BETWEEN TWO CRISES: DO ISLAMIC BANKS SUFFER?
Abstract
This study compares the effects of the Global Financial crisis and COVID-19 pandemic on the Islamic banking sector in the Gulf Cooperation Council (GCC). Using a sample of 32 Islamic banks observed over the period 2006 to 2020, the paper reveals that the two events have different effects on the Islamic banking sector. Overall, Islamic banks are not as profitable and resilient in the COVID-19 pandemic as in the global financial crisis. However, Islamic banks in GCC countries has gained experience and become more efficient and stable over time. The policy implication of this study supports digitalization and the increased prominence of financial technology (Fintech). In addition, monetary authorities in the GCC have to introduce innovative products to help the Islamic banking sector to be more resilient to such crises.
References
Abdelsalam, O., Dimitropoulos, P., Elnahass, M., & Leventis, S. (2016). Earnings management behaviors under different monitoring mechanisms: The case of Islamic and conventional banks. Journal of Economic Behavior and Organization, 132, 155-173. https://doi.org/10.1016/j.jebo.2016.04.022
Abedifar, P., Molyneux, P., & Tarazi, A. (2013). Risk in Islamic banking. Review of Finance, 17(6), 2035-2096.
Adelopo, I., Lloydking, R., & Tauringana, V. (2018). Determinants of bank profitability before, during, and after the financial crisis. International Journal of Managerial Finance, 14(4), 378-398.
Ahmad, W., & Luo, R. (2010). Comparison of banking efficiency in Europe: Islamic versus conventional banks, in Kim, S. and Mckenzie, M. (Eds), International banking in the new era: Post-crisis challenges and opportunities, International Finance Review (Vol. 11), 361-389, Emerald Group Publishing Limited, Bingley.
Akhtaruzzaman, M., Sabri, B., & Ahmet, S. (2021). Financial contagion during COVID–19 crisis. Finance Research Letters, 38(1), 101604.
Akkas, E., & Al Samman, H. (2022). Are Islamic financial institutions more resilient against the COVID-19 pandemic in the GCC countries? International Journal of Islamic and Middle Eastern Finance and Management, 15(2), 331-358. https://doi.org/10.1108/IMEFM-07-2020-0378.
Al-Awadhi, A., Al-Saifi, K., Al-Awadhi, A., & Alhamadi, S. (2020). Death and contagious infectious diseases: Impact of the COVID-19 virus on stock market returns. Journal of Behavioral and Experimental Finance, 27(September 2020), 100326. https://doi.org/10.1016/j.jbef.2020.100326
Alaoui Mdaghri, A., Raghibi, A., Thanh, C. N., & Oubdi, L. (2021). Stock market liquidity, the great lockdown and the COVID-19 global pandemic nexus in MENA countries. Review of Behavioral Finance, 13(1), 51-68.
Albaity, M., Mallek, A., & Noman, A. (2019). Competition and bank stability in the MENA region: The moderating effect of Islamic versus conventional banks. Emerging Markets Review, 38(March 2019), 310-325.
Alber, N. (2020). The effect of coronavirus spread on stock markets: The case of the worst 6 countries. Available at SSRN: https://ssrn.com/abstract=3578080 or http://dx.doi.org/10.2139/ssrn.3578080e
Albulescu C. T. (2020). COVID-19 and the United States financial markets’ volatility. Finance Research Letters. In Press.
Alfaro, L., Chari, A., Greenland, A., & Schott, P. (2020). Aggregate and firm-level stock returns during pandemics, in real time. National Bureau of Economic Research No. w26950, 1-31.
Alqahtani, F., & Mayes, D. (2018). Financial stability of Islamic banking and the global financial crisis: Evidence from the Gulf cooperation council. Economic Systems, 42(2), 346-360.
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(April 2020), 101291.
Anagnostopoulos, I., Noikokyris, E., & Giannopoulos, G. (2020). A meta-crisis banking efficiency study in the MENA region. Journal of Islamic Accounting and Business Research, 11(9), 2087-2112.
Anh, D., & Gan, C. (2021). The impact of the COVID-19 lockdown on stock market performance: Evidence from Vietnam. Journal of Economic Studies, 48(4), 836-851.
