‘debt’ hypotheses and the
new ‘taxation’ hypothesis. These
conclusions are also consistent with
recent empirical studies of cultural and
socio-economic change in Egypt.
2008, Joshi, Bremser , and Ajmi ; Bahrain, 52 listed The survey findings suggest that there
AIA companies, Survey, will be a growing demand for detailed
Poststructurialism, application guidance for IFRS. Also, it
Accountability appears that nationalism may well
continue to be a major impediment to
global adoption of IFRS.
2008, Irvine ; AF UAE, Literature Review, this paper identifies some of the global
Interpretivism, coercive, normative and mimetic
Accountability pressures which have contributed to
this widespread adoption. The
challenge for emerging economies such
as that of the UAE is whether the
reality of IFRS implementation can
match the image of IFRS adoption.
2009, Ariffin, Archer, &Karim ; JBR 14 different countries, The findings show policy implications
including Malaysia, Sudan, for the issue of transparency, with
Bangladesh, Pakistan and particular reference to risk reporting in
Middle East countries, 28 Islamic banks.
Islamic banks, a
questionnaire
survey,Poststructurialism,
Accountability
2009, Archer &Karim ; JBR Middle East, Asia, Jordan, It explains problems of and offers
Malaysia,Qatar and solution to profit-sharing investment
Bahrain, Literature account holders.
Review, Interpretivism,
Accountability
2009, Tapanjeh, ; CPA N/a, Literature Review, the OECD principles have been
Interpretivism, successfully implemented and
Accountability considered a very effective tool of
corporate governance as compared to
Islamic principles of corporate
governance.
2009, Joshi, Ajmi, Bremser ; AIA Bahrain, 87 clients, Survey, The audit process and evidence
Poststructurialism, problems reported indicate possible
Accountability audit quality problems faced by audit
firms in Bahraini environment when
conducting external audits, indicating
the need for future research on
auditor– client relationships in
emerging economies.
2009, Dey, Grinyer, Sinclair, El‐ Egypt, 320 Egyptian firms The paper finds that technical reasons
Habashy ; JAAR with the largest net asset, were frequently given in survey
Survey, responses from managers. However,
Poststructurialism, the available evidence on the actual
Accountability depreciation methods used by their
firms and industries is in fact more
consistent with PAT-based theories of
accounting choice than with such
alternatives. This suggests that the
responses to the survey reflected
managers’ rationalisations of decisions
made for self-interested purposes.
2009, Al-Ajmi ; AIA Bahrain, 300 credit and Non-audit services were found to affect
financial analysts , auditor's independence and hence
Survey,Poststructurialism, impair audit quality. Effective audit
Sustainability committee enhances the quality of
audit reports. Financial analysts
perceive financial statements to be
more credible than do credit analysts.
2009, Wahab, Zain, James, Haron ; Malaysia, 390 Malaysian Based on a panel analysis of 390
ARJ firms from 1999 to 2003, Malaysian firms from 1999 to 2003, a
Panel Analysis, Positivism, positive relationship between
Accountability institutional ownership and audit fees
is found, although the economic impact
is minimal. Further, the authors find
that audit fees are higher for politically
connected firms.
2009, Al‐Ajmi ; MAJ Bahrain, 800 individual The study found that individual
investors, Survey, investors perceived corporate financial
Positivism, Accountability statements as the most important
source of information for their
investment decisions. The results also
show a relatively high degree of
agreement within the groups (both
large and small) as to the ranking in
terms of the importance of the topics.
2009, Hossain and Hammami ; AIA Qatar, 42 Annual reports The users of financial reporting
for the year 2007, including investors need confidence of
Regression, Positivism, financial markets and information
Accountability disclosure is a vital element to fulfill
this confidence and in this case this
study would provide a communication
bridge to the various stakeholders in
the society.
2010, Maali and Napier ; JIABR Jordan, Literature Review, The paper shows that creating a new
Interpretivism, type of organisation – an Islamic bank –
Sustainability in Jordan required special legislation. A
study of the development of this
legislation reveals that the bank's
founder needed to convince both the
religious and political authorities and
potential investors that the bank would
comply with Shari'a principles while at
the same time generating profitable
business.
2010, Sufian, ; JIABR Malaysia, 11 domestic The empirical findings suggest that
window Islamic banks, and overhead cost is negatively related to
four foreign window Malaysian Islamic banks' profitability.
Islamic banks during the On the other hand, Islamic banks which
period of 2001-2007, are better capitalized and have a higher
Regression, Positivism, level of liquidity tend to be more
Sustainability profitable
2010, Archer & Karim ; JIABR N/a, Literature Review, The characteristics of PSIA can vary
Interpretivism, from being a deposit like product (fixed
Accountability return, capital certain, all risks borne by
shareholders) to an investment product
(variable return, bearing the risk of
losses in underlying investments),
depending upon the extent to which
the balance sheet risks get shifted
(“displaced”) from investment account
holders to shareholders through
various techniques available to Islamic
banks' management. Second, the paper
finds that this DCR has a major impact
on Islamic bank's economic and
regulatory capital requirements, asset
liability management, and product
pricing.
2010 Haniffa & Hudaib ; JIABR N/a, Literature Review, Islamic accounting research is still at
Interpretivism, the infancy stage compared to Islamic
Accountability banking and finance.
2010, Abdullatif and Khadash ; IJA Jordan, Literature Review, The results of the study show that the
Interpretivism, business risk approach has been
Accountability generally adopted by the larger
Jordanian audit firms to varying
extents, especially those which are full
members of an international audit firm
network.
2010, Vinnicombe ; AIA N/a, Literature Review, The findings of the study show
Critical, Accountability compliance to be very high with
respect to the governance standard
relating to the in-house supervisory
boards of Islamic banks, and reporting
the Islamic murabaha contract. In
contrast, compliance with the AAOIFI's
requirements regarding the zakah
religious tax and the mudaraba
contract is relatively low.
2010, Menassa ; JAAR Lebanon, annual report The findings provide evidence of the
social disclosures of 24 widespread use of this phenomenon by
Lebanese commercial these banks as a means to
banks, Correlation, communicate with their stakeholders.
Postivism, Sustainability Moreover, results reveal that these
banks attribute a greater importance to
human resource and product and
customers disclosures, whereas the
availability and extent of
environmental disclosure is still weak.
2010, Hassan & Harahap ; IJIMEFM Bahrain, Bangladesh, The results show the overall mean CSR
Indonesia, Malaysia, Saudi disclosure index of one Islamic bank
Arabia, Kuwait, and the out of seven to be above average and
United Arab Emirates, the issues of CSR are not of major
annual reports of seven concern for most Islamic banks.
Islamic banks, content
analysis, Intepretivism,
Sustainability
2010, Kamil, Abdullah, Shahimi and N/a, Descriptive, The paper reveals that although sukuk
Ismail ; IJIMEFM analytical, and are structured in a similar way to
comparative analyses, conventional asset-backed securities,
Interpretivism, they can have significantly different
Accountability underlying structures, provisions and
shariah-compliant.
2011, Gallhofer , Haslamb, & Syria , 10 respondents, The critical understanding of Syrian
Kamla ; CPA Interview, accountants and their appreciation of
Poststructurialism, the ambiguity of the accounting-
Sustainability globalisation interrelation for Syria, is a
particular form of resistance to
globalisation’s problematics.
Concurrently, given the significance of
local influences in Syria, it is somewhat
surprising that interviewees evidenced
so little resistance.
2011, Amin, Rahman, Sondoh Jr, Malaysia, 150 customers, The study found three determinants to
and Hwa ; JIABR Regression, Positivism, be significant in influencing the
Sustainability intention to useIslamic personal
financing, namely, attitude, social
influence and pricing of Islamic
personal financing. Religious obligation
and government support were found to
be insignificant predictors.
2011, Al-Janadi , Rahman, Normah Arab Saudi and UAE, The results indicate that voluntary
Omar ; IJDG Analytical Descriptive, 150 disclosure has been found lacking for
companies, intepretivism, most of the items of social and
Sustainability environmental information. In
comparing the results of voluntary
disclosure between the two countries,
it was found that UAE companies have
significantly higher voluntary disclosure
than Saudi companies, with an average
of around 42 per cent for UAE
companies and 32 per cent for Saudi
companies.
2011, Haji & Ghazali ; IJDG Malaysia, companies listed The results reveal that based on the
on the Main Market of category of information (that is,
Bursa Malaysia for the strategic, financial, CSR), CSR
years 2006 and 2009, information was the most widely
Wilcoxon signed-ranks disclosed category following the
test, Positivism, financial crisis.
Sustainability
2011, Ariff & Fah ; AIA 40 largest banks in the The investors in Malaysia and South
four countries, Australia, Korea appear to consider changes in
Korea, Malaysia and fee income as bad news with negative
Thailand. The data set price impact, anomalous to theory. The
spans over eight years Australian investors appear to regard
across 2000–2007 (before both total and fee incomes as equally
world financial crisis), OLS important whereas investors in other
Regression, Positivism, markets either ignore or consider
Sustainability changes in fee income as bad news for
share valuation.
2011, Al-Ajmi, Al-Saleh, &Hussain ; Gulf Cooperation Council the decisions to select particular capital
