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Modelling and Forecasting Sharīʿah-Compliant Stocks
Full text linkPurpose — This research aims to forecast the volatility and future stock prices of Sharīʿah-compliant stocks of a sample of Islamic banks in Indonesia.
Design/Methodology/Approach — Modelling and forecasting of the stock prices were performed using the AutoRegressive Integrated Moving Average (ARIMA) and Exponential Moving Average (EMA) models. Daily data were retrieved via Yahoo Finance from 1 February 2021 to 30 September 2024. This study focused on the stocks of three Islamic banks listed on the Indonesian Stock Exchange (IDX), namely Bank Syariah Indonesia (BRIS), Bank Panin Dubai Syariah (PNBS), and Bank BTPN Syariah (BTPS). The models were employed to predict stock prices in the short term.
Findings — The accuracy of the EMA model was 99.73 per cent, whereas that of the ARIMA was 87.83 per cent. The results show that the stock price prediction is reasonably accurate, and the error might be due to stochastic macroeconomic conditions.
Originality/Value — Previous studies focused on modelling and forecasting stock prices using the Generalized AutoRegressive Conditional Heteroskedasticity (GARCH) model. This research expands on prior work by incorporating the ARIMA and EMA models to forecast stock prices and evaluate their performance under different market conditions. This study makes a unique contribution by concentrating on Indonesia, the country with the largest Muslim population and a distinctive economic and financial landscape. Furthermore, stock prices are utilised to conduct a robustness test, ensuring the reliability and validity of the findings.
Research Limitations/Implications — The research uses ARIMA and EMA models to predict Sharīʿah stock prices only in Indonesia. Future research should explore alternative econometric models or machine learning techniques to enhance prediction accuracy. Additionally, expanding the scope to include multiple countries or different instruments beyond stock prices, such as bonds or cryptocurrencies, could provide deeper insights into the robustness of these models across various markets.
Practical Implications — The EMA model can help investors gain confidence in trading decisions. This study proves it is a viable investment strategy during economic uncertainty, demonstrating a lower forecasting error than the ARIMA model
Authorship Responsibilities
Full text linkAbout Authorship
As academic institutions have set publication in peer reviewed journals as one of the key performance indicators (KPIs), academics often seek collaboration with their peers and students to get more articles published. It is, however, noticed that the quality of the articles submitted to the Journal does not always reflect the reputation of the academics who have been cited as authors in a paper, raising questions as to whether these individuals have contributed sufficiently to warrant authorship in the articles attributed to them.
IJIFSD, like other publishers such as Emerald, subscribes to the authorship principles charted by the International Committee of Medical Journal Editors (ICMJE), which stipulate four criteria for an author to be conferred authorship rights. Specifically, authors must have:
• Made substantial contributions to the conception or design of the work; or the acquisition, analysis, or interpretation of data for the work; and
• Drafted the work or revised it critically for important intellectual content; and
• Given their final approval of the version to be published; and
• Agreed to be accountable for all aspects of the work in ensuring that questions related to the accuracy or integrity of any part of the work are appropriately investigated and resolved.
Regarding authorship attribution, it is the collective responsibility of authors to recognise all individuals who have fulfilled all the above-mentioned criteria of authorship as well as agree on the order of the authors’ names based on the authors’ individual contributions. As part of publication ethics, IJIFSD publishes a declaration of authors indicating the specific works carried out by each of the authors.
Among the list of authors, a corresponding author should also be identified for the publication. The corresponding author is responsible for getting all approvals from fellow authors and is the principal point of contact for communication with the journal.
It is likewise crucial to differentiate between those who should be attributed as authors and those who should be mentioned under ‘acknowledgements’ for having supported the research by acquiring funding, providing research grants, collecting data, providing general research supervision, critically reviewing the article, or having been involved in technical editing, proofreading, or translation.
An acknowledgement section, placed at the end of the article published in IJIFSD, provides for:
A note of thanks for any kind of assistance the authors have received in the conduct of the research;
Declaration of funding sources;
Declaration if the article draws from any previous work (e.g., conference proceedings, or PhD work, or a draft published on online repositories).  
Rural Innovations in Action: Implementing Sustainable Development Goals at the Village Level
Full text linkPurpose — This study aims to examine the ‘Village Fund Allocation’ in Central Java, Indonesia, and explore its dimensions based on the Sustainable Development Goals (SDGs) framework while determining priority programmes that contribute to the SDGs’ implementation.