Apergis, N., & Apergis, E. (2020). The role of Covid-19 for Chinese stock returns: Evidence from a GARCHX model. Asia-Pacific Journal of Accounting and Economics, Vol. ahead of print No. ahead of print, 1-9. doi: 10.1080/16081625.2020.1816185.
Ashraf, B. (2020). Stock markets’ reaction to COVID-19: Cases or fatalities?. Research in International Business and Finance, 54(December 2020), 101249.
Ashraf, D., Rizwan, M. S., & Ahmad, G. (2020). Islamic equity investments and the COVID-19 pandemic. Available at SSRN 3611898.
Baber, H. (2018). How crisis-proof is Islamic finance? A comparative study of Islamic finance and conventional finance during and post financial crisis. Qualitative Research in Financial Markets, 10(4), 415-426.
Baig, A., Butt, H., Haroon, O., & Rizvi, S. (2021). Deaths, panic, lockdowns and US equity markets: The case of COVID-19 pandemic. Finance Research Letters, 38(January 2021), 101701.
Banna, H., Hassan, M. K., Ahmad, R., & Alam, M. R. (2021). Islamic banking stability amidst the COVID-19 pandemic: The role of digital financial inclusion. International Journal of Islamic and Middle Eastern Finance and Management, 15(2), 310-330. https://doi.org/10.1108/IMEFM-08-2020-0389
Beck, T., Demirgüç-Kunt, A., & Levine, R. (2007). Finance, inequality and the poor. Journal of Economic Growth, 12(1), 27–49.
Beck, T. (2020). Finance in the time of coronavirus, in Baldwin, R. and de-Mauro, B. (Eds), Economics in the Time of COVID-19, Centre for Economic Policy Research, London. 73-76.
Beck, T., DemirguÇ-Kunt, A., & Merrouche, O. (2013). Islamic vs conventional banking: Business model, efficiency and stability. Journal of Banking and Finance, 37(2), 433-447.
Bouchaddakh, Z., & Mekki Ben Jemaa, M. (2016). Risk sharing vs risk bearing and shifting: Evidence from conventional and Islamic banks of MENA region using met frontier directional distance functions. Working Paper 1042, Economic Research Forum.
Bourkhis, K., & Nabi, M. (2013). Islamic and conventional banks’ soundness during the 2007–2008 financial crisis. Review of Financial Economics, 22(2), 68-77.
Chaffai, M. (2020). Hyperbolic distance function, technical efficiency and stability to shocks: A comparison between Islamic banks and conventional banks in MENA region. Global Finance Journal, 46(November 2020), 100485. doi: 10.1016/j.gfj.2019.100485.
Chowdhury, E. K., & Abedin, M. Z. (2020). COVID-19 effects on the US stock index returns: An event study approach. Accounting, Auditing and Accountability Journal, 1-31. Available at SSRN: https://ssrn.com/abstract=3611683 or http://dx.doi.org/10.2139/ssrn.3611683
Čihák, M., & Hesse, H. (2010). Islamic banks and financial stability: An empirical analysis. Journal of Financial Services Research, 38(2-3), 95-113.
Corbet, S., Hou, Y., Hu, Y., Oxley, L., & Xu, D. (2021). Pandemic-related financial market volatility spillovers: Evidence from the Chinese COVID-19 epicenter. International Review of Economics and Finance, 71(January 2021), 55-81.
Demirgüç-Kunt, A., Detragiache, E., & Tressel, T. (2008). Banking on the principles: Compliance with basel core principles and bank soundness. Journal of Financial Intermediation, 17(4), 511–542.
De Vito, A., & Gomez, J. (2020). Estimating the COVID-19 cash crunch: Global evidence and policy. Journal of Accounting and Public Policy, 39(2), 106741.
Doumpos, M., Hasan, I., & Pasiouras, F. (2017). Bank overall financial strength: Islamic versus conventional banks. Economic Modelling, 64(August 2017), 513-523.
Fakhfekh, M., Hachicha, N., Jawadi, F., Selmi, N., & Cheffou, A. I. (2016). Measuring volatility persistence for conventional and Islamic banks: An FI-EGARCH approach. Emerging Markets Review, 27(June 2016), 84-99.
