Value- based Islamic banking and reporting in Bahrain

Saeed Mohammed, Akhtar Ali and Mansor, Fadillah (2021) Value- based Islamic banking and reporting in Bahrain. International Journal of Ethics and Systems, 37 (4). pp. 644-663. ISSN 2514-9369, DOI

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Purpose - This paper aims to analyse whether the practices of Islamic banks in Bahrain are in line with value-based Islamic banking (VBIB) and reporting disclosure in the annual reports towards achieving their fundamental objectives of human-centred economic development and social justice. Design/methodology/approach - Based on Islamic finance, Islamic economic principles and perception of Maqasid al-Shari'ah, this paper examines and assesses the current practices of Islamic financial institutions (IFIs) in Bahrain through content analysis of financial and annual reports of Islamic banks in Bahrain and interviews of Islamic banking experts. Findings - The findings reveal that value-based banking (VBB) has not been translated fully into practice by the Islamic banks in Bahrain. Research limitations/implications - The data analysis was restricted to Islamic banks in Bahrain. Practical implications - This paper identifies the need for reporting standard development to improve the VBB practice in Bahrain in the future. Looking at the objectives of the IFIs, this paper introduces the concept of VBB in Bahrain, which includes ethical banking, responsible banking and social responsibility. The study adds value not only to the current Islamic finance literature but also helps many stakeholders, including prospective academics, who may conduct comparative studies in different jurisdictions throughout the world. Originality/value - The specific contribution of this paper is the identification of the VBB practices and related disclosure in the Islamic banking industry in Bahrain. The study is useful to harmonise and standardise the practices of VBIB by the contemporary Islamic banks in Bahrain.

Item Type: Article
Uncontrolled Keywords: Islamic finance; Framework; Central bank; Governing authority; Value-based Islamic banking and reporting; Central Bank of Bahrain; AAOIFI; CBB framework
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences > HF Commerce > Business
Divisions: Academy of Islamic Studies > Dept of Syariah & Management
Depositing User: Ms Zaharah Ramly
Date Deposited: 07 Sep 2022 01:03
Last Modified: 07 Sep 2022 01:03

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