07. Journal of Islamic Financial Studies






e-ISSN 2469-259X​​
Managing Editor: Bora Aktan
Email: jifs@uob.edu.bh
No Publication Fee



Aims and Scope


The Journal of Islamic Financial Studies (JIFS) is a double-blind peer-reviewed international academic journal which adopts a continuous publication model, embraces several key aims and a defined scope to navigate the dynamic landscape of Islamic as well as traditional business research.

The core objectives:
  • Promote high-quality research in Islamic finance: JIFS aims to be a leading platform for scholars and practitioners to disseminate cutting-edge research and contribute to the development of Islamic and conventional business and finance theory and practice.
  • Enhance knowledge dissemination: The continuous publication model facilitates rapid publication, ensuring research reaches readers promptly and informs current discussions and debates in the field.
  • Increase accessibility and inclusivity: By breaking away from fixed issue schedules, JIFS welcomes a wider range of submissions and encourages diverse perspectives on Islamic and conventional business and finance
  • Foster open dialogue and collaboration: The continuous format allows for prompt responses to published articles through comments and discussions, fostering a dynamic and collaborative research environment.

  • The Scope:
  • Theoretical and empirical research: JIFS welcomes submissions from various methodological approaches, including theoretical studies, empirical analyses, and case studies, that contribute to our understanding of Islamic and conventional business and finance principles, models, and practices.
  • Broad range of topics: The journal covers a wide spectrum of themes within Islamic finance, encompassing financial institutions, instruments, products, regulations, ethical considerations, and social impact.
  • Interdisciplinary approach: JIFS encourages research that fosters dialogue between Islamic finance and other disciplines, including economics, finance, law, and social sciences. This comparative approach promotes deeper understanding and strengthens the interconnectedness of knowledge within the broader financial landscape.
  • Global perspective: The journal welcomes research from across the globe, recognizing the diverse and evolving nature of both Islamic business and finance practices as well as conventional ones and comparative analyses in different countries and regions. JIFS is interested in research addressing current and emerging challenges in the following categories
    (including but not limited to):
  • Theory of Conventional and Islamic Business and Finance
  • Islamic and Conventional Business and Globalization
  • Sustainable Business, Finance and Sustainable Development
  • Financial Innovations and Islamic Business
  • Use of AI in Islamic Banking and Finance
  • Financial Technology (Fintech)
  • Islamic and Conventional Financial Products and Securitization
  • Financial Markets, Institutions, and Instruments
  • Investment Strategies
  • Corporate Social Responsibility and Business Ethics
  • Islamic Corporate Governance
  • Socially Responsible Investing (SRI)
  • Legal, Regulatory, And Institutional Foundations of Islamic Finance
  • Islamic Commercial Jurisprudence
  • Islamic Banking Techniques and Their Conformity with The Islamic Law
  • Financial Engineering and Risk Management
  • Global and Regional Integration of Financial Markets
  • Behavioral Economics and Finance
  • Insurance and Takaful
  • Corporate Finance
  • Public Finance
  • Green Finance
  • Islamic Accounting Practices and Principles
  • Islamic Endowment Funds
  • Entrepreneurship and Small Business Ownership


  • Open Access Policy

    The Editorial Office fully supports the global movement for free and open access to academic research results publication. We are convinced that free of charge online accessibility of research results promotes the development of university education and sciences worldwide. Thus, the Board takes an obligation to post in a timely manner every new issue of the journal for free download and further reading and to maintain the permanent archive of all published issues on the site of the journal. We are welcoming everybody who joins the community of our readers. However, we also expect that all works published online would not be subject to plagiarism and would be referenced properly in all further sources. Business Model / Publishing Fees

    The journal is fully funded by the following organization:
    University of Bahrain

    Therefore, the Editorial Board has currently the capacities not to ask for publishing fees from the authors' side. In case if financial situation changes in the future – the Board will post this information online and notify via the email all concerned parties about such changes.​


    Editor-in-Chief

    Dr. Abdulla Al Jalahma


    Managing Editor

    Dr. Gokhan Bora Aktan


    Editorial Boardr

  • Dr. Abdulrahman Al Saadi
  • Prof. Sasa Zikovic
  • Prof. Manuela Tvaronaviciene
  • Pr. Abdul Waheeb
  • Dr. Fuad Kreishan
  • Prof. Vidaburi Sander Raghavan
  • Dr. Farkhanda Shamim
  • Dr. Irina Aidrous
  • Prof. Khamis Hamad Al Yahya
  • Dr. Sara Al Balooshi
  • Prof. Bruce Burton
  • Dr. Chan Sok Gee
  • Dr. Yener Coskun
  • Dr. Mohammad Omar Farooq
  • Dr. Ammar Juraisat
  • Prof. Sayed Sadiq

  • Advisory Board

  • Dr. Nizam Yaqoobi
  • Prof. Ahmed El-Masry
  • Prof. Mondher Bellalah
  • Dr. Sutan Emir Hidayat

  • Instructions for Authors
    All contributions emailed to the editorial office for consideration are initially treated as authors' original research and are subject to double-blind peer-review according to the standard academic practice in the field.

