Call of papers – 6th issue of JOIFA

Call of papers – 6th issue of JOIFA

JOIFA publishes academic papers on the business and exchange contracts, areas of financial reporting and governance in Islamic finance perspective, technical papers, and updates relating to implementation and adoption of AAOIFI’s Shari’ah, accounting, auditing and governance standards, ethics, and in related areas.

AAOIFI is pleased to invite academic / research papers, and technical articles for the next issue of JOIFA.

Please read guidelines for authors before submitting your manuscript, to ensure it is consistent with the journal style and format ( Submitted papers should not have been previously published elsewhere. Papers will undergo at least one double blind-peer review in addition to review by the editorial desk. Final acceptance of approved papers will be contingent on incorporating reviewers’ feedback to the satisfaction of the reviewers and / or editorial team. For any additional queries, please contact the editor via the email: [email protected].

Potential contributions may include, but should not be limited to, theoretical and empirical papers that consider the following topics / areas:

COVID-19 and Sustainability Issue for Islamic financial Issues

      1. Sustainable banking and business innovations for meeting the COVID like challenges.
      2. Promoting Green sukuk and environment friendly finance.
      3. The premise of Islamic finance and financing the SMEs, micro business, and social finance.
      4. Potential of Renewable and green energy financing in resolving the sustainability issues
      5. Equity based project financing for promoting entrepreneurship in developing economies

Accounting related topics:

      1. Analysis of general presentation and disclosures in the financial statements of Islamic banks and financial institutions.
      2. Conceptual framework for financial reporting by Islamic financial institutions.
      3. Financial reporting by Waqf institutions.
      4. Financial reporting for Zakah, issues and challenges.
      5. Presentation and disclosures in the financial statements of Takaful institutions
      6. Analyzing Takaful accounting and issues with regard to IFRS 17.
      7. Investments in Sukuk, shares and similar instruments
      8. Derivation of key concepts of Shari’ah-based accounting from Shari’ah principles.
      9. Issues in Wa’ad, Khiyar and Tahawwut contracts and their reporting.
      10. Issues in financial reporting for Sukuk-holders.
      11. Effects of COVID-19 on accounting policies and balance sheets of Islamic banks.

Shari’ah related topics:

      1. Position of contemporary Ijtihad on reduction of the amount of debt because of prepayment by the debtor.
      2. Evaluating Shari’ah parameters for trading in gold, and the Shari’ah rulings for gold-based financial products.
      3. Evaluating Islamic payment cards – contemporary issues from economic and Shari’ah perspectives.
      4. Juristic perspective in validating the defective contracts for their modern application, use of such contracts, and its impact on sustainability of Islamic finance.

Governance and ethics related topics:

      1. Role of Shariah advisors / Boards in builds trust and confidence in Islamic banking industry and achieving the objectives.
      2. Is COVID-19 an opportunity for more integrated and multifaceted growth with higher degree standardization of standards among the industry stakeholders?
      3. Promoting internal accountability and transparency in IFIs through internal / external Shari’ah audit function.
      4. Role of AAOIFI and other multilateral structural institutions in standardization of Islamic banking and finance products.
      5. Code of Ethics for Shariah scholars / jurists associated with Islamic financial institutions.
      6. Issues and challenges in governance of Waqf.
      7. Governance of Islamic banking institutions and markets.
      8. Building capable, efficient, open, inclusive, and accountable IFIs
      9. What regulators and supervisors need to do for reforming Islamic banking and finance capable of achieving socioeconomic objectives?
      10. Strengthening trust in Sukuk markets: bringing enhanced governance into practice throughout the Sukuk lifecycle.
      11. Evaluating the need to have independent, comparable and assessment-based rating mechanisms for IFIs for Shari’ah compliance and fiduciary performance.
      12. Stakeholders versus Shareholders Approach: Code of Ethics in Shariah Perspective
      13. Code of ethics for professionals in Islamic financial institutions: Evaluating the need and consequences in its absence.
      14. Legal and regulatory framework for effective corporate governance of Finance Institutions
      15. Governance of microfinance institutions and Socially Responsible Institutions (SRIs) for socio-economic inclusion in the light of AAOIFI Shari’ah standards.
      16. Stakeholders approach in corporate governance for capital markets.
      17. Enhancing the effectiveness of micro-finance institutions and financial cooperatives in reducing poverty and development.
      18. Role of senior management in enhancing stakeholders’ value in IFIs
      19. Governance of microfinance institutions and Socially Responsible Institutions (SRIs) for socio-economic inclusion,
      20. Developing waqf based risk management / Takaful system on the basis cooperative risk sharing – mutuals for cooperative risk sharing.
      21. Economic objectives, risk management and Shari’ah compliance: Resolving conflicts
      22. Enhancing education and awareness in funding through Islamic Finance
      23. Potential game-changers for Islamic Finance: Tapping into the emerging real economy sector opportunities
      24. Disclosure and transparency for justice to all – An ethics-based approach
      25. Reliable financial reporting for development of strong and stable capital markets.
      26. Regulators role in enhancing socially responsible investment (SRI) by the IFIs.
      27. Role of Shariah governance, disclosures and transparency in improving public perception about Islamic finance.

