A Survey of Islamic Finance Literature: Influential Publications and Recent Discussions

Yıl 2022, , 267 - 300, 31.12.2022

Murat Yaş

https://doi.org/10.31679/adamakademi.1092208

Öz

Research in the field of Islamic finance has increased significantly in the last six years. Between 1982 and 2021, 1055 research papers were published in high-quality journals while 30% of them have at least three citations per year on average and 84% of them have been published in the last six years. This study examines 262 research articles that have been identified as effective and current publications in the field of Islamic finance in journals belonging to the SSCI index. It also reveals the institutions and researchers that direct the studies in the field of Islamic finance. Finally, this study identifies the problems and gaps in the literature and offers suggestions for future studies.

Anahtar Kelimeler

Islamic Finance, Literature Review, Survey of Literature, Islamic Banking, Islamic Capital Markets

Uluslararası İslami Finans Literatürü İncelemesi: Etkin Yayınlar ve Güncel Tartışmalar

Öz

İslami finans alanındaki araştırmalar özellikle son altı yılda ciddi bir artış kaydetti. 1982 ve 2021 yılları arasında 1055 tane araştırma makalesi yüksek kaliteli dergilerde yayınlanırken bunların %30’u yıllık ortalama en az üç atıf alırken %84’ü son altı yılda gerçekleşti. Bu çalışma SSCI dizinine ait dergilerde İslami finans alanında etkin ve güncel yayın olarak tespit edilen 262 araştırma makalesini detaylı olarak incelemektedir. Ayrıca, İslami finans alanındaki çalışmalara yön veren kurumları ve araştırmacıları ortaya koymaktadır. Son olarak bu çalışma literatürdeki sorunları ve boşlukları tespit edip ileride yapılacak çalışmalar için öneriler sunmaktadır.

Anahtar Kelimeler

İslami Finans, Literatür İncelemesi, İslami Bankacılık, İslami Sermaye Piyasaları

Kaynakça

• Abdelsalam, O., Duygun, M., Matallín-Sáez, J. C., & Tortosa-Ausina, E. (2014). Do ethics imply persistence? The case of Islamic and socially responsible funds. Journal of Banking & Finance, 40(1), 182–194. https://doi.org/10.1016/j.jbankfin.2013.11.027
• Abedifar, P., Ebrahim, S. M., Molyneux, P., & Tarazi, A. (2015). ISLAMIC BANKING AND FINANCE: RECENT EMPIRICAL LITERATURE AND DIRECTIONS FOR FUTURE RESEARCH. Journal of Economic Surveys, 29(4), 637–670. https://doi.org/10.1111/joes.12113
• Abou-Youssef, M. M. H., Kortam, W., Abou-Aish, E., & El-Bassiouny, N. (2015). Effects of religiosity on consumer attitudes toward Islamic banking in Egypt. International Journal of Bank Marketing, 33(6), 786–807. https://doi.org/10.1108/IJBM-02-2015-0024
• Abuzayed, B., Al-Fayoumi, N., & Molyneux, P. (2018). Diversification and bank stability in the GCC. Journal of International Financial Markets, Institutions and Money, 57, 17–43. https://doi.org/10.1016/j.intfin.2018.04.005
• Al-Khazali, O. M., Leduc, G., & Alsayed, M. S. (2016). A Market Efficiency Comparison of Islamic and Non-Islamic Stock Indices. Emerging Markets Finance and Trade, 52(7), 1587–1605. https://doi.org/10.1080/1540496X.2014.998572
• Al-Khazali, O., & Mirzaei, A. (2017). Stock market anomalies, market efficiency and the adaptive market hypothesis: Evidence from Islamic stock indices. Journal of International Financial Markets, Institutions and Money, 51, 190–208. https://doi.org/10.1016/j.intfin.2017.10.001
• Al-Shboul, M., Maghyereh, A., Hassan, A., & Molyneux, P. (2020). Political risk and bank stability in the Middle East and North Africa region. Pacific-Basin Finance Journal, 60(February), 101291. https://doi.org/10.1016/j.pacfin.2020.101291
• Al-Yahyaee, K. H., Mensi, W., Rehman, M. U., Vo, X. V., & Kang, S. H. (2020). Do Islamic stocks outperform conventional stock sectors during normal and crisis periods? Extreme co-movements and portfolio management analysis. Pacific-Basin Finance Journal, 62, 101385. https://doi.org/10.1016/j.pacfin.2020.101385
• Alam Choudhury, M. (1983). Insurance and Investment in Islamic Perspective. International Journal of Social Economics, 10(5), 14–26. https://doi.org/10.1108/eb013941
• Alam, N., Ramachandran, J., & Nahomy, A. H. (2020). The impact of corporate governance and agency effect on earnings management – A test of the dual banking system. Research in International Business and Finance, 54(June 2019), 101242. https://doi.org/10.1016/j.ribaf.2020.101242
