Arabic & Islamic Studies
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Item The impact of financial services globalisation on islamic and conventional bank performance in GCC and MENA countries(IIUM Press, 2017) Bankole, A. S.; Kareem M. K.Empirical researches have shown that Islamic banks were more efficient than the conventional banks before, during and after global financial crises and were more resilient to negative profitability and speculation commonly identified with conventional banks despite that the former have grown as a result of globalisation of financial markets, product innovation, and delimitation of financial regulations, among others. However, the analyses of globalisation or internationalisation of financial services have concentrated only on the cross-border flow of portfolio investment in country stock markets, ignoring foreign direct investment and movement of financial services professionals. Using panel regressions to analyse the impact of financial services globalisation, the paper finds that net capital account used to measure the phenomenon has no significant impact on Islamic banks’ performance measured in terms of return on equity, return on asset and profit before tax. This may be due to the oft-cited limited patronage for Islamic banking in general. The policy implication suggests the need for an increased drive to popularise Islamic banking products in non-Islamic countries and for Islamic banks to more actively engage in cross-border trade of Islamic banking services, as well as foreign direct investment in subsidiary banks outside their traditional locations.Item The role of central banks in financial inclusion and sustainable development: comparative analysis of Islamic and conventional banking environments(Department of Religion and African Culture, Adekunle Ajasin University, Akungba-Akoko, 2018-12) Kareem, M. K.; Bankole, A. S.Several findings established the importance of Islamic finance through the removal of collateral and the payment of interest that are features of conventional banking in guaranteeing increased financial inclusion, economic growth and diversification, poverty alleviation!, enhanced efficiency of intermediation and increase income per worker, among others. Financial exclusion is attributed to religion, economic inequality, culture, geography and structure of the economy, lack of access to loans, deposit services, insurance, pension, and financial illiteracy. Therefore, this paper examines the roles of central banks in creating financial inclusion in conventional and Islamic banking environments with a view to drawing important lessons for economies struggling with challenges of financial inclusion in multi religious states like Nigeria. The paper uses comparative contextualization and analyses trends of financial inclusion indicators as outcomes of central bank policy design and implementation strategies in these different paradigms to draw inferences of efficiency and effectiveness. The paper posits that Central Banks in Islamic banking environments which imbibe and actively implement financial inclusion strategies generate better outcomes relating to access to loans, deposit services, insurance, pension, and financial literacy.Item Adult education, Islam, and socio-economic development(The Islamic Cultural Centre and London Central Mosque, London, 2017) Kareem, M. K.; Bankole, A. S.Seeking education knows no bounds, age, gender and race in the ancient and modem world. In Islam, the first act (Q2:31-33) and Quranic revelation about 1437 years ago was on education and knowledge acquisition (Q96:l-5). Education is undeniably important and cannot be overemphasized in all the affairs of man, whether social, political, economic and spiritual. This paper, therefore, examines the concept, importance and role of adult education in general and Islamic perspective of adult education in particular relating these to socio-political and economic development. This is done with a view to hypothesizing that education, whether for adults or youths, dictates the level of social and economic development because one cannot give what one does not have. Thus, education can have no ending because it is life. Being a qualitative study, the researchers utilize descriptive methodology to analyze data on adult education to support the paper’s arguments. Findings reveal that Islam provides solutions educationally to resource constraints (human and material) which are the major determinants of the sustainability of social and economic development, the abandonment of which culminated in underdevelopment, crass illiteracy, poverty, ignorance and discouragement of scientific enquiry. The paper analyzed many Quranic verses that encourage man (as homo sapiens) to think, ponder, reflect and discover improved ways of socio-political and economic life for sustainable development (e.g. Q27:69 and Q29:20). The paper recommends properly targeted and delivered adult education to end social strife in today’s world.Item Zakah, poverty alleviation, and inclusive growth in Nigeria(The International Islamic University Malaysia, 2016) Kareem, M. K.; Bankole, A. S.Macroeconomic literature is replete with discussions on fiscal policy in both developed and developing economies but not much research has been done on zakah, a compulsory tax on Muslims, especially its role in alleviating poverty and generating inclusive growth. Zakah primarily aims at taking surplus money or wealth from the comparatively well-to-do members of the Muslim society and give it to the destitute, the needy and the wayfarer, among others, to improve their purchasing power and economic prosperity. Thus, there is a need to investigate the impact of zakah on poverty alleviation and inclusive growth by assessing the nature of the nexus between zakah and poverty alleviation as well as how and the extent to which those assisted with zakah funds move out of poverty and contribute to inclusive growth. The paper uses descriptive statistics and ordinary least square regression and found that zakah can contribute to the empowerment of the recipients and can additionally alleviate the poverty of the poor who use the unconditional transfer for shelter, debt repayment, medical support, among others.Item Interest-based financial system, business cycles and inclusive growth in Nigeria: an econometric analysis of the islamic perspective(Nigerian Economic Society, 2016-03) Bankole, A. S.; Kareem, M. K.; Oladapo., M. A.Some economists are of the view that fluctuations in aggregate production in a market economy, which now appear to feature more frequently, are caused by the normal cyclical nature of the economic system comprising fluctuations of production, distribution and consumption. The real business cycle (RBC) models postulate that while real wage and the real interest rate are two prices that drive allocation process, studies on Nigeria have not extensively considered business cycles impact of interest rates despite its obvious theoretical role. Therefore, this paper attempts to provide an econometric analysis of the Islamic perspective on interest-based financial system, business cycles and inclusive growth in Nigeria. The paper deploys Vector Error Correction Model (VECM) econometric technique to Nigerian data covering 1981 to 2013 to single out the overwhelming significance of interest rates among other variables in the country’s economic fluctuations. The results from this study show that the Nigerian economy reacts negatively to any shock from the change in the interest rate and the CPI but reacts positively to the shock from the exchange rate. Due to its presence in the model, interest rate shock accounts for an average of 24 percent variability in the real GDP. Besides, the interest rate is counter-cyclical to the real GDP. The adoption of the interest-free financing mode can proffer solution to this problem.Item Family size and economic welfare: econometric analysis of the islamic perspective(Faculty of the Social Sciences, University of Ibadan, Nigeria, 2016-09) Kareem, M. K.; Bankole, A. S.; Hameedah, A.