Additional topics:

      1. Islamic finance reporting and the impact of different depreciation approaches on various stakeholders
      2. Developing / improving Islamic accounting standards in the light of issues in IFRS and standards already issued by AAOIFI
      3. Accounting for various Musharakah based financing structures.
      4. Potential of reforms in financial reporting for promoting Musharakah-based financing.
      5. Comparing accounting for Musharakah with that of the limited liability partnership.
      6. Financial disclosures in accounting procedures for strengthening the Shariah governance.
      7. Accounting by Islamic fund managers and investment banking institutions.
      8. Accounting for Qard al Hasan in the light of IFRS and AAOIFI’s standards.
      9. Resolving the issues in accounting for various Islamic modes of financing.
      10. Accounting issues in various categories of Sukuk.
      11. Accounting for Shari’ah compliant (as per AAOIFI standards) Forex transactions by the IFIs.
      12. Accounting for Ijarah based finance compared with conventional leasing accounting.
      13. Fair value accounting for Islamic financing: Benefits and Issues.
      14. Cryptocurrencies from Islamic perspective
      15. Governance and performance reporting in Waqf institutions.
      16. Governance of Islamic financial institutions and need for reforms.
      17. Comparison of conventional codes of ethics with revised AAOIFI codes of ethics for Islamic finance professionals
      18. Central Shari’ah Board in any country: examining effectiveness and pitfalls (and its need, if not available or formed).

Authors may also write on the objectives, approach, tools, and issues of contention and improvement with regards to IFRS and necessary guidelines for their adaptation for removing the contentious issues. Researchers may also write reviews and offer comments on AAOIFI’s new standards and exposure drafts.

Paper submission timeline

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Early submissions are highly encouraged; late submissions may be considered for the next issue(s) of JOIFA.

Guidelines for authors

      1. The author(s) should not mention their names and affiliation, etc. on the text of the paper. A separate sheet bearing full name, affiliation, mailing address and telephone number should be sent along with the main paper.
      2. The papers submitted for publication must not have been submitted simultaneously to any other journal.
      3. All papers must have an abstract of no more than 250 words, 4-6 Keywords and JEL and KAUJIE classification, if applicable. The ‘Abstract’ should contain the objective, methodology, findings and suggestions, and practical implications of the research work for publication.
      4. The length of the article should preferably be between 4000- 8,000 words.
      5. The papers should make some significant contribution to Islamic finance reporting, accounting, Shari’ah, governance, or ethics either theoretical or applied, or discuss any related professional aspect of Islamic finance.
      6. Submitted papers must contain original unpublished work. The subject content should not impinge upon, violate or constitute a breach of any intellectual or business rights of any third party.
      7. All papers should have an introductory section in which the objectives and methodology of the article are explained and a final/ concluding section, which summarizes the main points discussed and the conclusions reached.
      8. The AAOIFI shall have non-exclusive rights on the materials published in the JOIFA; would be fully authorized to use or distribute the material for the purpose of Indexing / Abstracting, to translate into other languages, or for any other related purposes; and would have power to enter into any agreement with third parties for distribution of the materials by any means and in any format.
      9. Since all material received for publication is to be peer reviewed, two hard copies or a soft editable copy should be submitted in final form for sending anonymously to the reviewers.
      10. The authors would have to revise and resend the papers in the light of comments / suggestions by the peer reviewers or the editorial committee members.
      11. References in APA style should be listed at the end of the text in the following style:

Articles: El-Gari, Mohamed Ali (2003); Credit Risk in Islamic Banking and Finance; Islamic Economic Studies; Vol. 10, No. 2, (2003); Pp. 1 – 23;

Books: Khan, A. R. (1993), Financial Intermediation, New York: Springer Publishers.

Standards / Reports: Issuing institution, Number, Title, year of publication, with clauses / sub clauses of the relevant Standards

Page references to works referred to in the text should take the following form: El-Gamal (2006:128).

The verses of the Holy Qur’ān quoted should carry Surah number and ãyah number as (2:275).

Complete reference to the source of Hādīth quoted should be given like Muslim, Kitab al Shirkah

Paper submissions:

Until AAOIFI adopts an online submission system, papers may be sent as attachment in world format to [email protected].  Authors are encouraged to contact the editor in advance should there be any matters on which they require clarification or guidance.

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