    General Information
    Only papers in English are considered. Each article is reviewed by two experts, appointed by the Editorial Board, from the list of in-house reviewers approved by the Board who will examine the manuscript in terms of its relevance, originality of contribution and applicability. An electronic copy for anonymous consideration should be prepared in MS Word, Times New Roman following the technical requirements presented below. Contributions in pdf cannot be considered for technical reasons.

    Structure of the Article
    An article should preferable include the following structural units: title, authors' names and affiliations; abstract and keywords, introduction (with the object and goal of the research, the methods applied, the review of literature and its analysis, etc.), the main text, conclusions or recommendations, references at the end of the article. The authors may wish to provide personal data in a separate Word file. In any case, each submission would be anonymized and decoded before it is offered for blind review. Depending on the style and methodology of a particular research, some of the units may be omitted and added. However, the text should still maintain the internal logic of research material presentation which would be easy to follow by a reviewer, editor and further readers from the wider public.



    Format of the Article
    The text of the article should be with single intervals on 240​x170 mm format pages with the print area of 130×183 mm each. The length of the article cannot exceed 25 pages. The title of the article should be printed in 13 pt bold type, centered. There should be a single line space between the title and the author's name. The name and surname of the authors should be 9 pt bold type, also centred. Below the author's surname, the name of the institution (represented by the author or coauthors) must be printed in 8​ pt italic; its address and the author's contact e-mail, centred.

    Abstract and Keywords should be single spaced, 9 pt, in one column and after the institution address and space of three lines below the institution address should be left. Abstract and Keywords must be printed in bold.
    The size of the abstract – about 400-600 typographic characters overall. There should be a space of one line between the abstract and keywords.
    5-8 keywords should be provided which represent the core contents and central ideas of the paper.
    Introduction, main text and conclusions should be printed in 9 pt type single interval in one column at the distance of 1 line from keywords.
    Figures or tables should be of high printing quality. Graphics material of no less than 300 dpi, standard page size.

    If figures, tables, diagrams etc. are borrowed, not constructed/calculated by the author – this should be properly indicated with an exact reference.
    The titles of chapters and sub-chapters - 9 pt bold-regular, aligned left. Introduction, titles of chapters and conclusions must be numbered.
    The name of the author of the source, year of publication and pages should be presented in the text in brackets. The full list of references must be given after the conclusions. The word References is spelled in 9 pt bold-regular type, left ranged and the list of references goes in 9 pt. The references are to be presented in alphabetical order, in the original language of publication, while translation into English, whenever needed, is given in square brackets after.

    All references should be arranged according to Harvard style. For example, please, visit, for example:

    http://guides.library.uwa.edu.au/friendly.php?s=harvard​
    http://libguides.nus.edu.sg/c.php?g=145626&p=955164 ​
    http://libguides.nus.edu.sg/c.php?g=145626&p=955164 ​


    The authors are also encouraged to use the following template.
    JIFS Template​ ​
    Copyright 2023.docx ​

    Journal of Islamic Financial Studies (JIFS) is committed to upholding the highest standards of publication ethics and takes all possible measures against publication malpractice. Authors who submit papers to JIFS attest that their work is original and unpublished, is not under consideration for publication elsewhere. In addition, authors are supposed to confirm that their paper is their own; that it has not been copied or plagiarized, in whole or in part, from other works; and that they do not have any actual or potential conflicts of interest related to the presented work or commercial benefits associated with it.

    Overall, in all its practices, policies and procedures the Editorial Board is doing its best to follow the common International standards.

    DUTIES OF EDITORS

    Decision on Publication of Articles

    The Editor in Chief of JIFS is responsible for deciding which of the articles submitted to the journal should be published. The Editor in Chief is also guided by the policies of the Scientific Publishing Center of the University of Bahrain and subjected to such legal requirements regarding libel, copyright infringement and plagiarism.