AIA (GCC), 105 conventional budgeting techniques, cost of capital
and Islamic financial estimation methods, and risk
institutions, t tests and assessments are partly related to the
interview, Positivism, characteristics of the chief financial
Sustainability officers.
2011, Aribi & Gao ; MAJ The Gulf region, he annual This study provides evidence of Islamic
reports of 21 fully Shari’a influence on the CSRD of IFIs. It finds
approved IFIs, Content that the largest part of CSRD produced
Analysis, Intepretivism, by the IFIs is the disclosure of reports
Sustainability of the Shari’a Supervisory Board. IFIs
also disclose other Islamic information
(e.g. “Zakah” and charity donation, and
free interest loan) and report on their
compliance with Islam along with
information of philanthropy,
employees and community.
2012, Atmeh & Ramadan ; JIABR N/a, Literature Review, The paper finds that presenting UIAHS
Critical, Accountability in a separate category in the financial
position statement (balance sheet),
without reclassifying the assets in the
financial position statement to reflect
the assets attributable to UIAHS,
suggests undue bias in the financial
statements.
2012, Zainol & Kassim ; JIABR N/a, Literature Review, One of the major issues highlighted is
Critical, Sustainability the sensitivity of Islamic banks to the
changes in the conventional interest
rate due to the fact that
many Islamic banking products are
benchmarked against the conventional
interest rate. Moreover, the limited
techniques and instruments available
to mitigate the rate of return risk also
need serious attention by the
regulators.
2012, Ika and Ghazali ; MAJ Indonesia, 211 non- The findings show that timeliness of
financial Indonesian listed reporting is associated with audit
companies, Multivariate committee effectiveness. This result
Regression, Positivism, suggests that audit committee
Accountability effectiveness is likely to reduce the
financial reporting lead time, i.e. the
time taken by companies to publicly
release audited financial statements to
the stock exchange.
2012, Mohammadrezaei, Iran, Literature Review, Thus, it can be concluded that, first,
Banimahd, and Saleh ; IJDG Interpretivism, due to the aforementioned reasons,
Accountability full adoption of IS by Iran seems very
difficult. Second, if Iran fully adopts the
standards due to the less-developed
infrastructure, there is no guarantee of
successful implementation and de facto
convergence.
2012, Baydoun, Maguire, Ryan, and Gulf Countries, Survey Based on the corporate governance
Willett ; MAJ data reported by the OECD measurement scale, Oman is the clear
(2005), Intepretivism, leader among the five countries,
Accountability followed by Kuwait and the United
Arab Emirates. Bahrain and Qatar rank
fourth and fifth, respectively.
2012, Al-Saidi and Al-Shammari ; Kuwait, Interview, The findings suggest that the corporate
IJDG Academic and investor, governance concept is well known, yet
Poststructurialism, current laws are irrelevant; several
Accountability obsta- cles need to be addressed to
implement corporate governance in
Kuwait.
2012, Muniandy and Ali ; RAR Malaysia, Literature The conclusion suggests the necessity
Review, Intepretivism, to improve the quality of financial
Sustainability reporting practices and to build the
confidence of stakeholders and
potential investors.
2012 , Pellegrina ; ARJ GCC, conventional and Results provide evidence that more
Islamic banks[6] has been capitalized Islamic banks are associated
extracted from the to less risky positions in terms of their
database Bankscope for asset structure. In particular, the latter
the period 2001-2011 , exhibit higher liquidity standards and a
Panel Regression, lower incidence of non-performing
Positivism, Accountability loans compared to other banks.
2012, Yunos, Ismail, and Smith ; Malaysia, 300 Malaysian The analysis shows that the ethnic
ARA listed firms between 2001 groups influence the adoption of
and 2007, Panel Data conservatism, but that the evidence is
Regression, Positivism, mixed, implying that there could be
Sustainability factors other than ethnicity which
explained the directors’ behaviour.
2012, Cebeci ; ARJ Literature Review, Critical, Concepts of SR and corporate social
Sustainability responsibility (CSR) are not enough to
describe Islamic Banks’ responsibilities.
Also, this failure cannot be understood
only with reference to the “external
environment”, i.e. competition-driven,
capitalistic market conditions; but it is
also closely related to the
transformation of Islamic finance into
an almost exclusively murabaha-based
Islamic banking, which promotes more
individual maslahah than social
maslahah.
2012, Grassa ; ARJ GCC Countries, Data from This article reveals that greater reliance
2002-2008 for 42 Islamic on the income share of the profit-loss-
banks, Regression, sharing products is associated with
Positivism, Accountability higher risk and higher insolvency risk
for both listed Islamic banks and non-
listed Islamic banks.
2012, Hassan ; IJDG UAE, the annual reports of The article findings show that UAE
23 UAE financial financial institutions utilize ‘assertive’
institutions, Content and ‘defensive’ disclosure tactics to
Analysis, Intepretivism, gain, maintain and restore their social
Sustainability legitimacy. The article is one of the first
studies to examine how financial
institutions, operating in emerging
economies, use narrative disclosures to
pursue organizational legitimacy.
2013, Kamla and Rammal ; AAAJ Selected Muslim The disclosures do not indicate that the
Countries, annual reports banks have serious schemes targeting
and web sites of 19 Islamic poverty elimination or enhancing
banks, Content Analysis, equitable redistribution of wealth in
Critical, Sustainability society.
2013, Naim, Isa and Hamid ; JIABR Content analysis, The findings showed that there were
interviews, observations negligible changes on the principle
and descriptive, term and condition (PTC) of the Sukuk
Interpretivism and after the pronouncement, thus it did
Poststructurialism, not have much effect in changing the
Accountability Shariah Advisors and industry players
when deciding more authentic
principles and decisions.
2013, Taylor ; MAR South Africa, quasi- The results indicate that the business
experimental, three ethics course was indeed effective in
former studies, increasing the ethical sensitivity of
Poststructurialism, accounting students. Students’
Sustainability demographic characteristics, in terms
of accounting specialisation area and
years of work experience, did play a
role in the extent of their changes in
ethical sensitivity. However, gender
and previous ethics education as
influencing factor in ethical sensitivity
was negated.
2013, Noghondari and Foong ; MAJ Malaysia, 212 Loan The findings indicate that the
Officers, structural knowledge/experience factors could
equation modelling (SEM), significantly mitigate the audit
Positivism, Sustainability expectation gap. More importantly, the
audit expectation gap is found to
adversely affect the loan decision
quality. The mediating role of the audit
expectation gap is also supported.
2013, Al‐Saidi, and Al‐Shammari ; Kuwait,nine listed Kuwait The results provide some evidence that
MAJ banks over the 2006 to board composition of banks relates to
2010 period, ordinary their performance. According to the
least squares (OLS) and OLS regression results, only board size
two-stage-least squares and proportion of non-executive
(2SLS), Positivism, directors negatively affect bank
Sustainability performance. Meanwhile, the 2SLS
results indicate that role duality
positively affects a bank’s performance
while board size affects a bank’s
performance negatively.
2013, Ismail, Kamarudin, Zijl, and Malaysia, 4,010 The results show that IFRS adoption is
Dunstan ; ARA observations, OLS, associated with higher quality of
Positivism, Accountability reported earnings. It is found that
earnings reported during the period
after the adoption of IFRS is associated
with lower earnings management and
higher value relevant.
2013, Johl, Johl, Subramaniam, and Malaysia, 620 firms listed, this paper finds although the lower
Cooper ; MAJ Regression and Interview, ordered variables board quality and
Positivism, Accountability internal audit quality coefficients are
negatively related to abnormal
accruals, the interaction variable
between these two variables is
positively associated with abnormal
accruals, indicating the possibility of a
substitution relationship between
board quality and internal audit
quality.
2013, Quttainah, Song, and Wu ; Bahrain, Bangladesh, First, Islamic banks are less likely to
JIFMA Egypt, Indonesia, Iran, conduct earnings management as
Jordan, Kuwait, Lebanon, measured by both earnings loss
Malaysia, Pakistan, Qatar, avoidance and abnormal loan loss
Saudi Arabia, Sudan, provisions. Second, there are no
Turkey, and the United significantly different earnings
Arab Emirates, 84 Islamic management behaviors between
banks in 15 countries, Islamic banks with and without Shari’ah
Dummy Regression, Supervisory Boards. Third, several
Positivism, Accountability Shari’ah Supervisory Board
characteristics, such as size and the
presence of members from Auditing
Organization for Islamic Financial
Institutions, are important
determinants of the earnings
management of Islamic banks who
have Shari’ah Supervisory Boards.
2013, Fooladi, Shukor, Saleh, and Malaysia, 400 companies It is found that high quality audit firms
Jaffar ; IJDG listed on Bursa Malaysia, can mitigate the agency problems in
Regression, Positivism, firms with divergence between cash
Accountability flow and control rights.
2013, Hayat, Butter and Kock ; JBE Muslim Countries, As the financial product become
Literature Review, Critical, increasingly complex, the credibility of
Accountability these sharia scholars become ever
more questinable.
2014, Echchabi, Olorogun, and Tunisia, Hundred Tunisian the results indicate that the Tunisian
Azouzi ; JIABR customers, SEM, customers are willing to adopt Islamic
Postivism, Sustainability insurance services.
2014, Velayutham ; JIABR N/a, Literature Review, It is shown that this belief of
Intepretivism, incompatibility can be traced to
Sustainability misconceptions about the assumptions
underlying conventional
accounting. It is then argued that the