• Albaity, M., Mallek, R. S., & Noman, A. H. M. (2019). Competition and bank stability in the MENA region: The moderating effect of Islamic versus conventional banks. Emerging Markets Review, 38(June 2018), 310–325. https://doi.org/10.1016/j.ememar.2019.01.003
• Alexakis, C., Izzeldin, M., Johnes, J., & Pappas, V. (2019). Performance and productivity in Islamic and conventional banks: Evidence from the global financial crisis. Economic Modelling, 79, 1–14. https://doi.org/10.1016/j.econmod.2018.09.030
• Alkhazali, O. M., & Zoubi, T. A. (2020). Gold and portfolio diversification: A stochastic dominance analysis of the Dow Jones Islamic indices. Pacific-Basin Finance Journal, 60(June 2019), 101264. https://doi.org/10.1016/j.pacfin.2020.101264
• Alnori, F., & Alqahtani, F. (2019). Capital structure and speed of adjustment in non-financial firms: Does sharia compliance matter? Evidence from Saudi Arabia. Emerging Markets Review, 39(March), 50–67. https://doi.org/10.1016/j.ememar.2019.03.008
• Aloui, C., Hammoudeh, S., & Hamida, H. Ben. (2015). Co-movement between sharia stocks and sukuk in the GCC markets: A time-frequency analysis. Journal of International Financial Markets, Institutions and Money, 34, 69–79. https://doi.org/10.1016/j.intfin.2014.11.003
• Alqahtani, F., & Mayes, D. G. (2018). Financial stability of Islamic banking and the global financial crisis: Evidence from the Gulf Cooperation Council. Economic Systems, 42(2), 346–360. https://doi.org/10.1016/j.ecosys.2017.09.001
• Alqahtani, F., Mayes, D. G., & Brown, K. (2016). Economic turmoil and Islamic banking: Evidence from the Gulf Cooperation Council. Pacific Basin Finance Journal, 39, 44–56. https://doi.org/10.1016/j.pacfin.2016.05.017
• Alqahtani, F., Mayes, D. G., & Brown, K. (2017). Islamic bank efficiency compared to conventional banks during the global crisis in the GCC region. Journal of International Financial Markets, Institutions and Money, 51, 58–74. https://doi.org/10.1016/j.intfin.2017.08.010
• Alshammari, A. A., Syed Jaafar Alhabshi, S. M. bin, & Saiti, B. (2019). The impact of competition on cost efficiency of insurance and takaful sectors: Evidence from GCC markets based on the Stochastic Frontier Analysis. Research in International Business and Finance, 47, 410–427. https://doi.org/10.1016/j.ribaf.2018.09.003
• Aracil, E. (2019). Corporate social responsibility of Islamic and conventional banks: The influence of institutions in emerging countries. International Journal of Emerging Markets, 14(4), 582–600. https://doi.org/10.1108/IJOEM-12-2017-0533
• Arshad, S., Rizvi, S. A. R., Ghani, G. M., & Duasa, J. (2016). Investigating stock market efficiency: A look at OIC member countries. Research in International Business and Finance, 36, 402–413. https://doi.org/10.1016/j.ribaf.2015.09.026
• Ashraf, D. (2016). Does Shari’ah Screening Cause Abnormal Returns? Empirical Evidence from Islamic Equity Indices. Journal of Business Ethics, 134(2), 209–228. https://doi.org/10.1007/s10551-014-2422-2
• Ashraf, D., Ramady, M., & Albinali, K. (2016). Financial fragility of banks, ownership structure and income diversification: Empirical evidence from the GCC region. Research in International Business and Finance, 38, 56–68. https://doi.org/10.1016/j.ribaf.2016.03.010
• Athari, S. A., & Bahreini, M. (2021). The impact of external governance and regulatory settings on the profitability of Islamic banks: Evidence from Arab markets. International Journal of Finance and Economics, (January), 1–24. https://doi.org/10.1002/ijfe.2529
• Aysan, A. F., Disli, M., Duygun, M., & Ozturk, H. (2018). Religiosity versus rationality : Depositor behavior in Islamic and conventional banks. Journal of Comparative Economics, 46(1), 1–19. https://doi.org/10.1016/j.jce.2017.03.001
• Aysan, A. F., Disli, M., Ng, A., & Ozturk, H. (2016). Is small the new big? Islamic banking for SMEs in Turkey. Economic Modelling, 54(October 2015), 187–194. https://doi.org/10.1016/j.econmod.2015.12.031
• Azmat, S., Azad, A. S. M. S., Bhatti, M. I., & Ghaffar, H. (2020). Islamic Banking, Cost Religiosity, and Competition. Journal of Financial Research, 43(2), 263–303. https://doi.org/10.1111/jfir.12207
• Azmat, S., Skully, M., & Brown, K. (2014a). Issuer’s choice of Islamic bond type. Pacific Basin Finance Journal, 28, 122–135. https://doi.org/10.1016/j.pacfin.2013.08.008