    Review of Manuscripts

    Decision-making Editor in Chief must ensure that each manuscript is initially evaluated by the editor/co-editor, making use of appropriate software to examine the originality of the contents.
    The choice of a particular software for plagiarism check is subject to chief editor/host editor preferences and general availability/access. In contradictory cases two or more ways can be applied to make sure higher efficiency of plagiarism testing is reached. The text is forwarded to blind review only AFTER the positive result (that is, no borrowings detected) is known.
    Each of two anonymous reviewers is supposed to provide a recommendation on whether to publish (or not) the manuscript in its present form or to modify it for further publishing. In case of contradiction and/or bias presented in the reviews, the final decision remains to be the responsibility of the editor in chief. However, if the latter decides against the decision of a reviewer – the chief editor is expected to provide feedback to the reviewer explaining the reasons behind such a decision. In case two reviews of the same text provide the opposite, contradicting results – the final decision remains to be the responsibility of the chief editor.
    We expect our reviewers provide their feedback in a timely and polite manner, with the max accurate wording and well-grounded explanation of their views and decisions. The review timing, depending on the load and reviewers' availability, may be from 3 weeks up to 3 months (in extraordinary cases).

    Confidentiality

    The Editors in Chief/editors and any editorial staff must not disclose any information about a submitted manuscript to anyone other than the corresponding author, reviewers, potential reviewers, and the publisher.
    The Editorial Board does not communicate on publishing decisions with third parties, other than authors directly, even in those cases when third party represents the same institution to which an author is affiliated.

    DUTIES OF REVIEWERS

    Promptness

    In case, a reviewer feels that it is not possible for him/her to complete the review within the indicated time framework - this must be communicated to the chief editor, so that the manuscript could be reassigned to another reviewer.
    Confidentiality


    All information regarding manuscripts and provided on the pages of the manuscripts under review should be kept confidential and treated as privileged information.


    Acknowledgement of Sources


    Regardless the results of plagiarism check, the reviewers are responsible, inter alia, for analyzing the reference list used and literature review within the text so that to assess proper citing and relevance of the sources chosen to the topic and the problem posed. All borrowed fragments must be accompanied by relevant citations data. All quotes must be arranged according to internationally acknowledged standards of referencing.

    DUTIES OF AUTHORS

    Data Access and Retention

    Authors may be asked at any stage of paper consideration to provide the related raw data and calculations for additional review and double check. Such data should be also kept in store after the actual publication of the paper for at least 2 calendar years after the article was published.

    Originality and Plagiarism

    All texts submitted are treated by default as authors' original contribution at which all borrowed data are referenced properly. Any violations related to copyright and authorship as well as repeated attempts to present plagiarized work as own may become the reasons for author's ban, temporary or permanent, from all further cooperation with the journal.


    ​Multiple Publications

    It is among the top priority policies for the journal to prevent and avoid by all means what is known as research salami and/or texts cloning. Thus, we ask all our authors to restrain from multiple publishing and/or duplication of the materials for publishing in several journals in parallel. We treat such behavior as unacceptable; therefore, cases of obvious research results repetition would be considered as self-plagiarism and banned accordingly.

    Authorship of the Paper

    Authorship of an article should be limited specifically to those who indeed contributed to the initial concept, design, methodology, carrying out the research and follow-up analysis of the results. All those with significant contributions to the empirical part of the research study should be listed as coauthors. Other contributors who participated indirectly and/or insignificantly could be mentioned in the acknowledgement lines.

    Disclosure and Conflicts of Interest

    I​f the authors anticipate a potential conflict of interests related to copyright or commercial interest – they are encouraged to inform the editorial office explaining the situation and the potential risks, however, the conflict itself should be resolved independently.
    All sources of financial support/ grant sources/sponsorship/product placement fees related to publication should be mentioned in the acknowledgement lines with the exact and accurate indication of all necessary data (e.g., project # and name, sponsoring institution etc.).

    Fundamental Errors in Published Works

    If an author discovers a significant error or inaccuracy in his/her own already published work, it is the author's obligation to promptly notify the editorial office with the retraction request providing all necessary details. In all retraction procedures the Editorial Board intends to follow the standard COPE rules and recommendations.

    This journal is indexed by these worldwide databases:

  • EconLit
  • Google Scholar
  • Road - Directory of open access
  • EBSCO
  • Gale, a Cengage Company
  • CABELL’s

