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Attaining standardization in Islamic banking institutions in Pakistan: Analysis on ijarah financing

This paper aims to explore the practices of Ijarah financing by Islamic banks in Pakistan pertaining to compliance with the AAOIFI Shariah Standard (9) on Ijarah financing. Primary data were gathered from the respondents of the five (5) full-fledged Islamic banks in Pakistan by administering semi-st...

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Main Authors: Saleem, Shujaat, Baig, Umair, Meidute Kavaliauskiene, Ieva, Ul Hassan, Mehboob, Mansor, Fadillah
Format: Article
Published: MDPI 2022
Subjects:
HG Finance
Banking
Online Access:http://eprints.um.edu.my/43844/
https://www.scopus.com/inward/record.uri?eid=2-s2.0-85140589150&doi=10.3390%2fjrfm15100430&partnerID=40&md5=b97b36c3d2b4e8832fd98de85c752133
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spelling my.um.eprints.438442023-12-03T01:19:35Z http://eprints.um.edu.my/43844/ Attaining standardization in Islamic banking institutions in Pakistan: Analysis on ijarah financing Saleem, Shujaat Baig, Umair Meidute Kavaliauskiene, Ieva Ul Hassan, Mehboob Mansor, Fadillah HG Finance Banking This paper aims to explore the practices of Ijarah financing by Islamic banks in Pakistan pertaining to compliance with the AAOIFI Shariah Standard (9) on Ijarah financing. Primary data were gathered from the respondents of the five (5) full-fledged Islamic banks in Pakistan by administering semi-structured face-to-face interviews along with secondary data obtained from the contractual agreements on Ijarah financing. Qualitative content analysis was undertaken by employing NVivo software. The findings reveal discrepancies in the practices of Ijarah financing pertaining to two clauses of the AAOIFI Shariah Standard and emerging major challenges and/or problems facing the Islamic banking industry, including (1) a lack of standardization, (2) an insufficient regulatory and supervisory framework, and (3) a dearth of awareness of the Islamic banking products and/or takaful operations (especially among corporate customers). The study accrues both academic and practical implications. It not only adds value to the existing literature on Islamic finance but also serves as a guide for the Islamic banking industry in Pakistan. The study is useful to harmonize and standardize the practices of Ijarah financing by the contemporary Islamic banks in Pakistan as the Islamic Banking Division (IBD) of the State Bank of Pakistan (SBP) made it compulsory for Islamic banks to adopt AAOIFI Shariah Standard No. (9) on Ijarah financing. © 2022 by the authors. MDPI 2022 Article PeerReviewed Saleem, Shujaat and Baig, Umair and Meidute Kavaliauskiene, Ieva and Ul Hassan, Mehboob and Mansor, Fadillah (2022) Attaining standardization in Islamic banking institutions in Pakistan: Analysis on ijarah financing. Journal of Risk and Financial Management, 15 (10). ISSN 1911-8066, DOI https://doi.org/10.3390/jrfm15100430 <https://doi.org/10.3390/jrfm15100430>. https://www.scopus.com/inward/record.uri?eid=2-s2.0-85140589150&doi=10.3390%2fjrfm15100430&partnerID=40&md5=b97b36c3d2b4e8832fd98de85c752133 10.3390/jrfm15100430
institution Universiti Malaya
building UM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Malaya
content_source UM Research Repository
url_provider http://eprints.um.edu.my/
topic HG Finance
Banking
spellingShingle HG Finance
Banking
Saleem, Shujaat
Baig, Umair
Meidute Kavaliauskiene, Ieva
Ul Hassan, Mehboob
Mansor, Fadillah
Attaining standardization in Islamic banking institutions in Pakistan: Analysis on ijarah financing
description This paper aims to explore the practices of Ijarah financing by Islamic banks in Pakistan pertaining to compliance with the AAOIFI Shariah Standard (9) on Ijarah financing. Primary data were gathered from the respondents of the five (5) full-fledged Islamic banks in Pakistan by administering semi-structured face-to-face interviews along with secondary data obtained from the contractual agreements on Ijarah financing. Qualitative content analysis was undertaken by employing NVivo software. The findings reveal discrepancies in the practices of Ijarah financing pertaining to two clauses of the AAOIFI Shariah Standard and emerging major challenges and/or problems facing the Islamic banking industry, including (1) a lack of standardization, (2) an insufficient regulatory and supervisory framework, and (3) a dearth of awareness of the Islamic banking products and/or takaful operations (especially among corporate customers). The study accrues both academic and practical implications. It not only adds value to the existing literature on Islamic finance but also serves as a guide for the Islamic banking industry in Pakistan. The study is useful to harmonize and standardize the practices of Ijarah financing by the contemporary Islamic banks in Pakistan as the Islamic Banking Division (IBD) of the State Bank of Pakistan (SBP) made it compulsory for Islamic banks to adopt AAOIFI Shariah Standard No. (9) on Ijarah financing. © 2022 by the authors.
format Article
author Saleem, Shujaat
Baig, Umair
Meidute Kavaliauskiene, Ieva
Ul Hassan, Mehboob
Mansor, Fadillah
author_facet Saleem, Shujaat
Baig, Umair
Meidute Kavaliauskiene, Ieva
Ul Hassan, Mehboob
Mansor, Fadillah
author_sort Saleem, Shujaat
title Attaining standardization in Islamic banking institutions in Pakistan: Analysis on ijarah financing
title_short Attaining standardization in Islamic banking institutions in Pakistan: Analysis on ijarah financing
title_full Attaining standardization in Islamic banking institutions in Pakistan: Analysis on ijarah financing
title_fullStr Attaining standardization in Islamic banking institutions in Pakistan: Analysis on ijarah financing
title_full_unstemmed Attaining standardization in Islamic banking institutions in Pakistan: Analysis on ijarah financing
title_sort attaining standardization in islamic banking institutions in pakistan: analysis on ijarah financing
publisher MDPI
publishDate 2022
url http://eprints.um.edu.my/43844/
https://www.scopus.com/inward/record.uri?eid=2-s2.0-85140589150&doi=10.3390%2fjrfm15100430&partnerID=40&md5=b97b36c3d2b4e8832fd98de85c752133
_version_ 1784511878344474624
score 13.211869

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