International Journal of Islamic Economics and Governance

The Role of Islamic Leadership Principles and Ethics in the Context of Finance-Growth Nexus in GCC Countries

Mannir Salisu — 2024-06-30

This paper investigates the role of Islamic leadership principles and ethics in the context of finance-growth nexus using balanced panel data from 6 Gulf Cooperation Council (GCC) countries for the 2002-2022 periods. The study employs a set of non-stationary panel data approaches to investigate the long-run relationships between the variables of interest. The findings show that there is a long-term relationship between the variables wherein financial development and Islamic leadership principles and ethics were found to have a significant positive impact on economic growth in GCC countries. This implies that financial development and Islamic leadership principles and ethics are important factors for promoting growth. Moreover, the results suggest that the effect of financial development on economic growth is contingent on the Islamic leadership principles and ethics in GCC countries. The interaction term and marginal effects computed are positive and significant at all levels of Islamic leadership principles and ethics. This means that the Islamic leadership principles and ethics have large direct and indirect positive impacts on economic growth in GCC countries.

Estimating Demand and Supply of Halal Consumables in Nigeria: Evidence from Selected Shop-rites and Supermarkets in Abuja, Nigeria

Abdul Ibrahim — 2024-06-30

This study estimates demand and supply of halal consumables in selected shop rites and supermarkets in Abuja, Nigeria. This study adopts survey research design and demand and supply functions technique and a qualitative method of data collection was employed. There are total of 35 supermarkets and 5 shop rites in Abuja and a cluster sampling technique was adopted in selecting the shop rites and supermarkets. Both reliability and validity tests were conducted on the data. Data was sourced through the administration of questionnaires and interview on both customers and staff of the shop rites and supermarkets conducted. The questionnaire was structured into Strongly Agree (SA), Agree (A), neutral (N),disagree(D),andStronglyDisagree(SD).An interview was conducted to respondents in order to estimates demand and supply of halal consumables in selected shop rites and supermarkets in Abuja, Nigeria. The study revealed that, there is excess demand of halal consumables by both Muslims and non- Muslims in Abuja, Nigeria most especially during Ramadan and other festivities by over 60% as it was discovered that halal consumables are healthier and safer. The result also shows that there is shortage in the supply of halal consumables most especially food and beverages to both Muslims and non- Muslims in Abuja Nigeria by over 30%. The study recommends that government should intervene to encourage supermarkets and shop rites owners in Abuja, Nigeria to supply more halal consumables that are certified in order to meet up with the excess demand.

Exploratory Study on the Impact of Sukuk in the Nigerian Transportation Sector

Bilyaminu Muhammad Bilya — 2024-06-30

Sukuk is an alternate financial instrument adopted in Nigeria by the enactment of financial acts to attract public-private partnerships (PPPs) for mutual investment to achieve infrastructural development. The study was conducted using a qualitative research method to establish the impact of the Nigerian sovereign Sukuk ventured over seven (7) years, where funds were generated to execute projects within the Nigerian transportation system by the rehabilitation of some dilapidated roads and construction of new projects to enhance transportation and achieve the sustainable flow of raw materials and finished goods in the country. The research identified challenges to the product's application for its limited use at the federal level alone despite the existence of vast potencies in the state and local administrative transportation purview. The work recommends a massive awareness campaign to clear misconceptions that relinquished other religious followers and common people from the inception of the instrument in the economic domain of the country.

Maintaining Ethical Commerce: Fiqh Perspective on Prohibiting Social Transactions in Tiktok Shop

Hisam Ahyani — 2024-06-30

This study examines the Indonesian government's efforts to curb unfair competition in cross-border e-commerce, particularly on platforms like TikTok. It evaluates these efforts through the lens of fiqh, considering Sharia compliance and economic justice. Utilizing a normative juridical approach and descriptive analytical methods, the research analyzes regulations pertaining to the prohibition of social commerce transactions involving the direct sale of foreign goods to Indonesia. Qualitative data is gathered through literature review. Findings indicate the permissibility of such measures from a fiqh perspective, justified by the concept of maslahah, which seeks to maintain market stability and protect sellers' interests. The study suggests that prohibiting social commerce transactions on TikTok fosters harmony between Sharia principles and economic fairness, promoting the preservation of various aspects of well-being. Additionally, it highlights the regulation mandating a minimum price of US$100 per unit for foreign goods sold directly to Indonesia. This regulatory provision aims to uphold fair competition and protect local markets.

Digitalization, Secularization, and the Need for Soulful Education

Abdul Rashid Moten — 2024-06-30

Digitization is the conversion of physical information into digital formats, converting hard paper files and documents into digital files and documents. It has many positive effects including making life easier, connecting people, spurring innovation, and helping economies develop. However, it has led to metabolic diseases caused by sedentary lifestyles, created mental health problems, augmented concerns around privacy and security, and has resulted in social isolation and reduced interactions. The digital revolution is changing the way people live and interact, but it is neither sustainable nor equitable. The COVID-19 pandemic has accelerated digitalization but it has also widened inequalities between and within less-connected and hyper-digitalized societies. Ensuring a more equitable global digital economy will require crafting agile government regulations, upskilling workers, and encouraging a balanced approach to life that incorporates both technology and spiritual practices. Technology should be used in a way that is aligned with one's spiritual or ethical values and beliefs. Spirituality includes a connection to something greater than oneself, a sense of purpose or meaning, and a commitment to ethical principles such as compassion, love, and respect. This can be attained through soulful education and the University with Soul.