Abstract
Increasing attention has been placed on the Islamic finance sector because of its entrepreneurial approach to money management. The aim of this chapter is to focus on the entrepreneurial management approaches to Islamic finance by looking at the global money market. The innovative financial management practices used by Islamic businesses are discussed in terms of religious entrepreneurship. The findings suggest that Islamic finance is more entrepreneurial than other cultural forms of money exchange. Suggestions for future research are stated that integrate an Islamic management approach to finance based practices.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
Abdullah, A. (1992). The influence of ethnic values on managerial practices in Malaysia. Malaysian Management Review, 27(1), 19–30.
Ackrill, M., & Hannah, L. (2001). Barclays: The business of banking, 1690–1996. Cambridge, MA: Cambridge University Press.
Adas, E. B. (2006). The making of entrepreneurial Islam and the Islamic spirit of capitalism 1. Journal for Cultural Research, 10(02), 113–137.
Altinay, L. (2008). The relationship between an entrepreneur’s culture and the entrepreneurial behaviour of the firm. Journal of Small Business and Enterprise Development, 15(1), 111–129.
Arslan, M. (2000). A cross‐cultural comparison of British and Turkish managers in terms of Protestant work ethic characteristics. Business Ethics: A European Review, 9(1), 13–19.
Ashouri, D. (2011). Creeping secularism. Comparative Studies of South Asia, Africa and the Middle East, 31(1), 46–52.
Audretsch, D. B., Bonte, W., & Tamvada, J. P. (2013). Religion, social class and entrepreneurial choice. Journal of Business Venturing, 28(6), 774–789.
Aysan, A. F., Disli, M., Ng, A., & Ozturk, H. (2016). Is small the new big? Islamic banking for SMEs in Turkey. Economic Modelling, 54, 187–194.
Baldacchino, G., & Dana, L. P. (2006). The impact of public policy on entrepreneurship: A critical investigation of the protestant ethic on a divided island jurisdiction. Journal of Small Business and Entrepreneurship, 19(4), 419–430.
Carneiro-da-Cunha, J. A., dos Santos, M. G., de Souza, L. J., Alssabak, N. A. M., & Macau, F. R. (2015). The history of an Islamic entrepreneurship: Achieving exporting-network leadership through religious legitimacy. International Journal of Business and Globalisation, 15(3), 272–293.
Chong, B. S., & Liu, M. H. (2009). Islamic banking: Interest-free or interest-based? Pacific-Basin Finance Journal, 17(1), 125–144.
Cizakca, M. (2011). Islamic capitalism and finance: Origins, evolution and the future. Cheltenham: Edward Elgar.
Coulson, N. J. (1984). Commercial law in the Gulf States: The Islamic legal tradition (pp. 65–126). London: Graham & Trotman.
Cousins, L. S. (1996). The dating of the historical Buddha: A review article. Journal of the Royal Asiatic Society (Third Series), 6(01), 57–63.
Dana, L.-P. (2007). Humility-based economic development and entrepreneurship among the Amish. Journal of Enterprising Communities: People and Places in the Global Economy, 1(2), 142–154.
Dana, L.-P. (2009). Religion as an explanatory variable for entrepreneurship. Entrepreneurship and Innovation, 10(2), 87–99.
Davis, M. K. (2013). Entrepreneurship: An Islamic perspective. International Journal of Entrepreneurship and Small Business, 20(1), 63–69.
El-Bassiarny, N. (2014). The one-billion-plus marginalization: Toward a scholarly understanding of Islamic consumers. Journal of Business Research, 67, 42–49.
Elfakhani, S., & Ahmed, Z. U. (2013). Philosophical basis of entrepreneurship principles within an Islamic ethical framework. Journal of Transnational Management, 18(1), 52–78.
El-Hawary, D., Grais, W., & Iqbal, Z. (2007). Diversity in the regulation of Islamic financial institutions. The Quarterly Review of Economics and Finance, 46(5), 778–800.