Ferri, G., Kalmi, P., & Kerola, E. (2015). Organizational structure and performance in european banks: a reassessment, In Advances in the Economic Analysis of Participatory & Labor-Managed Firms (Vol. 16). Emerald Group Publishing Limited, Bingley, 109-141.
Gherbi, E., & Alsedrah, I. (2021). Does stock market development and COVID-19 pandemic lead to financial crisis: the case of largest Islamic stock exchange market? Journal of Sustainable Finance and Investment, 1-14. doi: 10.1080/20430795.2021.1896987.
Ghosh, R., & Saima, F. N. (2021). Resilience of commercial banks of Bangladesh to the shocks caused by COVID-19 pandemic: An application of MCDM-based approaches. Asian Journal of Accounting Research, 6(3), 281-295.
Ghosh, S. (2020). Depositor discipline, financial crisis and macro prudential policies: Evidence from MENA banks. Journal of Islamic Accounting and Business Research, 11(8), 1531-1553.
Goodell, J. (2020). COVID-19 and finance: agendas for future research. Finance Research Letters, 35(July 2020), 101512.
Goswami, A. (2021). Assessing the impact of global financial crisis on the intermediation efficiency of Indian banks in the presence of non-performing loans. Benchmarking: An International Journal, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/BIJ-11-2020-0600
Hanif, M. (2014). Differences and similarities in Islamic and conventional banking. International Journal of Business and Social Sciences, 2(2), 166-175.
Harjoto, M. A., & Rossi, F. (2021). Market reaction to the COVID-19 pandemic: Evidence from emerging markets. International Journal of Emerging Markets, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/IJOEM-05-2020-0545.
Haroon, O., & Rizvi, S. A. R. (2020). COVID-19: Media coverage and financial markets behavior—A sectoral inquiry. Journal of Behavioral and Experimental Finance, 27(September 2020), 100343.
Hasan, M. M., & Dridi, J. (2010). The effects of the global crisis on Islamic and conventional banks: A comparative study. IMF Working Paper No. 10/201, 1-46.
Hassan, M. K., & Aliyu, S. (2018). A contemporary survey of Islamic banking literature. Journal of Financial Stability, 34(February 2018), 12-43.
Hassan, M. K., Djajadikerta, H. G., Choudhury, T., & Kamran, M. (2021). Safe havens in Islamic financial markets: COVID-19 versus GFC. Global Finance Journal, 100643. https://doi.org/10.1016/j.gfj.2021.100643
He, Q., Liu, J., Wang, S., & Yu, J. (2020). The impact of COVID-19 on stock markets. Economic and Political Studies, 8(3), 275-288.
Hidayat, S. E., Sakti, M. R. P., & Al-Balushi, R. A. A. (2021). Risk, efficiency and financial performance in the GCC banking industry: Islamic versus conventional banks. Journal of Islamic Accounting and Business Research, 12(4), 564-592.
Hussien, M. E., Alam, M. M., Murad, M. W., & Wahid, A. N. M. (2019). The performance of Islamic banks during the 2008 global financial crisis: Evidence from the Gulf Cooperation Council countries. Journal of Islamic Accounting and Business Research, 10(3), 407-420.
Imam, P., & Kpodar, K. (2013). Islamic banking: how has it expanded? Emerging Markets Finance and Trade, 49(6), 112-137.
Insaidoo, M., Arthur, L., Amoako, S., & Andoh, F. K. (2021). Stock market performance and COVID-19 pandemic: Evidence from a developing economy. Journal of Chinese Economic and Foreign Trade Studies, 14(1), 60-73.
Jaffar, M., & Manarvi, I. (2011). Performance comparison of Islamic and conventional banks in Pakistan. Global Journal of Management and Business Research, 11(1), 1-7.
Jawadi, F., Cheffou, A. I., & Jawadi, N. (2016). Do Islamic and conventional banks really differ? A panel data statistical analysis. Open Economies Review, 27(2), 293-302.
Johnes, J., Izzeldin, M., & Pappas, V. (2014). A comparison of performance of Islamic and conventional banks 2004–2009. Journal of Economic Behavior and Organization, 103(July 2014), 93-107.
