The New Issue of the Turkish Journal of Islamic Economics TUJISE (Volum 10, Issue 2) is now available online. The journal is continuing its commitment to bringing together researches from all dimensions of Islamic Economics & Finance, its history, theoretical underpinnings, its relevance to Islamic Fiqh, its practicable tools and their applications. Published by IKAM, TUJISE uniquely provides a research platform to notable, experienced scholars and novice researchers of Islamic Economics, side by side.

The fresh issue of the Turkish Journal of  Islamic Economics (TUJISE) brings to you an unusual combination of Islamic Economics and Finance articles from experts in the field. Our series of articles includes work penned by internationally known names in the field. Our fresh issue consists of 7 articles and 3 book reviews.

Articles

1. Islamic Finance, Ownership Risk and Right to Yield: Gaps in Theory and Practice

Author(s): MOHAMMAD ABDULLAH

The study focuse to examine the application of the dhaman principle in different contractual structures of IFIs, followed by highlighting the existing gaps between the theory and practice in applying this concept. The research adopts a qualitative research approach in order to examine the issue. Also, paper is based on a review of relevant literature and adopts a textual analysis method.

2. What Drives Islamic Banks Profitability in the Gulf Cooperation Council Countries?

Author(s): HİCHEM HAMZA

The purpose of this paper was to assess the profitability determinants of commercial Islamic banks in Gulf Cooperation Council (GCC) countries during the period 2005-2019. The literature review reveals the lack of consensus on the fundamental Islamic banking profitability drivers in these countries considered as the core of the Islamic banking industry in the world. Therefore, considered the most potent factors that might influence the profitability of Islamic banks in countries that rely on a dual banking system. The aforementioned study used the panel data methodology and Generalized Method of Moments (GMM) estimation with a robustness check.

3. Islamic vs. Conventional Equity Indices and Investor Sentiments

Author(s): UME HABİBAH, SURESH KUMAR OAD RAJPUT, MUHAMMAD SHAHİD İQBAL

This paper aims to empirically investigate the equity-sentiment relationship along with making a comparison between the Islamic equity indices with conventional ones. İn this study different models are applied including Ordinal Least square, Granger-Causality test, Johansen cointegration, and Autoregressive-distributed-lag (ADRL) model. Findings of the results show that investor sentiments explain both Islamic and conventional equity indices.

4. The Application of Legal and Beneficial Ownership in Sukuk Structure in Malaysia and Nigeria

Author(s): IBRAHEEM ALANI ABDULKAREEM, MOHD SADAD MAHMUD, ELSAYED MAKKI ELBİSHR ALI HASSAN

The objective of the study is to explore the application of legal ownership and beneficial ownership in Sukuk structures. The study employs both primary and secondary sources of data. The interview technique as the primary data source for this study was gathered from Malaysian and Nigerian Shariah scholars.

5. Behavioral Assumptions of Islamic Economics Revisited Is the Giving Behavior of Muslims Different from Others?

Author(s): MURAT ÇOKGEZEN, MOHAMMED SEID HUSSEN

This study aims to test the validity of this assumption by analyzing a cross-national survey measuring the attitudes, beliefs and behavior patterns of diverse populations in 19 European countries. The empirical results based on a logistic regression and Propensity Score Matching approach indicate no difference between Muslims and members of other religions in terms of the likelihood of involvement in giving activities.

6. Predictors of Halal Product Awareness and Its Relationship with Purchasing Intention: Evidence from Turkey

Author(s): METİN SAYGILI, NİHAL SÜTÜTEMİZ

The main purpose of this study is to investigate the relationship between halal product awareness and purchasing intention alongside the effects of health consciousness, subjective norms and halal certificate information on halal awareness in Turkey, which is a country where Muslim consumers holding Islamic beliefs constitute the majority of the population. Studies in Turkey have generally focused on halal foods, not other halal products. However, this study focuses on all product groups, not just halal foods.

7. The Profit Rate-Interest Rate Nexus: Evidence from Machine Learning Algorithms

Author(s): MEHMET YEŞİLYAPRAK, ALİ POLAT, ÖNDER ÖZGÜR, SÜLEYMAN ŞAHAL

The main purpose of this study is to examine potential predictors of profit rates and deeposit rates and to examine whether these rates are affected by identical factors. This paper empirically addresses tree-based machine learning algorithms (e.g., boosting, bagging, random forest).

Book Reviews

1. Osmanlı Vakıf Hukukuna Giriş: Ahkâm-ı Evkâf (Introduction to Ottoman Waqf Law: Ahkâm-ı Evkâf)

Reviewer: BAHA MÜCAHİD ŞAHİN

In this respect, the lecture note titled “Ahkam-ı Evkâf” by Elmalılı Muhammed Hamdi Yazır, Yazır, emphasizes the philosophical background of doing charity and establishing waqf in Islam at the beginning of his lecture note. According to him, the main reason that creates civilization is the sense of cooperation among people. At the core of cooperation is exchange. However, cooperation should not be perceived only as an exchange of goods. Because society consists of many different layers, from strong to weak. While it is possible to exchange equal values between people in the same layer, such an exchange cannot be done between different layers.

2. Economics and Economic Policy Islamic Perspective

Reviewer: ŞÜKRÜ ÇAĞRI ÇELİK

This book is written as a textbook and takes a comprehensive approach to Islamic Economics, comparing conventional economic policies to Islamic economic policies and suggesting new theories and policies based on Islamic perspectives. The purpose of this paper is to assess a few chapters from this book, notably four chapters, on public finance that were written by two authors.

3. İslâm İktisat Düşüncesi Tarihi III: Hisbe/İhtisab (Belediyecilik) Kitapları [History of Islamic Economics Thought III: Hisbah/Ihtisāb (Municipalism) Books]

Reviewer: HÜSEYİN İÇEN

This book has provided awareness of the importance of hisbah, which is essential in maintaining social order and general morality. In the book, hisbah works have been examined in detail. In these works, many subjects such as state’s role in economic life, imports, jizyah, al-ribā (interest), al-ihtikār, cheat, embargo, narh, monopoly, waqf have been analyzed. The introduction of the hisbah literature will contribute to the establishment of the Islamic economic system and shed light on other studies in this area.

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