Elyachar, J. (2002). Empowerment money: The world bank, non-governmental organizations, and the value of culture in Egypt. Public Culture, 14(3), 493–514.
Elyachar, J. (2005). Markets of dispossession: NGOs, economic development, and the state in Cairo. Durham: Duke University Press.
Farid, M. (2007). Entrepreneurship in Egypt and the US compared: Directions for further research suggested. Journal of Management Development, 26(5), 428–440.
Fattah, M. A., & Butterfield, J. (2006). Muslim cultural entrepreneurs and the democracy debate. Critique: Critical Middle Eastern Studies, 15(1), 49–78.
Gautheir, F., & Martikainen, T. (2013). Religion in consumer society: Brands, consumer and markets. Surrey: Ashgate Publishing Limited.
Gerber, A., Gruber, J., & Hungerman, D. M. (2008). Does church attendance cause people to vote? Using Blue Law’s repeal to estimate the effect of religiosity on voter turnout (NEBR working paper).
Hellmann, T. F., Murdock, K. C., & Stiglitz, J. E. (1997). Financial restraint: Toward a new paradigm. In M. Aoki, H. K. Kim, & M. Okuno-Fujiwara (Eds.), The role of government in East Asian Economic Development: Comparative institutional analysis (pp. 163–207). Oxford: Clarendon.
Imam, P. A., & Kpodar, K. (2015). Is Islamic banking good for growth? Washington, DC: International Monetary Fund. Accessed May 25, 2016, from https://www.imf.org/external/pubs/ft/wp/2015/wp1581.pdf
Jafari, A. (2015). Towards an understanding of religion-related vulnerability in consumer society. In K. Hamilton, S. Dunnett, & M. Placentini (Eds.), Vulnerable consumers: Conditions, contexts and characteristics (pp. 173–184). London: Routledge.
Jafari, A., & Sandikci, O. (2016). The ontological pitfalls of Islamic exceptionalism: A re-inquiry on El-Bassiouny’s (2014, 2015) conceptualization of “Islamic marketing”. Journal of Business Research, 69, 1175–1181.
Jamal, A. (2005). Feminist ‘selves’ and feminism’s ‘others’: Feminist representations of Jamaat-e-Islami women in Pakistan. Feminist Review, 81, 52–73.
Jenkins, R. (1984). Ethnicity and the rise of capitalism in Ulster. In R. Ward & R. Jenkins (Eds.), Ethnic communities in business: Strategies for economic survival (pp. 57–72). Cambridge, MA: Cambridge University Press.
Jones-Correa, M. A., & Leal, D. L. (2001). Political participation: Does religion matter? Political Research Quarterly, 54(4), 751–770.
Kauanui, S., Sherman, C., Thomas, K., & Waters, G. (2006). Evolution of research instruments: Entrepreneurship, spirituality and work. Paper presented at the International Council for Small Business, Melbourne.
Klandt, H. (1987). Trends in small business start-up in West Germany. In R. Goffee & R. Scase (Eds.), Entrepreneurship in Europe: The social processes (pp. 26–38). London: Croom Helm.
Kraybill, D. B., & Nolt, S. M. (1995). Amish enterprise: From plows to profits. Baltimore: The Johns Hopkins University Press.
Martin, J. (1997). Islamic banking raises interest. Management Review, 86(10), 25.
Meenai, A. A. (2001). A critical evaluation of murbaha moajjala. New Horizons, 112(1), 10–12.
Metcalf, H., Modood, T., & Virdee, S. (1996). Asian self-employment: The interaction of culture and economics in England. London: Policy Studies Institute.
Metwally, M. M. (1997). Differences between the financial characteristics of interest-free banks and conventional banks. European Business Review, 97(2), 92–98.
Mitchell, T. (2002). Rule of experts: Egypt, techno-politics, modernity. Berkeley: University of California Press.