• Azmat, S., Skully, M., & Brown, K. (2014b). The Shariah compliance challenge in Islamic bond markets. Pacific-Basin Finance Journal, 28, 47–57. https://doi.org/10.1016/j.pacfin.2013.11.003 Azmi, W., Ali, M., Arshad, S., & Rizvi, S. A. R. (2019). Intricacies of competition, stability, and diversification: Evidence from dual banking economies. Economic Modelling, 83(February), 111–126. https://doi.org/10.1016/j.econmod.2019.02.002
• Bahloul, S., Mroua, M., & Naifar, N. (2017). The impact of macroeconomic and conventional stock market variables on Islamic index returns under regime switching. Borsa Istanbul Review, 17(1), 62–74. https://doi.org/10.1016/j.bir.2016.09.003 Bashir, B. A. (1983). Portfolio management of islamic banks. Journal of Banking & Finance, 7(3), 339–354. https://doi.org/10.1016/0378-4266(83)90043-2
• Belanès, A., Ftiti, Z., & Regaïeg, R. (2015). What can we learn about Islamic banks efficiency under the subprime crisis? Evidence from GCC Region. Pacific-Basin Finance Journal, 33, 81–92. https://doi.org/10.1016/j.pacfin.2015.02.012
• Belkhir, M., Grira, J., Hassan, M. K., & Soumaré, I. (2019). Islamic banks and political risk: International evidence. Quarterly Review of Economics and Finance, 74, 39–55. https://doi.org/10.1016/j.qref.2018.04.006
• Berger, A. N., Boubakri, N., Guedhami, O., & Li, X. (2019). Liquidity creation performance and financial stability consequences of Islamic banking: Evidence from a multinational study. Journal of Financial Stability, 44, 100692. https://doi.org/10.1016/j.jfs.2019.100692
• Bhuiyan, R. A., Rahman, M. P., Saiti, B., & Ghani, G. B. M. (2019). Does the Malaysian Sovereign sukuk market offer portfolio diversification opportunities for global fixed-income investors? Evidence from wavelet coherence and multivariate-GARCH analyses. The North American Journal of Economics and Finance, 47(February), 675–687. https://doi.org/10.1016/j.najef.2018.07.008
• Bhuiyan, R. A., Rahman, M. P., Saiti, B., & Mat Ghani, G. (2018). Financial integration between sukuk and bond indices of emerging markets: Insights from wavelet coherence and multivariate-GARCH analysis. Borsa Istanbul Review, 18(3), 218–230. https://doi.org/10.1016/j.bir.2017.11.006
• Bilgin, M. H., Danisman, G. O., Demir, E., & Tarazi, A. (2021). Bank credit in uncertain times: Islamic vs. conventional banks. Finance Research Letters, 39, 101563. https://doi.org/10.1016/j.frl.2020.101563
• Bitar, M., Hassan, M. K., & Walker, T. (2017). Political systems and the financial soundness of Islamic banks. Journal of Financial Stability, 31, 18–44. https://doi.org/10.1016/j.jfs.2017.06.002
• Boo, Y. L., Ee, M. S., Li, B., & Rashid, M. (2017). Islamic or conventional mutual funds: Who has the upper hand? Evidence from Malaysia. Pacific-Basin Finance Journal, 42, 183–192. https://doi.org/10.1016/j.pacfin.2016.01.004
• Boukhatem, J., & Ben Moussa, F. (2018). The effect of Islamic banks on GDP growth: Some evidence from selected MENA countries. Borsa Istanbul Review, 18(3), 231–247. https://doi.org/10.1016/j.bir.2017.11.004
• Buğan, M. F. (2021). İslam Ekonomisi ve Finansı Alanyazının Bibliyometrik Analizi. Iğdır Üniversitesi Sosyal Bilimler Dergisi, 10(26), 659–677.
• Charfeddine, L., Najah, A., & Teulon, F. (2016). Socially responsible investing and Islamic funds: New perspectives for portfolio allocation. Research in International Business and Finance, 36, 351–361. https://doi.org/10.1016/j.ribaf.2015.09.031
• Chkili, W. (2017). Is gold a hedge or safe haven for Islamic stock market movements? A Markov switching approach. Journal of Multinational Financial Management, 42–43, 152–163. https://doi.org/10.1016/j.mulfin.2017.10.001
• Dewandaru, G., Masih, R., Bacha, O. I., & Masih, A. M. M. (2017). The role of Islamic asset classes in the diversified portfolios: Mean variance spanning test. Emerging Markets Review, 30, 66–95. https://doi.org/10.1016/j.ememar.2016.09.002
• Disli, M., Nagayev, R., Salim, K., Rizkiah, S. K., & Aysan, A. F. (2021). In search of safe haven assets during COVID-19 pandemic: An empirical analysis of different investor types. Research in International Business and Finance, 58, 101461. https://doi.org/10.1016/j.ribaf.2021.101461
• Doumpos, M., Hasan, I., & Pasiouras, F. (2017). Bank overall financial strength: Islamic versus conventional banks. Economic Modelling, 64(June 2016), 513–523. https://doi.org/10.1016/j.econmod.2017.03.026
• Durmuş, A., Güney, N., & Koçdoğan, A. (2015). Türkiye’de İslâm İktisadı ve Finansı Literatürü. Türkiye Araştırmaları Literatür Dergisi, 13(25–26), 75–138.