Design/Methodology/Approach — A mixed-method approach integrating qualitative and quantitative techniques is employed. The Analytical Network Process (ANP) method is used for data analysis, supported by the SuperDecisions software. The study population consists of village governments in Central Java, with data collected using a non-probability sampling technique.
Findings — The findings reveal that the Village Fund Allocation in Central Java comprises key stages, including planning, implementation, distribution, utilisation, reporting, and accountability. The study underscores the necessity of adhering to five core principles: humanity, justice, diversity, natural balance, and national interests. Identified priority programmes include national economic recovery, central government priority initiatives, and adaptation to new habits. The key SDG indicators for village development emphasised in this study are poverty reduction, hunger eradication, health, prosperity, and quality education.
Originality/Value — This study contributes original insights by applying the ANP method to analyse Village Fund Allocation Management, a novel approach in this research area. By incorporating a systematic decision-making framework, this study provides a fresh perspective on how decentralised government units can align financial management with national and global SDG agendas, thereby improving the effectiveness, efficiency, and equity in fund allocation for rural development.
Research Limitations/Implications — The study is limited to villages in Central Java, and its findings may not be directly generalisable to regions with different socioeconomic characteristics.
Practical Implications — The findings offer valuable guidance for village governments in developing more strategic and SDG-aligned financial management policies, thereby enhancing the impact of sustainable rural development
The Role of Corporate Governance in Driving Performance, Stability, and Growth: Islamic vs. Conventional Banks in Pakistan
Full text linkPurpose — This study investigates the impact of corporate governance (CG) on the financial performance, stability, and growth of banks in Pakistan. Unlike previous studies, it utilises a corporate governance index (CGI) to assess its impact on both Islamic banks (IBs) and conventional banks (CBs).
Design/Methodology/Approach — Generalised Method of Moments (GMM) is used to take into account endogeneity and dynamic effects. The study uses a panel dataset spanning more than 10 years and includes 27 banks in Pakistan that operate under the dual banking system, including IBs and CBs.
Findings — The findings highlight that CG significantly enhances financial performance, stability, and growth of both types of banks. There is a greater impact in IBs than in CBs, likely because of their multilayer governance structure, including Sharīʿah supervisory boards (SSBs). Control variables such as bank size and cost efficiency also positively influence outcomes.
Originality/Value — It is the first study to use CGI to analyse how corporate governance (CG) affects the dual banking sector in Pakistan. Furthermore, it sheds new light on the difference between the governance regimes used by IBs and CBs, which has implications for differentiated regulatory frameworks.
Research Limitations/Implications — A larger IB sample could benefit future research, as well as the exploration of moderating factors such as institutional quality and political context.
Practical Implications — Regulatory bodies should integrate CG performance indicators into annual disclosure requirements. This will help investors to assess the stability of banks’ governance along with their financial health.
Social Implications — Public trust and stability in the financial sector can be improved through improved governance in the banking sector. In IBs, effective governance will ensure alignment with faith-based principles, which enhances stakeholder confidence
Commitment of the Islamic Banking Industry to ESG in Selected Countries: Evaluation from the Maqāṣid Al-Sharīʿah Pyramid Perspective
Full text linkPurpose — This study examines the Islamic banking industry’s commitment to ESG (environmental, social and governance principles) in selected countries by assessing it from the maqāṣid al-Sharīʿah (objectives of Islamic law) pyramid perspective.
Design/Methodology/Approach — A rigorous quantitative study was conducted using the REFINITIV database, which covered 12 countries from 2020 to 2024, resulting in 497 observations.
Findings — The study finds statistically significant evidence that the Islamic banking industry sets a high standard of ESG for Islamic banks to comply with at the country level. In the long run, the rate of commitment of the Islamic banking industry to each component of the ESG score is explained by the industrial environmental index score (7.21%), the social index score (25.43%), and the governance index (17.98%), respectively. This parameter provides information about the proportion of the ESG score to which there is a greater commitment than for the others. This suggests that the Islamic banking industry pays more attention to the social index score, followed by governance and the environment. It can therefore be deduced that the Islamic banking industry pays substantial attention to the social aspects as ḍarūriyāt (essentials), followed by strengthening governance factors as ḥājiyyāt (needs) and the environmental factor as taḥsīniyyāt (embellishments). On average, the commitment of Islamic banks to ESG at the country level is statistically significant (49.73%). However, there is still scope for Islamic banks at the country level to increase their commitment. Since ESG commitment varies among Islamic banks, the number of Islamic banks with low ESG commitment contributes to the average being driven down. Therefore, the Islamic banking industry is expected to have a standardised industry benchmark for each ESG component and the combined ESG.