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    Search Results

    Now showing 1 - 4 of 4
    • Item
      Banking Structure and Riba-Interest Equation: The Case for Ta’awuni (cooperative) Finance
      (2019-12-01) Farooq, Mohammad Omar; Department of Economics and Finance, University of Bahrain; Bahrain
      This conceptual paper is provoked by two interrelated queries. (a) Did Islamic finance industry adopt the wrong banking structure by choosing commercial banking as its core structure? (b) Does riba prohibition requires nuanced understanding in case of financing in a mutually beneficial, cooperative framework? Currently adopted banking structure fails to contribute to some imperatives: spreading ownership, shared prosperity, profit sharing beyond transaction level, and adequate risk-sharing. This paper contributes toward filling a gap by raising the issue of compatibility of commercial banking with Islamic imperatives, while dealing with the issue of riba-interest equation in the context of cooperative (Ta’awuni) banking and finance.
    • Item
      Sectoral Distribution and Islamic Finance: Comparative Study of Conventional and Islamic Banks in Bahrain
      (University of Bahrain, 2018-12-01) Farooq, Mohammad Omar; Taher, Nadeem Ebrahim; Alkhenaizi, Ahmed Abdulla; Department of Economics and Finance, University of Bahrain; Graduate MBA student, University of Bahrain; Graduate MBA student, University of Bahrain; Kingdom of Bahrain
      The proponents of Islamic finance argue that unlike conventional finance it emphasizes the real economy. Such emphasis should be reflected in the sectoral distribution in an economy. In this paper, in light of a conceptualization of the real economy, the sectoral distribution of financial activities of conventional and Islamic banks in Bahrain is explored. The paper uses the data available from the Central Bank of Bahrain (CBB) regarding the sectoral distribution in both conventional and Islamic banks. The breakdown of banks into both retail and wholesale banks as well as onshore and offshore banks is examined to identify any important trends or patterns in light of the conceptualization of the real economy. The analysis of data finds certain concentration in the real estate sector. Islamic banks also have a bias toward consumer finance, which has implications in promoting a debt culture. Several other gaps between the commonly proclaimed merits of Islamic finance and the praxis in reality are also identified. The research is based on a single country, Bahrain, a financial hub for both conventional and Islamic banks. Even though Bahrain has a diversified economy, it is still limited in terms of some key sectors, such as manufacturing and agriculture. Thus, broader study including other countries with major presence of Islamic banks would be the next step in this research. Bias to certain sectors can be problematic in case of a potential crisis. Also, in certain respects, such as bias of Islamic banks toward consumer finance, it might be serving to promote debt culture that many developed countries are already beset with. The research can create better awareness about various patterns of sectoral distribution.
    • Item
      Zakat, Persistence of Poverty and Structural-Incidental Segmented Approach: A Survey of Literature
      (University of Bahrain, 2017-06-01) M Ashraf, M Ashraf; Farooq, Mohammad Omar
      Scholars and researchers in the field are almost unanimous that poverty reduction is one of the primary goals of zakat and targeted upliftment is pivotal for poverty alleviation. Generally it has been argued that faqir (destitute) and miskin (needy) are the primary target groups and their poverty alleviation is possible through effective collection and distribution of zakat. Throughout history zakat had an ameliorative effect, but due to a lack of systemic understanding about poverty, a lack of systemic commitment to its eradication, and ineffective use of zakat, poverty has been a persistent feature of the Muslim societies. Since the emergence of Islamic finance, broader interest in zakat as part of the development aspirations has grown and empirical research has enhanced knowledge and understanding of zakat in light of the experience from various Muslim-majority countries. Zakat, as part of Islamic finance, can play a valuable role in poverty reduction, when it becomes part of a national strategy of development with interventions focused on target groups, segmented into incidental and structural pool. This paper provides a survey of the pertinent literature, with a special focus on a segmented approach that recognizes different needs, priorities and frameworks for effective intervention using zakat.
    • Item
      Qard Hasan, Credit Cards and Islamic Financial Product Structuring: Some Qur’anic and Practical Considerations
      (University of Bahrain, 2015-12-01) Ghattis, Nedal El; Farooq, Mohammad Omar
      For all practical purpose, qard and qard hasan are generally regarded synonymous from orthodox Islamic viewpoint, because, due to the categorical prohibition of riba in the Qur’an, qard (loan) is considered ribawi (subject to the rules pertaining to riba prohibition), and therefore only gratuitous monetary loans – without any benefit to the lender - are considered permissible. The concept of qard hasan has gained new relevance and importance as it is being used to structure Islamic financial products, such as demand deposit products in banks and credit cards. Using qard hasan as the basis for such products leads to some serious anomalies. But more importantly, is the traditional understanding of qard hasan consistent with the Qur’an as well as hadith? What scriptural evidences are there to support the traditional understanding? Also, in light of the impact of credit cards on personal financial health, is the concept of qard hasan at all compatible with credit cards, and thus, structuring Islamic credit cards? In this paper, we focus on how the Qur’an illuminates this concept of qard hasan and also how it is treated in hadith. While evidence from hadith is looked at, the primary purpose of this paper is to examine the Qur’anic approach to this concept and practical implications for Islamic product structuring. This conceptual paper critically examines the Qur’anic perspective on qard hasan and identifies implications that are seriously at odd with the traditional understanding and with some contemporary practices in Islamic banking and finance.