• Elnahass, M., Trinh, V. Q., & Li, T. (2021). Global banking stability in the shadow of Covid-19 outbreak. Journal of International Financial Markets, Institutions and Money, 72, 101322. https://doi.org/10.1016/j.intfin.2021.101322
• Eyceyurt Batir, T., Volkman, D. A., & Gungor, B. (2017). Determinants of bank efficiency in Turkey: Participation banks versus conventional banks. Borsa Istanbul Review, 17(2), 86–96. https://doi.org/10.1016/j.bir.2017.02.003
• Fakhfekh, M., Hachicha, N., Jawadi, F., Selmi, N., & Idi Cheffou, A. (2016). Measuring volatility persistence for conventional and Islamic banks: An FI-EGARCH approach. Emerging Markets Review, 27, 84–99. https://doi.org/10.1016/j.ememar.2016.03.004
• Farag, H., Mallin, C., & Ow-Yong, K. (2018). Corporate governance in Islamic banks: New insights for dual board structure and agency relationships. Journal of International Financial Markets, Institutions and Money, 54, 59–77. https://doi.org/10.1016/j.intfin.2017.08.002
• Farooq, M., & Zaheer, S. (2015). Are Islamic Banks More Resilient During Financial Panics? Pacific Economic Review, 20(1), 101–124. https://doi.org/10.1111/1468-0106.12096
• Fianto, B. A., Gan, C., Hu, B., & Roudaki, J. (2018). Equity financing and debt-based financing: Evidence from Islamic microfinance institutions in Indonesia. Pacific Basin Finance Journal, 52(August 2016), 163–172. https://doi.org/10.1016/j.pacfin.2017.09.010
• Gheeraert, L., & Weill, L. (2015). Does Islamic banking development favor macroeconomic efficiency? Evidence on the Islamic finance-growth nexus. Economic Modelling, 47(October 2011), 32–39. https://doi.org/10.1016/j.econmod.2015.02.012
• Ghosh, S. (2018). Governance reforms and performance of MENA banks: Are disclosures effective? Global Finance Journal, 36(August 2017), 78–95. https://doi.org/10.1016/j.gfj.2018.01.002
• González, L. O., Razia, A., Búa, M. V., & Sestayo, R. L. (2017). Competition, concentration and risk taking in Banking sector of MENA countries. Research in International Business and Finance, 42, 591–604. https://doi.org/10.1016/j.ribaf.2017.07.004
• Grira, J., & Labidi, C. (2021). Banks, Funds, and risks in islamic finance: Literature & future research avenues. Finance Research Letters, 41(March 2020), 101815. https://doi.org/10.1016/j.frl.2020.101815
• Hassan, M. K., & Aliyu, S. (2018). A contemporary survey of islamic banking literature. Journal of Financial Stability, 34, 12–43. https://doi.org/10.1016/j.jfs.2017.11.006
• Hassan, M. K., Khan, A., & Paltrinieri, A. (2019). Liquidity risk, credit risk and stability in Islamic and conventional banks. Research in International Business and Finance, 48, 17–31. https://doi.org/10.1016/j.ribaf.2018.10.006
• Hayat, R., & Kabir Hassan, M. (2017). Does an Islamic label indicate good corporate governance? Journal of Corporate Finance, 43, 159–174. https://doi.org/10.1016/j.jcorpfin.2016.12.012
• Hussain, H. I., Kamarudin, F., Anwar, N. A. M., Nassir, A. M., Sufian, F., & Tan, K. M. (2020). IMPACT OF COUNTRY’S GOVERNANCE DIMENSIONS ON BANK REVENUE EFFICIENCY: OVERVIEW ON MIDDLE EAST, SOUTHEAST ASIA, AND SOUTH ASIA COUNTRIES. TRANSFORMATIONS IN BUSINESS & ECONOMICS, 19(9651500), 191–228.
• Ibrahim, M. H. (2015). Issues in Islamic banking and finance: Islamic banks, Shari’ah-compliant investment and sukuk. Pacific-Basin Finance Journal, 34, 185–191. https://doi.org/10.1016/j.pacfin.2015.06.002
• Ibrahim, M. H. (2016). Business cycle and bank lending procyclicality in a dual banking system. Economic Modelling, 55, 127–134. https://doi.org/10.1016/j.econmod.2016.01.013
• Ibrahim, M. H. (2019). Oil and macro-financial linkages: Evidence from the GCC countries. The Quarterly Review of Economics and Finance, 72, 1–13. https://doi.org/10.1016/j.qref.2019.01.014
• Ibrahim, M. H., & Rizvi, S. A. R. (2017). Do we need bigger Islamic banks? An assessment of bank stability. Journal of Multinational Financial Management, 40, 77–91. https://doi.org/10.1016/j.mulfin.2017.05.002
• Ibrahim, M. H., & Rizvi, S. A. R. (2018). Bank lending, deposits and risk-taking in times of crisis: A panel analysis of Islamic and conventional banks. Emerging Markets Review, 35, 31–47. https://doi.org/10.1016/j.ememar.2017.12.003
• Ibrahim, M. H., Salim, K., Abojeib, M., & Yeap, L. W. (2019). Structural changes, competition and bank stability in Malaysia’s dual banking system. Economic Systems, 43(1), 111–129. https://doi.org/10.1016/j.ecosys.2018.09.001
• IFDI. (2020). Islamic Finance Development Report 2020.