Molyneux, P., & Iqbal, M. (2005). Banking and financial systems in the Arab World. Basingstoke: Palgrave Macmillan.
Naceur, C. B., Barajas, A., & Massara, A. (2015) Can Islamic banking increase financial inclusion? (IMF working papers, No. 15-31).
Noonan, J. T. (1957). The scholastic analysis of usury. Cambridge, MA: Harvard University Press.
Radzi, R. M., & Lewis, M. K. (2015). Religion and the clash of ‘ideals’ and ‘realities’ in business: The case of Islamic bonds (sukuk). Thunderbird International Business Review, 57(4), 295–309.
Rafiq, M. (1992). Ethnicity and enterprise: A comparison of Muslim and non-Muslim owned Asian businesses in Britain. Journal of Ethnic and Migration Studies, 19(1), 43–60.
Ramadani, V., Dana, L.-P., Ratten, V., & Tahiri, S. (2015). The context of Islamic entrepreneurship and business: Concept, principles and perspectives. International Journal of Business and Globalisation, 15(3), 244–261.
Shaban, M., Duygun, M., Anwar, M., & Akbar, B. (2014). Diversification and banks willingness to lend to small businesses: Evidence from Islamic and conventional banks in Indonesia. Journal of Economic Behavior in Organisations, 103, 539–555.
Stiles, C. H., Rodriguez, C., & Galbraith, C. (2007). The impact of ethnic-religious identification on buyer–seller behaviour: A study of two enclaves. International Journal of Business and Globalisation, 1(1), 20–33.
Suzuki, Y., & Uddin, S. M. S. (2016). Recent trends in Islamic banks’ lending modes in Bangladesh: An evaluation. Journal of Islamic Accounting and Business Research, 7(1), 28–41.
Tang, T. L. P., & Ibrahim, A. H. S. (1998). Antecedents of organizational citizenship behavior revisited: Public personnel in the United States and in the Middle East. Public Personnel Management, 27(4), 529–550.
Tanwir, F. (2002). Religious parties and politics in Pakistan. International Journal of Comparative Sociology, 43(3–5), 250–268.
Visser, H. (2009). Islamic finance: Principles and practice. Cheltenham: Edward Elgar.
Vogel, F. E., & Hayes, S. L. (1998). Islamic law and finance: Religion, risk, and return (Vol. 16). Cambridge, MA: Kluwer Law International.
Weber, M. (1904). Die protestantische Ethik and der Geist des Kapitalismus. Archiv fur Sozialwissenschaft and Sozialpolitik (pp. 20–21). The protestant ethic and the spirit of capitalism (T. Parsons, Trans., 1930). New York, NY: George Allen & Unwin.
Yousef, T. M. (2004). The murabaha syndrome in Islamic finance: Laws, institutions and policies. In C. M. Henry & R. Wilson (Eds.), The politics of Islamic finance (pp. 63–80). Edinburgh: Edinburgh University Press.
Zaher, T. S., & Hassan, M. K. (2001). A comparative literature survey of Islamic finance and banking. Financial Markets, Institutions and Instruments, 10(4), 155–199.
Zingales, L. (2006, February). Gods and Mammon (Vol. 4, pp. 228–229). GlobalAgenda: The Magazine of World Economic Forum Annual Meeting.
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2017 Springer International Publishing Switzerland
About this chapter
Cite this chapter
Ratten, V., Rammal, H., Ramadani, V. (2017). Islamic Finance: An Entrepreneurial Management Perspective. In: Ramadani, V., Dana, LP., Gërguri-Rashiti, S., Ratten, V. (eds) Entrepreneurship and Management in an Islamic Context. Springer, Cham. https://doi.org/10.1007/978-3-319-39679-8_8
Download citation
DOI: https://doi.org/10.1007/978-3-319-39679-8_8
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-319-39677-4
Online ISBN: 978-3-319-39679-8
eBook Packages: Business and ManagementBusiness and Management (R0)