Johnes, J., Ongena, S., Pappas, V., Tsionas, M., & Izzeldin, M. (2018). Efficiency convergence in Islamic and conventional banks (September 14, 2018). available at: http://dx.doi.org/10.2139/ssrn.2960018
Kabir, Md. N., Worthington, A., & Gupta, R. (2015). Comparative credit risk in Islamic and conventional bank. Pacific-Basin Finance Journal, 34(September 2015), 327-353.
Kamarudin, F., Nordin, B. A. A., Muhammad, J., & Hamid, M. A. A. (2014). Cost, revenue and profit efficiency of Islamic and conventional banking sector: Empirical evidence from Gulf cooperative council countries. Global Business Review, 15(1), 1-24.
Kamarudin, F., Sufian, F., Nassir, A., Anwar, N., Ramli, N., Tan, K., & Hussain, H. (2018). Price efficiency on Islamic banks vs conventional banks in Bahrain, UAE, Kuwait, Oman, Qatar and Saudi Arabia: Impact of country governance. International Journal of Monetary Economics and Finance, 11(4), 363-383.
Karaomer, Y., & Kakilli Acaravcı, S. (2021). The impact of COVID-19 outbreak on Borsa Istanbul: An event study method. Journal of Economic and Administrative Sciences, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/JEAS-06-2020-0111.
Karim, M. R., Shetu, S. A., & Razia, S. (2021). COVID-19, liquidity and financial health: Empirical evidence from South Asian economy. Asian Journal of Economics and Banking, 5(3), 307-323. https://doi.org/10.1108/AJEB-03-2021-0033.
Karim, R. A., & Ali, A. E.-T. (1989). Determinants of the financial strategy of Islamic banks. Journal of Business Finance & Accounting, 12(6), 193–212.
Kassim, S. H., & Shabri Abd. Majid, M. (2010). Impact of financial shocks on Islamic banks: Malaysian evidence during 1997 and 2007 financial crises. International Journal of Islamic and Middle Eastern Finance and Management, 3(4), 291-305.
Kayed, R. N., & Hassan, M. K. (2011). The global financial crisis and Islamic finance. Thunderbird International Business Review, 53(5), 551-564.
Khediri, K. B., Charfeddine, L., & Youssef, S. B. (2015). Islamic versus conventional banks in the GCC countries: A comparative study using classification techniques. Research in International Business and Finance, 33(January 2015), 75-98.
Laeven, L., & Levine, R. (2009). Bank governance, regulation, and risk taking. Journal of Financial Economics, 93(2), 259-275.
Lajuni, N., Wong, W. P. M., Yacob, Y., Ting, H., & Jausin, A. (2017). Intention to use Islamic banking products and its determinants. International Journal of Economics and Financial Issues, 7(1), 329-333.
Lee, J. Y., Growe, G., DeBruine, M., & Cha, I. (2015). Measuring the impact of the 2007–2009 financial crisis on the performance and profitability of U.S. regional banks. Advances in Management Accounting (Advances in Management Accounting, Vol. 25), Emerald Group Publishing Limited, Bingley, 181-206.
Liu, H., Manzoor, A., Wang, C., Zhang, L., & Manzoor, Z. (2020). The COVID-19 outbreak and affected countries stock markets response. International Journal of Environmental Research and Public Health, 17(8), 1-19. doi:10.3390/ijerph17082800
Lone, F. A., Aldawood, E. M., & Bhat, U. R. (2017). Comparative analysis of customer satisfaction towards Islamic and conventional banking: An empirical study from Saudi Arabia. International Review of Management and Marketing, 7(1), 273-280.
Machmuddah, Z., Utomo, St. D., Suhartono, E., Ali, S., & Ghulam, W. A. (2020). Stock market reaction to covid-19: Evidence in customer goods sector with the implication for open innovation. Journal Open Innovation: Technology, Market and Complexity, 6(99), 1-13.
Mahdi, I. B. S., & Abbes, M. B. (2018). Behavioral explanation for risk taking in Islamic and conventional banks. Research in International Business and Finance, 45(October 2018), 577-587.