• Imam, P., & Kpodar, K. (2016). Islamic banking: Good for growth? Economic Modelling, 59, 387–401. https://doi.org/10.1016/j.econmod.2016.08.004
• Iqbal, M., Nisha, N., & Rashid, M. (2018). Bank selection criteria and satisfaction of retail customers of Islamic banks in Bangladesh. International Journal of Bank Marketing, 36(5), 931–946. https://doi.org/10.1108/IJBM-01-2017-0007
• Jaiyeoba, H. B., Adewale, A. A., & Quadry, M. O. (2018). Are Malaysian Islamic banks’ corporate social responsibilities effective? A stakeholders’ view. International Journal of Bank Marketing, 36(1), 111–125. https://doi.org/10.1108/IJBM-10-2016-0146
• Jawadi, F., Jawadi, N., & Cheffou, A. I. (2015). Are Islamic stock markets efficient? A time-series analysis. Applied Economics, 47(16), 1686–1697. https://doi.org/10.1080/00036846.2014.1000535
• Kaakeh, A., Hassan, M. K., & Van Hemmen Almazor, S. F. (2019). Factors affecting customers’ attitude towards Islamic banking in UAE. International Journal of Emerging Markets, 14(4), 668–688. https://doi.org/10.1108/IJOEM-11-2017-0502
• Kabir, M. N., & Worthington, A. C. (2017). The ‘competition–stability/fragility’ nexus: A comparative analysis of Islamic and conventional banks. International Review of Financial Analysis, 50(4), 111–128. https://doi.org/10.1016/j.irfa.2017.02.006
• Kabir, M. N., Worthington, A., & Gupta, R. (2015). Comparative credit risk in Islamic and conventional bank. Pacific Basin Finance Journal, 34, 327–353. https://doi.org/10.1016/j.pacfin.2015.06.001
• Kader, H. A., Adams, M., & Hardwick, P. (2010). The cost efficiency of takaful insurance companies. Geneva Papers on Risk and Insurance: Issues and Practice, 35(1), 161–181. https://doi.org/10.1057/gpp.2009.33
• Karbhari, Y., Muye, I., Hassan, A. F. S., & Elnahass, M. (2018). Governance mechanisms and efficiency: Evidence from an alternative insurance (Takaful) market. Journal of International Financial Markets, Institutions and Money, 56, 71–92. https://doi.org/10.1016/j.intfin.2018.02.017
• Kartal, M. T. (2018). Türkiye’de Faizsiz Bankacılık Alanında Yayınlanmış Tezlerin Analizi. Maliye ve Finans Yazıları, (110), 175–198. Retrieved from http://www.isarder.org/2017/vol.9_issue.4_article46_full_text.pdf
• Kenourgios, D., Naifar, N., & Dimitriou, D. (2016). Islamic financial markets and global crises: Contagion or decoupling? Economic Modelling, 57, 36–46. https://doi.org/10.1016/j.econmod.2016.04.014
• Khan, A., Rizvi, S. A. R., Ali, M., & Haroon, O. (2020). A survey of Islamic finance research – Influences and influencers. Pacific Basin Finance Journal, (August), 101437. https://doi.org/10.1016/j.pacfin.2020.101437
• Khan, M. S. (1986). Islamic Interest-Free Banking: A Theoretical Analysis. Staff Papers - International Monetary Fund, 33(1), 1. https://doi.org/10.2307/3866920
• Kuhn, W. E. (1982). The Islamic Development Bank: Performance and Prospects. Nebraska Journal of Economics and Business, 21(3), 49–63.
• Louhichi, A., & Boujelbene, Y. (2017). Bank capital, lending and financing behaviour of dual banking systems. Journal of Multinational Financial Management, 41, 61–79. https://doi.org/10.1016/j.mulfin.2017.05.009
• Lujja, S., Omar Mohammad, M., & Hassan, R. (2016). Modelling public behavioral intention to adopt Islamic banking in Uganda. International Journal of Islamic and Middle Eastern Finance and Management, 9(4), 583–600. https://doi.org/10.1108/IMEFM-08-2015-0092
• Maghyereh, A. I., Abdoh, H., & Awartani, B. (2019). Connectedness and hedging between gold and Islamic securities: A new evidence from time-frequency domain approaches. Pacific Basin Finance Journal, 54(October 2018), 13–28. https://doi.org/10.1016/j.pacfin.2019.01.008
• Maghyereh, A. I., & Awartani, B. (2016). Dynamic transmissions between Sukuk and bond markets. Research in International Business and Finance, 38, 246–261. https://doi.org/10.1016/j.ribaf.2016.04.016
• Mahadin, B. K., & Akroush, M. N. (2019). A study of factors affecting word of mouth (WOM) towards Islamic banking (IB) in Jordan. International Journal of Emerging Markets, 14(4), 639–667. https://doi.org/10.1108/IJOEM-10-2017-0414
• Majdoub, J., Mansour, W., & Jouini, J. (2016). Market integration between conventional and Islamic stock prices. The North American Journal of Economics and Finance, 37, 436–457. https://doi.org/10.1016/j.najef.2016.03.004
• Mansor, F., Bhatti, M. I., & Ariff, M. (2015). New evidence on the impact of fees on mutual fund performance of two types of funds. Journal of International Financial Markets, Institutions and Money, 35, 102–115. https://doi.org/10.1016/j.intfin.2014.12.009