Originality/Value — This study adds value to the body of knowledge by exploring the Islamic banking industry’s commitment to ESG through the three levels of maqāṣid al-Sharīʿah—a first in this area that is not found in previous studies on ESG.
Research Limitations/Implications — The availability of data imposed certain constraints on including more countries beyond the selected Muslim nations. Nonetheless, the findings offer valuable insights for Islamic banks in countries not covered in this study.
Practical Implications — This study provides Islamic banks with a clear understanding of the extent of their contributions to ESG within the framework of maqāṣid al-Sharīʿah. Therefore, each Islamic bank could re-strategise its approach as necessary.
Social Implications — These findings present Islamic banks with the opportunity to examine the environment in which they operate and adhere to the most essential aspects of maqāṣid al-Sharīʿah that are pertinent to that location, thus making their contribution significant to the local community
Accommodating Islamic Finance within Albania’s Legal and Financial Framework: A Comparative Study of European Practices
Full text linkPurpose — This paper explores the specific legal, fiscal, and regulatory adaptations necessary to create a viable and competitive framework for Islamic finance within Albania’s secular, European Union (EU)-aligned financial system. It moves beyond identifying the potential of Islamic finance to diagnosing current barriers that constrain the market, examining how Albania can implement a level playing field to promote financial inclusion.
Design/Methodology/Approach — The study adopts a qualitative, two-stage research design. It first conducts a diagnostic analysis of Albania’s legal and fiscal framework to identify foundational impediments. It then employs a targeted comparative analysis of European jurisdictions, prioritising relevant civil law models (Germany, France, Bosnia and Herzegovina) and drawing specific tax solutions from the United Kingdom (UK), to extract practical, actionable insights for the Albanian context.
Findings — The research identifies two primary impediments: (1) foundational conflicts in core banking law, chiefly an interest-based definition of ‘credit’ that legally excludes Sharīʿah-compliant contracts, and (2) a prohibitive tax regime that creates double taxation (e.g., VAT on murābaḥah and property transfer tax on diminishing mushārakah), rendering Islamic products commercially unviable. The findings from the comparative analysis show that successful European jurisdictions overcame these exact barriers not through systemic overhauls, but through targeted, pragmatic reforms—such as flexible regulatory interpretation (the German model), administrative tax circulars (the French model), and hybrid developmental market-entry strategies (the Bosnian model)—which provide a clear roadmap for Albania.
Originality/Value — This paper contributes to the limited literature by moving beyond a general discussion of the ‘potential’ of Islamic finance to providing a detailed diagnosis of specific legal and fiscal barriers in Albania. It is the first to map these specific problems to proven, practical solutions from relevant European civil law jurisdictions, offering a context-sensitive, actionable roadmap for policymakers and financial sector stakeholders.
Research Limitations/Implications — The research is based primarily on secondary data and regulatory comparison. Future studies could extend the analysis by incorporating empirical data from Albanian consumers and regulators to assess practical readiness and demand for Islamic financial services.
Practical Implications — The findings offer a roadmap for Albanian authorities to implement a more inclusive financial environment and attract ethical capital by enabling Sharīʿah-compliant banking within existing structures.
Social Implications — Facilitating access to Islamic finance may enhance financial participation among underserved populations, contributing to broader economic inclusion and social cohesion in Albania
The Past, Present, and Future of Sharīʿah-Compliant Equities: Evolution, Current Practices, and Future Directions
Full text linkThis paper critically examines the evolution, operationalization, and future direction of Shariah-compliant equities, nearly three decades after their initial permissibility by Al Rajhi Bank's Shariah Board. It highlights persistent challenges in standardizing compliance criteria, income purification, and disclosure practices. Drawing on archival analysis and comparative regulatory review, the study explores how differing screening methodologies—particularly in quantitative thresholds and purification rules—have led to inconsistencies across jurisdictions. It offers a conceptual framework to transition from Shariah-compliant to Shariah-based equities, rooted in AAOIFI principles and ethical finance theory. A phased reform roadmap is proposed to guide this shift, emphasizing transparency, consistency, and integration of ESG considerations. The paper contributes to the literature by synthesizing fragmented debates, proposing structured benchmarks for reform, and identifying gaps in current practices. For practitioners, it offers a scalable model for aligning ethical objectives with regulatory requirements. For scholars, it lays the groundwork for future empirical inquiry into investor behavior, market performance, and the role of fintech in enhancing Shariah compliance. Ultimately, the paper positions Islamic equities not as a niche product, but as a credible, principled asset class capable of contributing to global standards of ethical and sustainable finance
The Genesis of Legal Person in the Western Tradition: Its Concept, History and Development
Full text linkPurpose — The objective of this paper is to study the conceptual and historical foundation of the legal person, known in contemporary Islamic law as al-shakhṣ al-iʿtibārī. The genesis of the legal person can be traced back to the Roman Law around 700 BC. Over time, it has undergone tremendous evolution, making significant contributions to the development of Western secularist-materialistic civilisation in particular, and humanity in general.