neglect of Islamic accounting in Islamic
countries could be attributed to Islamic
accounting not meeting the needs of
users rather than acculturation or
economic dependency.
2014, Al-Kayed, Zain, and Duasa ; N/a, 85 IBs covering The result is consistent with the
JIABR banking systems in 19 signaling theory which predicts that
countries,a two-stage least banks expected to have better
squares, Positivism, performance credibly transmit this
Sustainability information through higher capital.
Optimal capital structure results of the
IBs found a non-monotonic U-shaped
relationship between the capital-asset
ratio and profitability, supporting the
efficiency risk and franchise value
hypotheses.
2014, Salihin, Fatima, and N/a, Literature Review, The paper found that the TFVO is
Ousama ; JIABR Intepretivism, relevant and applicable in Islamic
Accountability accounting and auditing and not
contradictory to the rules of the
Shari’ah. Therefore, the concept is
acceptable for use
in Islamic accounting. Moreover, based
on the several roles played by the
TFVO, inthe Islamic context, the
practicality of this concept
in Islamic accounting provides further
justification for itscontinued usage.
2014, El-Firjani, Menacere, and Libya, 470 questionnaires, This paper found general agreement
Pegum ; JAEE Survey, that the accounting regulation of public
Poststructurialism, corporations and banks is strongly
Accountability influenced by the Libyan Commercial
Code and the Income Tax Law.
2014, Alzeban and Gwilliam ; JIAAT Arab Saudi, 203 managers Results suggest that management
and 239 internal auditors, support for IAE drives perceived
OLS, Positivism, effectiveness of the internal audit
function from both management’s and
Sustainability the internal auditors’ perspective.
2014, Muttakin & Khan ; JEI Bangladesh, 135 The study finds that CSR disclosure has
manufacturing companies positive and significant relationships
listed, Regression, with export-oriented sector, firm size
Positivism, Sustainability and types of industries.
2014, Ismail ; ARA Malaysia, 396 The study discovered a significant