• Masih, M., Kamil, N. K. M., & Bacha, O. I. (2018). Issues in Islamic Equities: A Literature Survey. Emerging Markets Finance and Trade, 54(1), 1–26. https://doi.org/10.1080/1540496X.2016.1234370
• Mensi, W., Hammoudeh, S., Reboredo, J. C., & Nguyen, D. K. (2015). Are Sharia stocks, gold and U.S. Treasury hedges and/or safe havens for the oil-based GCC markets? Emerging Markets Review, 24, 101–121. https://doi.org/10.1016/j.ememar.2015.05.007
• Mensi, W., Hammoudeh, S., & Tiwari, A. K. (2016). New evidence on hedges and safe havens for Gulf stock markets using the wavelet-based quantile. Emerging Markets Review, 28, 155–183. https://doi.org/10.1016/j.ememar.2016.08.003
• Mensi, W., Hammoudeh, S., Yoon, S.-M., & Balcilar, M. (2017). Impact of macroeconomic factors and country risk ratings on GCC stock markets: evidence from a dynamic panel threshold model with regime switching. Applied Economics, 49(13), 1255–1272. https://doi.org/10.1080/00036846.2016.1217305
• Mensi, W., Ur Rehman, M., Maitra, D., Hamed Al-Yahyaee, K., & Sensoy, A. (2020). Does bitcoin co-move and share risk with Sukuk and world and regional Islamic stock markets? Evidence using a time-frequency approach. Research in International Business and Finance, 53(April), 101230. https://doi.org/10.1016/j.ribaf.2020.101230
• Merdad, H. J., Kabir Hassan, M., & Hippler, W. J. (2015). The Islamic risk factor in expected stock returns: an empirical study in Saudi Arabia. Pacific-Basin Finance Journal, 34, 293–314. https://doi.org/10.1016/j.pacfin.2015.04.001
• Meslier, C., Risfandy, T., & Tarazi, A. (2017). Dual market competition and deposit rate setting in Islamic and conventional banks. Economic Modelling, 63(July 2016), 318–333. https://doi.org/10.1016/j.econmod.2017.02.013
• Mezghani, T., & Boujelbène, M. (2018). The contagion effect between the oil market, and the Islamic and conventional stock markets of the GCC country. International Journal of Islamic and Middle Eastern Finance and Management, 11(2), 157–181. https://doi.org/10.1108/IMEFM-08-2017-0227
• Mohamed, H. H., Masih, M., & Bacha, O. I. (2015). Why do issuers issue Sukuk or conventional bond? Evidence from Malaysian listed firms using partial adjustment models. Pacific Basin Finance Journal, 34, 233–252. https://doi.org/10.1016/j.pacfin.2015.02.004
• Mohammad, N., & Ashraf, D. (2015). The market timing ability and return performance of Islamic equities: An empirical study. Pacific-Basin Finance Journal, 34, 169–183. https://doi.org/10.1016/j.pacfin.2015.07.001
• Mollah, S., Hassan, M. K., Al Farooque, O., & Mobarek, A. (2017). The governance, risk-taking, and performance of Islamic banks. Journal of Financial Services Research, 51(2), 195–219. https://doi.org/10.1007/s10693-016-0245-2
• Musa, H., Natorin, V., Musova, Z., & Durana, P. (2020). Comparison of the efficiency measurement of the conventional and Islamic banks. Oeconomia Copernicana, 11(1), 29–58. https://doi.org/10.24136/oc.2020.002
• Nagano, M. (2017). Sukuk issuance and information asymmetry: Why do firms issue sukuk ? Pacific-Basin Finance Journal, 42, 142–157. https://doi.org/10.1016/j.pacfin.2016.12.005
• Najeeb, S. F., Bacha, O., & Masih, M. (2015). Does Heterogeneity in Investment Horizons Affect Portfolio Diversification? Some Insights Using M-GARCH-DCC and Wavelet Correlation Analysis. Emerging Markets Finance and Trade, 51(1), 188–208. https://doi.org/10.1080/1540496X.2015.1011531
• Naqvi, B., Rizvi, S. K. A., Mirza, N., & Reddy, K. (2018). Religion based investing and illusion of Islamic Alpha and Beta. Pacific-Basin Finance Journal, 52(2017), 82–106. https://doi.org/10.1016/j.pacfin.2018.02.003
• Narayan, P. K., & Bannigidadmath, D. (2017). Does Financial News Predict Stock Returns? New Evidence from Islamic and Non-Islamic Stocks. Pacific Basin Finance Journal, 42, 24–45. https://doi.org/10.1016/j.pacfin.2015.12.009
• Narayan, P. K., Narayan, S., Bach Phan, D. H., Sivananthan Thuraisamy, K., & Tran, V. T. (2017). Credit quality implied momentum profits for Islamic stocks. Pacific-Basin Finance Journal, 42, 11–23. https://doi.org/10.1016/j.pacfin.2015.11.004
• Narayan, P. K., & Phan, D. H. B. (2017). Momentum strategies for Islamic stocks. Pacific Basin Finance Journal, 42, 96–112. https://doi.org/10.1016/j.pacfin.2016.05.015
• Narayan, P. K., & Phan, D. H. B. (2019). A survey of Islamic banking and finance literature: Issues, challenges and future directions. Pacific Basin Finance Journal, 53, 484–496. https://doi.org/10.1016/j.pacfin.2017.06.006