Design/Methodology/Approach — This qualitative research employs conceptual and historical analysis of primary sources from early scholars in the study of legal personhood in the West. It includes a semantic analysis of the term ‘person’ and a comparative study of various theories that underpin the concept.
Findings — The doctrine of legal personhood is a construct of legal science, developed by scholars, thinkers, practitioners, and academicians. It has undergone significant evolution, becoming a powerful tool in politics, law, commerce, and science, all underpinned by the Western-secular worldview. Islamic banking and finance must recognise this development and equip themselves with the right worldview of Islam to ensure that the concept of legal personhood is utilised ethically and in alignment with Islamic principles.
Originality/Value — The novelty of this research lies in its rigorous analysis of the concept and history of the legal person. Given the promising nature of the Islamic banking and finance industry, it is crucial to understand the foundation of legal personhood and its potential contributions to the industry and society as a whole.
Research Limitations/Implications — The appreciation of practitioners among regulators, bankers, the legal fraternity, and academicians for the conceptual and historical study is significant. They are typically trained to think using empirical methods, and this study offers a deeper, more nuanced understanding that can enrich their perspectives and practices.
Practical Implications — The clarity of ideas regarding the foundational and original concept of the legal person significantly influences how the legal person should be conceived in Islam
An Analysis of Cash Waqfs and Real Wages in Ottoman Rumelia, 1500-1914
No full textPurpose - This study employs a substantial number of primary sources of cash waqf contracts (waqfiyya) to conduct a long-term analysis of cash waqfs and the real wages of waqf employees in Ottoman Rumelia from the sixteenth century to the First World War.
Design/Methodology/Approach - The descriptive analysis includes economic variables recorded in contracts. The analysis focuses on the trend of capital levels, profit shares (riba), and numbers of cash waqfs over 50-year periods, and the daily wages of the five different groups.
Originality/Value - This study’s main contribution is the quantitative and systematic analysis of capital levels and real wages, for the first time.
Research Implications - The findings indicate that daily wages increased and peaked during the seventeenth and eighteenth centuries, which may reflect economic growth. However, real wages decreased in the early twentieth century, likely because of the exogenous shocks of wars, revolts, and revolutionary movements in the Balkan territories.
Keywords - Economic History, Islamic Finance, The Ottoman Empire, Cash Waqf, Rumelia, Real Wages
Article Classification – Research pape
A Proposed Framework of Islamic Inheritance and Estate Planning of Digital Assets: The Malaysian Case of Crypto Assets
Full text linkPurpose — This paper aims to propose a framework of Islamic estate planning of crypto assets in Malaysia.
Design/Methodology/Approach — The paper used an interview method to obtain information related to Islamic estate planning of crypto assets. Semi-structured interviews were conducted with informants of five different backgrounds including lawyers, estate planners, Sharīʿah experts, digital asset exchange (DAX) operators, and crypto owners. The data gathered was analysed using thematic analysis to construct the framework of Islamic estate planning of crypto assets.
Findings — The paper identifies important prerequisites of Islamic estate planning of crypto assets. Further, a framework of estate planning of crypto assets is developed based on the information gathered from all related stakeholders. It is posited that the Securities Commission Malaysia (SC) has a vital role to play in safeguarding the financial interests of digital asset holders and their beneficiaries and that implementation of this framework would align with and uphold the objectives of Sharīʿah (maqāṣid al-Sharīʿah).
Originality/Value — This paper presents a framework of Islamic estate planning of crypto assets, it being one of the first studies to do so from the Islamic perspective, which is not only useful and relevant for Malaysians (Muslims) but also for other countries.
Research Limitations/Implications — The first limitation of the paper is that the framework is developed based on a qualitative method. There is no evidence of its validity, which is a gap that can be explored in the future. Second, it involves the perceptions of five types of respondents, which may be broadened to other related stakeholders such as regulators—i.e., Securities Commissions or any ministries—in future studies