Questionares, Regression, impact of ethical ideology on
Positivism, Sustainability judgments regardless of the legality of
the cases. In addition, the study found
a significant positive and negative
impact of idealism and relativism,
respectively, on ethical judgment.
Moreover, the study reported that
absolutists are stricter whilst
situationists are more lenient in making
ethical judgments compared to other
ideologies.
2014, Mohdali, and Pope ; ARJ Malaysia, 302 Respondent, Religiosity is found to have a minimal
Survey, but statistically signicant positive
Poststructurialism, impact on voluntary tax compliance.
Sustainability This probably can be explained by the
strong religious values held by many
Malaysians, as well as the concept of
giving which has been emphasised in
almost all religions.
2014, Ringim ; IJIMEFM Nigeria, 385 respondents, The results revealed that perception
PLS, Positivism, was positively associated with a Muslim
Accountability account holder’s decision to patronize
Islamic banking products.
2014, Mulcahy ; IJIMEFM N/a, Literature Review, Purication is a pivotal element of the
Intepretivism, Islamic investment process, yet
Accountability Standard 21 permits a loose
interpretation which causes portfolios
to be under-puri ed. Standard 21 also
makes no mention of the interest tax
shield from debt even though the bene
ts are at odds with the principles of
social justice in Islam.
2014, Suzuki and Uddin ; IJIMEFM Bangladesh, 16 available The asset-based nancing gives the
banks during the period Bangladeshi Islamic banks relatively
2007-2012, Content higher Islamic bank rent opportunity
Analysis, Intepretivism, for protecting their “franchise value” as
Accountability Shari’ah-compliant lenders, while
responding to the periodic volatility in
transaction costs of pro t-and-loss
sharing.
2015, Gupta ; IJIMEFM UAE, Literature Review, The author has found that the
Intepretivism, accounting treatment of Ijarah
Accountability practiced by four UAE Islamic banks, it
is clear that all of them are following
IAS-17 and not FAS-8 of AAOIFI.
2015, Belal, Abdelsalam & Bangladesh, annual the bank is still failing to provide full
Nizamee ; JBE reports over a period of 28 disclosure on certain significant
years (1983–2010) of categories such as sources and uses of
Islami Bank Bangladesh dispos-able income, thereby
Limited’s (IBBL hereafter), contradicting the principles of full and
Interview and content comprehensive disclosure and
Analysis, accountability.
Poststructurialism,
Accountability
2015, Rosman and Rahman ; JIABR MENA, Asian, 32 Islamic a significant difference was found
banks from 16 different between the Islamic banks in the
countries, Mann-Whitney Middle Eastern and North African
U test, Positivism, (MENA) and Asian countries concerning
Accountability the practice of both displaced
commercial risk and operational
risk/Shari’ah non-compliance risk
management.
2015, Kamla & Alsoufi ; AF N/a, Literature Review, So far, the limited and technical Islamic
Critical, Sustainability accounting agenda has ignored issues
of poverty and environmental tragedies
in the Muslim world and beyond
2015, Abdullah, Perc, and Stewart ; Southeast Asian and Gulf The results inform the global debate on
JCAE Cooperation Council the need for corporate governance
regions, 67 Islamic banks, reform by Islamic banks by providing
Regression, Positivism, insights on the part played by
Accountability corporate governance mechanisms in
encouraging enhanced disclosure in the
annual reports of Islamic banks.
2015, Kamla, Gallhofer, and Haslam N/a, Literature Review, In concluding, we point, among other
; AF Intepretivism, things, to the irony whereby Western
Sustainability transnational corporations have sought
to promote their particular brand of
corporate social (and environmental)
responsibility accounting in Arab
countries, variously influenced by
Islam, with little to no mention of a
notion of accounting for the
environment integral to and deeply
rooted in Islam.
2015, Sensoy and Guvemli ; BAR Middle East, Literature Risalei Felekiyye is seen as an excellent
Review, Intepretivism, example of a written doctrine of
Accountability accounting book with explanations of
an accounting system and advanced
level of accounting understanding.
2015, Mukhlisin and Hudaib ; Indonesia, 160 The respondents differ in their opinion
IJIMEFM respondents, survey, on the possibility of Shariah
Poststructurialism, harmonization, both de jure and de
Accountability facto. The role of various actors
involved in the financial reporting
standardization may impede Shariah
harmonization to take place.
2016, Rezaei, Saleh, Jaffar and Iran, the annual reports of The findings suggest that increased
Hassan ; IJA firms listed on the TSE competition in the audit market is
between 1999 and 2010, more likely to decrease the relative
Probit Regression, bargaining power of auditors and that
Positivism, Accountability there is a significant concern regarding
audit opinions when both auditee and
auditor are state-controlled entities.
2016, Al-Hadi et al ; JIFMA GCC, logistic regression, This study finds that MRDs are
553 firm-year observations significantly and negatively associated
over the 2007–2011 with both under-investment and over-
period, Positivism, investment and that this association is
Sustainability more pronounced for larger firms.
2016, Moume, Othman, and MENA, 320 listed firms in Our findings suggest that the
Hussainey ; AIA nine MENA emerging composition of the board and its size
markets (789 enhance the informativeness of risk
observations) over the disclosure as it allows investors to
period from 2007 to 2009, better predict future earnings growth.
Regression, Positivism, A further finding is that a
Sustainability CEO/Chairperson duality does not
impact the way investors trust risk
disclosures.
2016, Mathuva and Kiweu ; AIA Kenya, 1272 observations The results reveal a relatively low level
for 212 deposit-taking of CSED by deposit-taking SACCOs in
SACCOs in Kenya over the Kenya at 29.3%. As a departure from
period 2008–2013, OLS, findings in mainstream studies, the
Positivism, Accountability study reveals a negative association
between CSED and financial
performance.
2016, Alotaibi & Hussainey ; IJDG Saudi Arabia, annual The results suggest that Saudi Arabia
reports of Saudi Arabian provides higher levels of disclosure
firms listed in the Tadawul with a lower quality. In addition, the
Stock Exchange over the levels of CSR disclosure quantity and
period 2013–2014, quality have different drivers.
Sustainability
2016, Alzoubi ; ARJ Jordan, 86 industrial The result produces evidence on the
companies in the period of negative association between DQ and
the years from 2007 to EM. The result also evidences the view
2010, OLS Regression, that as the level of the disclosure is
Positivism, Accountability high, the magnitude of the EM reduces
and, in turn, increases the financial
reporting quality.
2016, Al-Akr, Qader, and Billah ; MENA, Literature Review, We find that while the majority of the
JIAAT Intepretivism, region has introduced reforms to the IA
Accountability function, more needs to be done to (1)
insure independence and objectivity;
and (2) involve IA in consulting services,
particularly with respect to risk
management, control and governance.
2016, Tahat, Dunne, Fifield, and Jordan, 82 Jordanian listed The study finds that a larger number of
Power ; ARJ companies, Survey, Jordanian listed companies provided a
Poststructurialism, greater level of FI-related information
Accountability after IFRS 7 was implemented.
2016, Haji ; ARJ Malaysia, annual reports the overall amount of IC disclosures,
of 153 rm-year and in particular human capital
observations across a information, has a significant positive
three-year period (2008- association with hidden values and,
2010), Regression, consequently, the market value of the
Positivism, Sustainability companies.
2016, Gharbi and Khamoussi ; JIABR GCC, annual Reports of 20 Empirical evidence shows that there is
Islamic banks and 40 a significant change in dynamic
conventional banks, volatility in GCC banking sector because
Regression, Positivism, of financial crisis 2008.
Sustainability
2016, Gundogdu ; JIABR N/a, Literature Review, The author argues that the ECA export
Critical, Accountability financing structures, or restricted
Mudaraba if preferred, with an
embedded supplier financing Wakala
agreement can pave the way for Islamic
FIs to support exporting companies. It
is also concluded that development
and support of the Takaful industry are
vital for the success of Islamic export
financing schemes because of its role in
risk management.
2016, Al Shattarat & Atmeh ; JFRA N/a, Literature Review, The paper proves that implementing
Critical, Accountability the Mudarabah contract by banks
imposes several problems among
which are the following: difficulty in the
determination of total profit resulting
from Mudarabah and in allocating this
profit to the multiple parties involved
in Mudarabah; usage of reserves to
cater against future losses may
undermine the concept of Mudarabah
profit-loss sharing and lead to earnings
management; corporate governance is
also a major problem in Mudarabah
contract, as the depositors are exposed
to risks but have no governance rights;
and Mudarabah may also lessen the
fair presentation of financial reporting.
2016, Shafii & Rahman ; JIABR N/a, Literature Review, The paper found that the classification
Intepretivism, and measurement of equity-
Accountability based Islamic financial assets do not fit
into the “default” classification
category of amortised cost, as the
future cash flow receivable does not
constitute solely the payment of
principal and interest (fixed rate
payment)
2016, Nainggolan, How, and MENA and GCC, Islamic the study finds no such out-
Verhoeven ; JBE equity funds (IEFs) from performance for other crises or high
1984 to 2010, Regression, volatility periods. Based on fund
Positivism, Sustainability holdings-based data, we provide
evidence of a negative curvilinear
relation between fund performance
and ethical screening intensity,
consistent with a return trade-off to
being more ethical.
2016, Abdullah ; IJIMEFM N/a, Literature Review, The research found that in assessing
Intepretivism, economic substance over legal form,
Accountability each of the three products involved
risk-free transactions and interest.
2016, Platonova, Asutay, Rob Bahrain, Saudi Arabia, the findings show no statistically
Dixon, and Mohammad ; JBE Qatar, Kuwait and the significant relationship between the
United Arab Emirates individual dimensions of the CSR
(UAE), 24 fully fledged disclosure index and the current
Islamic banks from five financial performance measure except
GCC countries, Panel Data for ‘mission and vision’ and ‘products
Regression, Positivism, and services’.
Sustainability
2017, Atmeh & Maali ; JIABR N/a, Literature Review, This ambiguity may hinder the faithful
Intepretivism, representation of financial statements.
Sustainability The Tabarru contract is used to justify
the risk-shifting practices by Islamic
banks.The accounting effects of such
contracts may result in failure to
recognize assets or liabilities in the
financial reports, earnings
management and incomplete financial
information for the users of the
financial reports.
2017, Fakhfakh, ; JIABR Bahrain, Bangladesh, The results show lack of harmonization
Britain, Malaysia, Pakistan, in several elements related to the form
Kingdom of Saudi Arabia, of the auditor’s report and in all
the Republic of the Sudan, elements related to the content of the
Tunisia, Palestine, Jordan auditor’s report among the Islamic
and Oman, 27 auditing banks.
reports signed in 2012 and
2013, t-test, Postivism,
Accountability
2017, Abdul-Baki & Uthman ; JIABR N/a, Literature Review, The paper concludes that despite the
Intepretivism, unfavorable environment, the social
Sustainability ideals of the Islamic banking system
may still be met, to an extent, through
investment in microfinance and awqaf.
2017, Nawaz & Haniffa ; JIABR World, 64 IFIs operating in the results suggest that value creation
18 of three main capability of IFIs is highly influenced by
groupings, namely, Asia, HCE and CEE.
Europe and the Middle-
East, Panel Data,
Positivism, Sustainability
2017, Kamla & Haque ; CPA N/a, Literature Review, The paper showed that AAOIFI’s role in
Intepretivism, sustaining the accounting-imperialism
Accountability nexus was mainly performed through
providing narrow intellectual challenge
to the Anglo-American logic under IAH.
Alternatives suggested by AAOIFI were
mainly limited to technical notes to the
accounts on interest-ban and Zakat
calculations.
2017, Garas & Tee ; IJDG Kuwait, firms listed in This suggests that IFAB-3 is more
Kuwait over the period of important for Islamic than conventional
2000–2013, OLS institutions. Accordingly, This study
Regression, Positivism, conclude that corporate governance
Accountability guideline (IFAB-3) has improved the
corporate governance structure of
firms listed in the Kuwait stock market.
In this context, the study increases the
awareness of standard setters,
academics, investors, regulators, and
many other stakeholders about the
effect of IFAB-3 in the region.
2017, Montenegro ; AE N/a, Literature Review, It demonstrates that accounting and