• Narayan, P. K., Phan, D. H. B., Sharma, S. S., & Westerlund, J. (2016). Are Islamic stock returns predictable? A global perspective. Pacific-Basin Finance Journal, 40, 210–223. https://doi.org/10.1016/j.pacfin.2016.08.008
• Nawaz, T. (2019). Exploring the Nexus Between Human Capital, Corporate Governance and Performance: Evidence from Islamic Banks. Journal of Business Ethics, 157(2), 567–587. https://doi.org/10.1007/s10551-017-3694-0
• Nazlioglu, S., Hammoudeh, S., & Gupta, R. (2015). Volatility transmission between Islamic and conventional equity markets: evidence from causality-in-variance test. Applied Economics, 47(46), 1–16. https://doi.org/10.1080/00036846.2015.1039705
• Rashid, A., Yousaf, S., & Khaleequzzaman, M. (2017). Does Islamic banking really strengthen financial stability? Empirical evidence from Pakistan. International Journal of Islamic and Middle Eastern Finance and Management, 10(2), 130–148. https://doi.org/10.1108/IMEFM-11-2015-0137
• Reddy, K., Mirza, N., Naqvi, B., & Fu, M. (2017). Comparative risk adjusted performance of Islamic, socially responsible and conventional funds: Evidence from United Kingdom. Economic Modelling, 66(July 2016), 233–243. https://doi.org/10.1016/j.econmod.2017.07.007
• Rehman, M. U., Asghar, N., & Kang, S. H. (2020). Do Islamic indices provide diversification to bitcoin? A time-varying copulas and value at risk application. Pacific-Basin Finance Journal, 61(February), 101326. https://doi.org/10.1016/j.pacfin.2020.101326
• Rizvi, S. A. R., Arshad, S., & Alam, N. (2015). Crises and contagion in Asia Pacific — Islamic v/s conventional markets. Pacific-Basin Finance Journal, 34, 315–326. https://doi.org/10.1016/j.pacfin.2015.04.002
• Rizvi, S. A. R., Narayan, P. K., Sakti, A., & Syarifuddin, F. (2020). Role of Islamic banks in Indonesian banking industry: an empirical exploration. Pacific-Basin Finance Journal, 62(August 2018), 101117. https://doi.org/10.1016/j.pacfin.2019.02.002
• Safiullah, M., & Shamsuddin, A. (2018). Risk in Islamic banking and corporate governance. Pacific-Basin Finance Journal, 47, 129–149. https://doi.org/10.1016/j.pacfin.2017.12.008
• Safiullah, M., & Shamsuddin, A. (2019). Risk-adjusted efficiency and corporate governance: Evidence from Islamic and conventional banks. Journal of Corporate Finance, 55, 105–140. https://doi.org/10.1016/j.jcorpfin.2018.08.009
• Saif-Alyousfi, A. Y. H., Saha, A., & Md-Rus, R. (2018). Impact of oil and gas price shocks on the non-performing loans of banks in an oil and gas-rich economy. International Journal of Bank Marketing, 36(3), 529–556. https://doi.org/10.1108/IJBM-05-2017-0087
• Saif-Alyousfi, A. Y. H., Saha, A., Md-Rus, R., & Taufil-Mohd, K. N. (2021). Do oil and gas price shocks have an impact on bank performance? Journal of Commodity Markets, 22, 100147. https://doi.org/10.1016/j.jcomm.2020.100147
• Saiti, B., Bacha, O. I., & Masih, M. (2016). Testing the Conventional and Islamic Financial Market Contagion: Evidence from Wavelet Analysis. Emerging Markets Finance and Trade, 52(8), 1832–1849. https://doi.org/10.1080/1540496X.2015.1087784
• Saiti, B., & Noordin, N. H. (2018). Does Islamic equity investment provide diversification benefits to conventional investors? Evidence from the multivariate GARCH analysis. International Journal of Emerging Markets, 13(1), 267–289. https://doi.org/10.1108/IJoEM-03-2017-0081
• Saleh, A. S., Moradi-Motlagh, A., & Zeitun, R. (2020). What are the drivers of inefficiency in the Gulf Cooperation Council banking industry? A comparison between conventional and Islamic banks. Pacific Basin Finance Journal, 60(May 2019), 101266. https://doi.org/10.1016/j.pacfin.2020.101266
• Sarı, E. S., & Güngör, N. (2018). TÜRKİYE’ DE KATILIM BANKACILIĞI ALANINDA HAZIRLANMIŞ LİSANSÜSTÜ ÇALIŞMALAR : BİR LİTERATÜR İNCELEMESİ. Üçüncü Sektör Sosyal Ekonomi, 53(3), 1313–1322. https://doi.org/10.15659/3.sektor-sosyal-ekonomi.18.12.1047
• Sayani, H. (2015). Customer satisfaction and loyalty in the United Arab Emirates banking industry. International Journal of Bank Marketing, 33(3), 351–375. https://doi.org/10.1108/IJBM-12-2013-0148
• Sensoy, A. (2016). Systematic Risk in Conventional and Islamic Equity Markets. International Review of Finance, 16(3), 457–466. https://doi.org/10.1111/irfi.12077
• Sensoy, A., Aras, G., & Hacihasanoglu, E. (2015). Predictability dynamics of Islamic and conventional equity markets. The North American Journal of Economics and Finance, 31, 222–248. https://doi.org/10.1016/j.najef.2014.12.001
• Shahzad, S. J. H., Ferrer, R., Ballester, L., & Umar, Z. (2017). Risk transmission between Islamic and conventional stock markets: A return and volatility spillover analysis. International Review of Financial Analysis, 52, 9–26. https://doi.org/10.1016/j.irfa.2017.04.005