Mann, C. L. (2020). Real and financial lenses to assess the economic consequences of COVID-19, In Baldwin, R., & di Mauro, B. W. (Eds.), Economics in the time of COVID-19, pp. 81-85. London, UK: Centre for Economic Policy Research Press.
McKibbin, W., & Fernando, R. (2020). The economic impact of COVID-19, In Baldwin, R., & di Mauro, B. W. (Eds.), Economics in the time of COVID-19, pp. 45-52. London, UK: Centre for Economic Policy Research Press.
Meera, A., & Wirdayanti, Y. (2020). The economic costs of the COVID-19 outbreak for Malaysia: A preliminary crude estimate and suggestion for solutions, In Hidayat, S. E., Farooq, M. O., & Alim, E. A. (Eds.), Impact of the COVID-19 outbreak on Islamic finance in the OIC countries, KNEKS, Indonesia, pp. 61-69.
Miah, M. D., Suzuki, Y., & Uddin, S. M. S. (2021). The impact of COVID-19 on Islamic banks in Bangladesh: A perspective of Marxian “circuit of merchant’s capital”. Journal of Islamic Accounting and Business Research, 12(7), 1036-1054.
Mimouni, K., Smaoui, H., Temimi, A., & Al-Azzam, M. (2019). The impact of Sukuk on the performance of conventional and Islamic banks. Pacific-Basin Finance Journal, 54(April 2019), 42-54.
Mohammad, S., Asutay, M., Dixon, R. and Platonova, E. (2020). Liquidity risk exposure and its determinants in the banking sector: A comparative analysis between Islamic, conventional and hybrid banks. Journal of International Financial Markets, Institutions and Money, 66(May 2020), 101196.
Mollah, S., & Zaman, M. (2015). Shari’ah supervision, corporate governance and performance: Conventional vs Islamic banks. Journal of Banking and Finance, 58(September 2015), 418-435.
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.
Moudud-Ul-Huq, S. (2021). Does bank competition matter for performance and risk-taking? Empirical evidence from BRICS countries. International Journal of Emerging Markets, 16(3), 409-447.
Nguyen, C. T., Hai, P. T., & Nguyen, H. K. (2021). Stock market returns and liquidity during the COVID-19 outbreak: Evidence from the financial services sector in Vietnam. Asian Journal of Economics and Banking, 5(3), 324-342. https://doi.org/10.1108/AJEB-06-2021-0070.
Nurdany, A., Ibrahim, M. H., & Romadoni, M. F. (2021). The asymmetric volatility of the Islamic capital market during the COVID-19 pandemic. Journal of Islamic Monetary Economics and Finance, 7, 185-202.
Onali, E. (2020). COVID-19 and stock market volatility. Available at SSRN: https://ssrn.com/abstract=3571453.
Orazalin, N., & Mahmood, M. (2019). The financial crisis as a wake-up call: Corporate governance and bank performance in an emerging economy. Corporate Governance, 19(1), 80-101.
Ozili, P., & Arun, T. (2020). Spillover of COVID-19: impact on the global economy. available at: https://ssrn.com/abstract53562570
Pappas, V., Ongena, S., Izzeldin, M., & Fuertes, A. M. (2017). A survival analysis of Islamic and conventional banks. Journal of Financial Services Research, 51(2), 221-256.
Ratnovski, L. (2013). Liquidity and transparency in bank risk management. Journal of Financial Intermediation, 22(3), 422-439.
Ryandono, M. N. H., Muafi, M., & Guritno, A. (2021). Sharia stock reaction against COVID-19 pandemic: Evidence from Indonesian capital markets. Journal of Asian Finance, Economics and Business, 8(2), 697-710.
Saeed, M., & Izzeldin, M. (2016). Examining the relationship between default risk and efficiency in Islamic and conventional banks. Journal of Economic Behavior and Organization, 132(December 2016), 127-154.
Saif-Alyousfi, A. Y. H. (2020). Political instability and services of GCC banks: How important is the Yemen war?. Journal of Economic and Administrative Sciences, 36(4), 339-365.