Intepretivism, capitalism have religious roots, and
Sustainability highlights how the four main
monotheistic religions viewed and
incorporated accounting historically.
This book can be used in the Ph.D.
curriculum, but I think that it is too
challenging to be included in the
master-level curriculum.
2017, Mihret, Alshareef, Bazhair ; Saudi Arabia, Literature Professional closure in accounting takes
CPA Review, Intepretivism, multiple forms, and is contingent upon
Accountability the socio-historical context in which it
occurs. This study has illustrated that
hybridization enables an occupational
group to form alliances with the state,
and other potentially competing groups
to secure entry controls, despite
lacking demonstrated capacity as a
professional body.
2017, Muttakin, Khan & Mihret ; Bangladesh, 917 firm-year Results showed that the level of
MAJ observations listed on the discretionary accruals is positively
Dhaka Stock Exchange associated with business group af
from 2005 to 2013, OLS liation status, and higher audit quality
Regression, Positivism, reduces this association. This suggests
Sustainability that in environments without strong
investor protection, complex
ownership structures create
opportunities for controlling
shareholders to expropriate minority
shareholders.
2017, Juhmani ; JAAR Bahrain, 44 Bahraini The results show that three of the CG
companies, Regression, mechanisms (i.e. board independence,
Positivism, Accountability audit committee independence, and
Chief Executive Officer duality) are
associated with the level of IFRS
disclosure. This suggests that CG
mechanisms are effective in the
financial reporting practices.
2017, Sellami & Tahari ; JAAR MENA, 38 Islamic banks The results show a wide variation in
with disclosure accounting compliance levels among the disclosure
standards during the 2011- accounting standards and reveal that
2013 period, Regression, compliance is positively related to the
Positivism, Accountability listing status, the existence of an audit
committee, the bank’s age and the
country of domicile.
2017, Mohammed & Muhammed ; Developing Countries, 34 The authors of this paper found that
JAAR Islamic banks annual the macroeconomic factors reflected in
financial informations gross domestic product, gross domestic
ffrom the year 2007-2010, product growth, and inflation rate have
Panel Data Regression, a significant positive relationship with
Positivism, Sustainability the return on assets.
2017, Al-Htaybat ; AAR Jordan, Literature Review, The four significant elements that
Intepretivism, emerge as particularly relevant
Accountability regarding country and corporation-
level adoption of IFRS are reflected in
the four central pillars of the model.
These are institutional push and
uncertainty at the country level, and
corporations’ need to pull and ramp up
their disclosure levels and deal with
corporate deterrents.
2017, Nurunnabi ; IJDG Saudi Arabia, Literature The findings are innovative and will be
Review, Intepretivism, helpful to local standard setters
Accountability (SOCPA), international standard setters
(IASB), and preparers and investors.
The findings suggest that urgent
training is required for the effective
implementation of IFRS in Saudi
Arabia.
2017, Al-Amri, Al Shidi, Al Busaidi, GCC, 7,960 firm-year The paper documents evidence
& Akguc ; JAAR observations and 796 consistent with private and public firms
distinct firms, Regression, using real earnings management to
Positivism, Accountability influence their earnings figures. The
paper also shows that the level of real
earnings management is higher for
private firms compared to public firms
when cash flow management and
discretionary expenses management
models are used.
2017, Perkiss & Tweedie ; SEAJ N/a, Literature Review, There are many alternative hypergoods
Intepretivism, on which social accounting could draw.
Sustainability However, whatever goods and sources
one chooses, the critical challenge we
identify is the need to articulate and
defend hypergoods and moral sources
commensurate with the scale of
contemporary social and ecological
sustainability challenges.
2017, Mukhlisin, ; JIABR Indonesia, 1* to 4* Learning from Indonesian experience,