• Shome, A., Jabeen, F., & Rajaguru, R. (2018). What drives consumer choice of Islamic banking services in the United Arab Emirates? International Journal of Islamic and Middle Eastern Finance and Management, 11(1), 79–95. https://doi.org/10.1108/IMEFM-03-2017-0066
• Souiden, N., & Rani, M. (2015). Consumer attitudes and purchase intentions toward Islamic banks: the influence of religiosity. International Journal of Bank Marketing, 33(2), 143–161. https://doi.org/10.1108/IJBM-10-2013-0115
• Sun, P. H., Mohamad, S., & Ariff, M. (2017). Determinants driving bank performance: A comparison of two types of banks in the OIC. Pacific-Basin Finance Journal, 42, 193–203. https://doi.org/10.1016/j.pacfin.2016.02.007
• Trabelsi, L., Bahloul, S., & Mathlouthi, F. (2020). Performance analysis of Islamic and conventional portfolios: The emerging markets case. Borsa Istanbul Review, 20(1), 48–54. https://doi.org/10.1016/j.bir.2019.09.002
• Trad, N., Trabelsi, M. A., & Goux, J. F. (2017). Risk and profitability of Islamic banks: A religious deception or an alternative solution? European Research on Management and Business Economics, 23(1), 40–45. https://doi.org/10.1016/j.iedeen.2016.09.001
• Tuna, G. (2019). Interaction between precious metals price and Islamic stock markets. International Journal of Islamic and Middle Eastern Finance and Management, 12(1), 96–114. https://doi.org/10.1108/IMEFM-06-2017-0143
• Uddin, G. S., Hernandez, J. A., Shahzad, S. J. H., & Yoon, S. (2018). Time-varying evidence of efficiency, decoupling, and diversification of conventional and Islamic stocks. International Review of Financial Analysis, 56(January), 167–180. https://doi.org/10.1016/j.irfa.2018.01.008
• Umar, Z. (2017). Islamic vs conventional equities in a strategic asset allocation framework. Pacific-Basin Finance Journal, 42, 1–10. https://doi.org/10.1016/j.pacfin.2015.10.006
• Usman, M., Qamar Jibran, M. A., Amir-ud-Din, R., & Akhter, W. (2019). Decoupling hypothesis of Islamic stocks: Evidence from copula CoVaR approach. Borsa Istanbul Review, 19, S56–S63. https://doi.org/10.1016/j.bir.2018.09.001
• Wanke, P., Azad, M. A. K., & Barros, C. P. (2016). Financial distress and the Malaysian dual baking system: A dynamic slacks approach. Journal of Banking & Finance, 66, 1–18. https://doi.org/10.1016/j.jbankfin.2016.01.006
• Wanke, P., Azad, M. A. K., Barros, C. P., & Hassan, M. K. (2016). Predicting efficiency in Islamic banks: An integrated multicriteria decision making (MCDM) approach. Journal of International Financial Markets, Institutions and Money, 45(Mcdm), 126–141. https://doi.org/10.1016/j.intfin.2016.07.004
• Wasiuzzaman, S., & Al-Musehel, N. A. (2018). Mood, religious experience and the Ramadan effect. International Journal of Emerging Markets, 13(1), 290–307. https://doi.org/10.1108/IJoEM-01-2017-0001
• Widiarto, I., & Emrouznejad, A. (2015). Social and financial efficiency of Islamic microfinance institutions: A Data Envelopment Analysis application. Socio-Economic Planning Sciences, 50, 1–17. https://doi.org/10.1016/j.seps.2014.12.001
• Wu, H. C., Cheng, C. C., & Hussein, A. S. (2019). What drives experiential loyalty towards the banks? The case of Islamic banks in Indonesia. International Journal of Bank Marketing, 37(2), 595–620. https://doi.org/10.1108/IJBM-04-2018-0101
• Yildirim, R., Masih, M., & Bacha, O. I. (2018). Determinants of capital structure: evidence from Shari’ah compliant and non-compliant firms. Pacific-Basin Finance Journal, 51, 198–219. https://doi.org/10.1016/j.pacfin.2018.06.008
• Zafar, M. B., & Sulaiman, A. A. (2020). Measuring corporate social responsibility in Islamic banking: what matters? International Journal of Islamic and Middle Eastern Finance and Management, 13(3), 357–388. https://doi.org/10.1108/IMEFM-05-2019-0227
• Zaremba, A., Karathanasopoulos, A., Maydybura, A., Czapkiewicz, A., & Bagheri, N. (2020). Dissecting anomalies in Islamic stocks: Integrated or segmented pricing? Pacific Basin Finance Journal, 62(December 2017), 0–1. https://doi.org/10.1016/j.pacfin.2018.05.006
• Zarrouk, H., Ben Jedidia, K., & Moualhi, M. (2016). Is Islamic bank profitability driven by same forces as conventional banks? International Journal of Islamic and Middle Eastern Finance and Management, 9(1), 46–66. https://doi.org/10.1108/IMEFM-12-2014-0120
• Zins, A., & Weill, L. (2017). Islamic banking and risk: The impact of Basel II. Economic Modelling, 64(August 2016), 626–637. https://doi.org/10.1016/j.econmod.2017.05.001