Saif-Alyousfi, A. Y. H., & Saha, A. (2021). Determinants of banks’ risk-taking behavior, stability and profitability: Evidence from GCC countries. International Journal of Islamic and Middle Eastern Finance and Management, 14(5), 874-907. https://doi.org/10.1108/IMEFM-03-2019-0129
Saif-Alyousfi, A. Y. H., Saha, A., & Md-Rus, R. (2020a). The impact of bank competition and concentration on bank risk-taking behavior and stability: Evidence from GCC countries. The North American Journal of Economics and Finance, 51(1), 1-50.
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(April 2020), 101266.
Shahabi, V., Azar, A., Faezy Razi, F., & Fallah Shams, M. F. (2021). Simulation of the effect of COVID-19 outbreak on the development of branchless banking in Iran: Case study of Resalat Qard–al-Hasan Bank. Review of Behavioral Finance, 13(1), 85-108.
Siraj, K. K., & Pillai, P. S. (2012). Comparative study on performance of Islamic banks and conventional banks in GCC region. Journal of Applied Finance and Banking, 2(3), 123-161.
Sohrabi, C., Alsafi, Z., O’Neill, N., Khan, M., Kerwan, A., Al-Jabir, A., Iosifidis, C., & Agha, R. (2020). World Health Organization declares global emergency: A review of the 2019 novel coronavirus (COVID-19). International Journal of Surgery, 76(April 2020), 71-76.
Sun, Y., & Ni, Y. (2021). Does bank integration contribute to insolvencies and crises? Journal of Financial Economic Policy, 13(1), 62-93.
Tampakoudis, I., Nerantzidis, M., Subeniotis, D., Soutsas, A. and Kiosses, N. (2020). Bank mergers and acquisitions in Greece: the financial crisis and its effect on shareholder wealth. International Journal of Managerial Finance, 16(2), 273-296.
Trad, N., Rachdi, H., Hakimi, A., & Guesmi, K. (2017). Banking stability in the MENA region during the global financial crisis and the European sovereign debt debacle. Journal of Risk Finance, 18(4), 381-397.
Uddin, A., Chowdhury, M. A. F., & Islam, M. N. (2017). Resiliency between Islamic and CBs in Bangladesh: Dynamic GMM and quantile regression approaches. International Journal of Islamic and Middle Eastern Finance and Management, 10(3), 400-418.
Waemustafa, W., & Sukri, S. (2015). Bank specific and macroeconomics dynamic determinants of credit risk in Islamic banks and conventional banks. International Journal of Economics and Financial Issues, 5(2), 476-481.
Wahid, M. A. (2017). Comparing the competition of Malaysia Islamic and CBs: Evidence surrounding the global financial crisis. Journal of Islamic Accounting and Business Research, 8(1), 23-40.
WHO. (2021). Coronavirus disease (COVID-19) outbreak situation from, available at: https://www. who.int/emergencies/diseases/novel-coronavirus-2021.
Wronka, C. (2021). Impact of COVID-19 on financial institutions: Navigating the global emerging patterns of financial crime. Journal of Financial Crime, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/JFC-03-2021-0073.
Yarovaya, L. Elsayed, A. H., & Hammoudeh, S. M. (2020). Searching for safe havens during the COVID-19 pandemic: Determinants of spillovers between Islamic and conventional financial markets. Available at SSRN 3634114.
Yilmazkuday, H. (2020). COVID-19 Effects on the S&P 500 Index. Working Paper 2117, Department of Economics, Florida International University, 1-17. First Version.
Zarrouk, H. (2014). The impact of the international financial crisis on the performance of islamic banks in MENA countries, In The developing role of islamic banking and finance: From local to global perspectives (Contemporary Studies in Economic and Financial Analysis, Vol. 95), Emerald Group Publishing Limited Bingley, 45-69.
Zeren, F., & Hizarci, A. E. (2020). The impact of covid-19 coronavirus on stock markets: Evidence from selected countries. Bulletin of Accounting and Finance Reviews, 3(1), 78-84.
Zhang, D., Hu, M., & Ji, Q. (2020). Financial markets under the global pandemic of COVID-19. Finance Research Letters, 36(October 2020), 101528.
Journal of Islamic Monetary Economics and Finance is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