relevant peer-reviewed the literature suggests that neo-
journals in the academic liberalism is piercing through different
journal guide 2015, Meta- parts of economic and political setting
Analysis, Intepretivism, of the country’s infrastructural powers
Accountability leading up to the influence of financial
reporting standardization process.
2017, Suandi ; IJIMEFM Asia, 63 Islamic banks from The results show heterogeneity of
15 countries, Literature classification for PSIAs. Applying the
Review, Intepretivism, same standards does not lead to the
Accountability uniform classification of PSIAs when
banks apply International Financial
Reporting Standards, while financial
statements applying Financial
Accounting Standards by the
Accounting and Auditing Organization
for Islamic Financial Institutions are
more similar.
2017, Tessema, Garas, & Tee ; GCC, 395,670 rm-day The findings reveal that information
IJIMEFM observations, OLS asymmetry among investors is lower
Regression, Positivism, after the implementation of IFSB-4 than
Accountability before, indicating that the standard has
increased transparency. The results
also reveal that information asymmetry
after the implementation of IFSB-4 is
lower for Islamic than for conventional
nancial institutions. This suggests that
IFAB-4 promotes more transparency for
Islamic than conventional institutions.
2017, Kolsi & Grassa ; IJIMEFM GCC, 223 rm-year Institutional ownership and bank size
observations and a nine- have no effect on earnings
year period (2004-2012), management through DLLPs
Regression, Positivism, (discretionary loan loss provision)
Accountability
Islamic Microeconomics and Macroeconomics Journal List
Yr: Name, Journal Tittle Findings
An essential strategic implication for the
Total factor productivity MENA microfinance is through
2014, Bassem; change of MENA microfinance technological progress in order to reach
Economic Modelling institutions: A Malmquist more poor people and financial
productivity index approach sustainability.
Al-Tawhid principles of contract suggested

Al-Tawhid in relation to the free from riba and gharar, and cash waqf as
2014, Abdullah and
economic order of a source of fund for Islamic MFI for
Ismail, Humanomics
microfinance institutions sustainability.
2014, El-Gamal, El- RoSCA model generated higher takeup and

Komib, Karlanc, and Bank-insured RoSCA for repayment rates than the Grameen model.
Osmanc; Journal of microfinance: Experimental
Economic Behavior evidence in poor Egyptian
and Organization villages
2014, Salleha, It suggests the policy direction of the

Jaafarb and Ebrahim; FDIC’s (2010) small-dollar loan
Can an interest-free credit
Journal of Economic programme.
facility be more efficient than a
Behavior &
usurious payday loan?
Organization
2014, Wahyudi; This research shows that commitment

International Journal contributes positively in achieving the
Commitment and trust in
of Islamic and financial goals of an alliance.
achieving financial goals of
Middle Eastern
strategic alliance: Case in
Finance and
Islamic microfinance
Management
2014, Katwalo and The success lays in addressing the specific

Critical success factors for the
Muhanji; needs of the traditionally unbanked.
“unbanked” customers in
International Journal
Kenya
of Bank Marketing
The intentions to take a commercial bank
2014, Tolba, Seoudi
Factors influencing intentions loan are low in Egypt and SME owner-
and Fahmy; Journal
of Egyptian MSME owners in managers have negative perceptions on the
of Small Business &
taking commercial bank loans service quality of loan providers.
Entrepreneurship
A dialectical approach to understanding the
relationships among religion, culture, and
2014, Syed, Buren; Global Business Norms and business provides a better guide to
Business Ethics Islamic Views of Women’s responsible business action in Muslim
Quarterly Employment Majority countries than does the capability
approach.
IMF can play a very critical role in

Islamic micro finance: tool for
2014, Samad; providing deliverance from financial
economic stability and social
Humanomics slavery.
change
2014, Riwajanti; Islamic Microfinance in The findings suggest that microenterprises
Bulletin of Indonesia: A Comparative
Analysis between Islamic in Indonesia face challenges in gaining
Financial Cooperative (BMT) access to finance, despite their large
and Shari'ah Rural Bank numbers, their potential, and their
Indonesian
(BPRS) on Experiences, important role in the macroeconomy.
Economic Studies
Challenges, Prospects, and
Roles in Developing
Microenterprises
2014, Kazemian, Measuring level of market AIM has a high level of customer
Rahman, and orientation for an Islamic orientation and inter-function coordination
Ibrahim; Qualitative microfinance institution case and a middle level in competitor
Research in study of Amanah Ikhtiar orientation.
Financial Markets Malaysia (AIM)
GDP size is positively related with
2014, Ashraf, Performance of microfinance profitability, and the percentage of women
Hassan, and Hippler institutions in Muslim borrowers is also signifcant in driving loan
III; Humanomics countries recovery.
A collective action through Islamic

microfinance groups actually helps to
The challenge in poverty increase environmental awareness,
2014, Hassan;
alleviation: role of Islamic economic betterment of the members and
Humanomics
microfinance and social capital fruitful management of LCRs through
Islamic microfinance.
This study defines sharia risk, identifies

Sharia risk and corporate credit, legal, compliance, market and
2014, Ginena: CG reputational risk that it may evoke and
governance of Islamic banks
categorize its causes and events.
Sharia corporate governance: The code for sharia corporate governance is

2014, Muneeza &
the need foor a special needed due to the widespread.
Hassan: CG
governance code
Soft law, self-regulation and The sharia compliance reqirement has its
cultural sensitivity: The case of implication on the nature of Islamic banks'
2014, Aldohni: JBR
regulating Islamic banking in operations.
the UK
Most of the studies discussed the
Tawarruq application in
2014, Mohamad & fundamental theories which concerning the
Islamic banking: a review of
Rahman: IJIMEFM are of jurisprudence.
the literature
This asset-based financing gives the
Islamic bank rent: A case study Bangladeshi Islamic banks reltively higher
2014, Suzuki &
of Islamic banking in Islamic bank rent opportunity "franchise
Uddi: IJIMEFM
Bangladesh value".
Perception of Nigerian Muslim Perception was positively associated with a

2014, Ringim: account holders in muslim account holder's decision to
IJIMEFM conventional banks toward patronize Islamic banking products.
Islamic banking products
Assesing the bank profitability
2014, Mokni & in the MENA region: A Determinants' dignificance varies b.etween
Rachdi coparative analysis between Islamic and conventional banks.
conventional and Islamic bank
2014, Zouari & Ownership structure and Result suggest that ownership is
Taktak: IJIMEFM financial performance in concentrated at 49 per cent, and for 41
Islamic banks: Does bank
banks from the full sample, the ultimate
ownership matter owner is institutional.
Sharia compliance in Islamic Sharia compliance status of the Islamic

2014, Ullah: banking: An empirical study on banks in Bangladesh is in a vulnerable
IJIMEFM selected Islamic banks in condition.
Bangladesh
Enhanching transparency will prevent
Transparency and performance Islamic banks from shadowing their profit
2014, Lahrech, in Islamic banking: allocation practices and place investment
Lahrech & Boulaksil Implications on profit account holders in a better position to
distribution manage their invested funds.
The causality between returns The time deposit interest rates are the
2014, Ergec, of interest-based banks and granger cause of the Islamic bank rate of
Kaytanci: IJIMEFM Islamic banks: the case of returns
Turkey
The depedency of Islamic bank
2014, Sarac & rates on conventional bank TDRs of three Pbs are significantly
Zeren: AE interest rates: further evidence cointegrated with those of CBs
from turkey
The assets and liabilities gap Conventional banks have better assets
management of conventional quality of assets and liabilities with an
2014, Sun, Hassan &
and Islamic banks in the optimum composition of profitable assets
Mohamed: AFE
organization of Islamic and low-costs liabilities
cooperation countries
Robust evidence found that the default rate
Of religion and redemption:
2014, Baele, Farooq in Islamic loans is less than half the default
Evidence from default on
& Ongena: JBF rate of conventional loans
Islamic loans
The international diversification can help
International diversification reduce risk if Asia Pacific/ North America/
2014, Bahlous &
among Islamic investments: is Europe funds and MENA region invested
Yusof: MF
there any benefit? contemporaneously
Dow Jones Islamic Market US The comparative analysis shows that

2014, Farooq & Index: Applying technical performance based IMUS can be improved
Reza: IJIMEFM analysis from comparative when TA is applied.
perspective
Modelling the volatility of the
Dow Jones Islamic market
2014, Nasr, Ajmi & index using a fractionally Terms of model diagnostics and
Gupta: AFE integrated time-varying information criteria as well as portfolio
GARCH (FITVGARCH) allocation.
model
Derivative products and
2014, Kok, innovation in Islamic finance: The paper attempted to create a hybrid risk-
Giorgioni & Laws: A hybrid tool for risk-sharing sharing opstion by combining elements of
IJIMEFM options both wa'ad and murabaha.
Can the Sharia-based Islamic

2014, Gupta, stock market returns be
Hammoudeh, Kegne forecasted using large number DJIM return is best predicted by an
& Sarafrazi: AFE of predictors and models? autocorrelation.
2014, Aloui, Co-movement between sharia investors should consider simultanceously

stocks and sukuk in the GCC
Hammoudeh &
markets: A time-frequency the short and long-run co-movements.
Hamida: JIFMIM
analysis
The framework offers an improved tool to
Tempered stable models for ameliorate the evaluation of Islamic stock
2014, Bekri, Kim &
Islamic finance asset market risk exposure and to reduce the
Rachev: IJIMEFM
management costs of Islamic risk management.
Cost efficiency and board Average levels of cost efficiency in takaful

2014, Kader, Adams,
composition under different insurance markets mirror the efficiency in
Hardwick & Kwon:
takaful insurance business developed non-life insurance markets.
IRFA
models
Three key factors affecting the decision-
2014, Abdou, Alam Would credit scoring work for
& Mulkeen: Islamic finance? A neural making process namely mothly expences,
IJIMEFM network approach age & marital status.
Significant differences and divergence of

Corporate governance of
2014, Grassa & Islamic banks: A comparative corporate governance structure of IBs in
Matoussi: IJIMEFM study between GCC and GCC countries and those in Southeast Asia
southeast Asia Countries countries.
A consensus-based corporate A consistent positive relationship between

2014, Baki &
governance paradigm for CG and financial performance metrics.
Sciabolazza: QRFM
Islamic banks
The interviwers have considerable exposure
Sharia issues in Islamic
2014, Echchabi & and awareness of the current criticisms of
banking: qualitative survey in
Aziz: QRFM the sharia compliance of Islamic banks
Malaysia
Smith did not defend or attack the models
based on the extent of state intervention in
the economy, but on whether its
Smith on Ancient Egypt and
2014, Helmy; FSE the Arab Islamic World: A intervention was conducive to, first, raising
Tale of Two Statist Models the person’s well-being and, second,
promoting the morals of Smith’s
“commercial” society.
Key contributions of this study is to draw

on unique institutional data from the
Organisation for Economic
Patriarchy versus Islam:
2014, Braunstein; FE Gender and religion in Co-operation and Development’s Gender,
economic growth Institutions and Development (GID)
database to better understand the gendered
dynamics of growth.
Theoretical foundations of neoclassical

economics and its methodological
Moving Beyond Culturalism
2014, Candar & and Formalism: Islam, Women, formalism fall short in providing an
Yasar; FE and Political Unrest in the alternative to culturalism, and, instead,
Middle East reinforce the misperceptions and
misunderstandings about the region.
2014, Kongar, Gender and economics in Complex relationships between the

Olmsted & Muslim communities: A economic, political, cultural, and religious
Shehabuddin; FE critical feminist and spheres and the role of local and
postcolonial analysis transnational histories, economies, and
politics in shaping people’s lives
Study cannot explain the lapsed economic

Women, Muslim immigrants, integration of Muslims in France, it
2014, Adida, Laitin
and economic integration in highlights a potential area for further
and Valfort; E&P
France investigation.
Consciousness is far from developed in

Turkey, as governance and cultivation of
"Just Like Prophet Mohammad pious conduct at homes, sohbets, and
Preached": Labor, Piety, and charitable institutions indirectly end up
2014, Isik; FE
Charity in Contemporary supporting current economic policies that
Turkey promote privatization of welfare and
flexibilization of labor.
Christianity has the most significant effect

on economic growth. This conclusion is
Does religious beliefs affect
2014, Wang & Lin; economic growth? Evidence consistent among differentestimators and
CER from provincial-level panel robust with stability over time. However,
data in China no consistent or robust conclusions can be
drawn for other religions.

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Islamic Banking and Finance Journal List

Yr/Author:Journal Country, Sample, Method, Findings

On the same asset universe current basic

Gulf Cooperation Council, 219:

Differences and divergence of corporate

Differences and divergence of corporate

Differences and divergence of corporate

Pakistan, 150000: loans data set,

6 countries, 10: prominent sharia

The market risk factors namely excess

4 countries, 10: Daily price

3 countries, Data set of daily

Malaysia & Singapore,

37 countries, Time series market SD relationships between Islamic and

Year/Author : Journal Country, Sample, Method, Findings

2008, Dusuki, Bangladesh, Malaysia, Indonesia, Microfinance requires innovative

Year/Author: Journal Country, Sample, Method, Findings

2010, Hadisumarto Indonesia, Literature Review, The implementation of Islamic micro-

2011, Halkias, Nigeria, 62 practicing Nigerian Female entrepreneurship in Nigeria is

2012, Wardiwiyono : 30 questioners were distributed to BMTs in Indonesia have implemented an

2014, Syed, Buren : Literature Review, Interpretivism a dialectical approach to understanding

Year/Author : Journal Country, Sample, Method, Findings

2015, Wahyudi : Indonesia, 89 BMT, SEM, Empirically, conflict, coordination and

2015, Obaidullah : Indonesia, Pakistan, Sudan, Case studies of successful initiatives

Yr/ Author : Journal Country, Sample, Method, Finding

1997, Zaid ; JBE Australia, The examination revealed the lack of

2003, Harahap ; MF Indonesia, The standard issued by AAOIFI are not

accounting. It is then argued that the

2014, Ismail ; ARA Malaysia, 396 The study discovered a significant

2017, Montenegro ; AE N/a, Literature Review, It demonstrates that accounting and

2017, Mukhlisin, ; JIABR Indonesia, 1* to 4* Learning from Indonesian experience,

Al-Tawhid principles of contract suggested

2014, El-Gamal, El- RoSCA model generated higher takeup and

2014, Salleha, It suggests the policy direction of the

2014, Wahyudi; This research shows that commitment

2014, Katwalo and The success lays in addressing the specific

IMF can play a very critical role in

A collective action through Islamic

This study defines sharia risk, identifies

Sharia corporate governance: The code for sharia corporate governance is

Perception of Nigerian Muslim Perception was positively associated with a

Sharia compliance in Islamic Sharia compliance status of the Islamic

Dow Jones Islamic Market US The comparative analysis shows that

Can the Sharia-based Islamic

2014, Aloui, Co-movement between sharia investors should consider simultanceously

Cost efficiency and board Average levels of cost efficiency in takaful

Significant differences and divergence of

A consensus-based corporate A consistent positive relationship between

Key contributions of this study is to draw

Theoretical foundations of neoclassical

2014, Kongar, Gender and economics in Complex relationships between the

Study cannot explain the lapsed economic

Consciousness is far from developed in

Christianity has the most significant effect

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