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ISLAMIC FINANCE AND BUSINESS Special issue call for papers from: INTERNATIONAL JOURNAL OF EMERGING MARKETS Guest Editors Andrea Paltrinieri, University of Udine, Italy (Lead Editor) Ali M. Kutan, Southern Illinois University Edwardsville, USA (Co-editor) Halil Kiymaz, Rollins College, Crummer Graduate School of Business, USA (Consulting Editor) Consulting Editorial Board Mondher Bellalah, University of Cergy, France Josanco Floreani, University of Udine, Italy Jeffrey A. Kappen, Drake University, USA Matthew C. Mitchell, Drake University, USA Purpose and Research Questions Traditionally confined to Islamic emerging market countries, Islamic Finance has now become a global phenomenon due in large part because it is perceived as less risky than the conventional finance – especially during crises. The Islamic Financial services industry has grown significantly over the last 10 years, reaching a value of more than $1.88 trillion by 2015. Despite this exponential growth, research and understanding of Islamic Finance is still in its infancy, with recent work comparing Islamic and conventional banks yielding inconclusive evidence in terms of superior efficiency, stability, and riskiness. Shariah compliant financial products (e.g., Islamic mutual funds) have been investigated before the financial crises of 2008-2010 focusing on risk/return features and comparison with conventional ones with mixed results. We have similar studies comparing Islamic and conventional stock indices’ performance, but again the existing literature is not unanimous in finding a loss of diversification in Islamic indices affecting overall performance. Most recently, papers have begun to assess sukuk characteristics, the stock market reaction to their issuance and their co-movements with Shariah and conventional stocks, but little is known about their performance, risk/return profile and their relationship with conventional bonds. Finally, there are almost no studies comparing Islamic and conventional stock exchange structures, governance and profitability and very little is known about takaful or the role/impact of Shariah boards in Islamic financial institutions. Therefore, in this issue, we will accept original papers that investigate new topics such as sukuk, Islamic mutual funds, Islamic stock exchanges, and takaful. We are also interested in Islamic banking papers, but only if they provide new perspectives on risks/opportunities or new regulatory issues that are not yet well covered by previous literature. In addition to the focus upon understanding the current Islamic finance landscape, we will also accept papers on the Islamic business environment in general. International business researchers decry the appalling “lack of interest in studying how religious cultures enhance or retard the globalization of economic activity… in light of the apparent religious fervor in many parts of the global economy” (Lewer & Van den Berg, 2007:765). This special issue will address this question from an Islamic perspective. Sample topics may include but are not limited to the following: Islamic differences in the management of organizations and workplace spirituality; economic moralities and the role of Islam in shaping business practices; Islam’s role in creating synergy and conflict; and the relationship of Islam to ethical or socially-responsible investment. Potential Topics of Interest We welcome papers within the broadly areas of Islamic finance, with a specific focus on the sectors/topics less covered by previous literature. We seek both theoretical and empirical papers that may address, but are not limited to, the following list of potential topics: • Global financial crises and Islamic financial institutions/products • Islamic banking and systemic risk • Liquidity risk in Islamic banking • Basel 3 and Islamic banking • Islamic banking and ‘too big to fail’ status • Influence of oil prices on Islamic banks’ risk and performance • Risk and return of sukuk and conventional bonds • Pricing of sukuk • Islamic mutual funds’ performance around/after financial crises • Risk and return of Islamic and conventional stock indexes • Risk and return of Shariah compliant stocks • Portfolio maximization with Shariah compliant financial instruments • Comparison between Islamic and SRI investments • Governance, profitability, structure of Islamic and conventional stock exchanges • Liquidity, efficiency, business models of Islamic stock exchanges • The role of Shariah board in Islamic financial institutions • Corporate governance in Islamic financial institutions • Risk, returns and business models of takaful and conventional insurance • Islamic differences in the management of organizations and workplace spirituality • Economic moralities and the role of Islam in shaping business practices • Islam’s role in creating synergy and conflict • Relationship of Islam to ethical or socially-responsible investment. Deadlines and Submission Guidelines • The special issue will feature the best papers from a development workshop at the Academy of International Business US Southeast (AIB-SE) chapter meeting to be held in Washington DC, October 27 – 29, 2017, as well as submissions in response to the general call for papers. Based on editorial review, top rated papers will be invited to go through additional peer review to be considered for publication. Manuscripts for the special issue should be submitted through the IJoEM website: http://mc.manuscriptcentral.com/ijoem. • The AIBSE workshop submission deadline is June 15, 2017. For additional information on the 2017 AIB-SE Conference, visit: http://www.aibse.org • The general deadline for submissions to the journal is December 15, 2017. • For general submission guidelines, visit: http://www.emeraldinsight.com/products/journals/author_guidelines.htm?id=ijoem Additional Information: To obtain additional information, please contact the corresponding guest editor: Andrea Paltrinieri, University of Udine, Italy: [log in to unmask]<mailto:[log in to unmask]> or by visiting: http://www.emeraldgrouppublishing.com/products/journals/call_for_papers.htm?id=7068 Selected References: Abedifar, P., Ebrahim, S.M., Molyneaux, P., Tarazi, A. 2015. Islamic Banking and Finance: recent empirical literature and directions for future research. Journal of Ahmed, W.M.A. 2016. Cross-border equity flows and market volatility: the case of Qatar Exchange. International Journal of Emerging Markets, 11, 3, 395-418. Akter, W., Aktar, B., Shahbaz, M. 2017. Determinants of Deposits in Conventional and Islamic Banking: A Case of an Emerging Economy. International Journal of Emerging Markets, forthcoming. Aliyu, S., Hassan, K.M., Yusof, R.M., Naiimi, N. 2017. Islamic Banking Sustainability: A Review of Literature and Directions for Future Research. Emerging Markets Finance and Trade, 53, 2, 440-470. doi: 10.1080/1540496X.2016.1262761. Beck, T., Demirguc-Kunt, A., Merrouche, O. 2013. Islamic vs conventional banking: Business model, efficiency and stability. Journal of Banking and Finance 37, 2, 433-447. Girard, E.C., Hassan, M.K. 2008. Is there a cost to faith-based investing: Evidence from FTSE Islamic Indices? The Journal of Investing, 17, 4, 112-121. Godlewski, C., Turk-Ariss, R., Weill, L. 2013. Sukuk vs conventional bonds: a stock market perspective. Journal of Comparative Economics, 41, 3, 745-761. Hoepner, A., Rammal, H., Rezec, M. 2011. Islamic mutual funds’ financial performance and international investment style: Evidence from 20 countries. The European Journal of Finance 17, 9-10, 829–850. Iram, N., Shah, S.M.A., Kutan, A.M. 2017. Do managers of sharia-compliant firms have distinctive financial styles? Journal of International Financial Markets, Institutions and Money, 46, 174-187. Kader, H., Adams, M., Hardwick, P. 2010. The cost efficiency of Takaful Insurance Companies. The Geneva Papers on Risk and Insurance Issues and Practice, 35, 1, 161-181. Lewer, J.J., Van den Berg, H. 2007. Religion and International Trade: Does the sharing of a religious culture facilitate the formation of trade networks? American Journal of Economics and Sociology, 66, 4, 765-794. Masih, M., Kamil, N.K.M., Bacha, O.I. 2016. Issues in Islamic Equities: A Literature Survey. Emerging Markets Finance and Trade, doi: 10.1080/1540496X.2016.1234370. Mollah, S., Hassan, M.K., Al Farooque, O., Mobarek, A. 2016. The governance, risk taking and performance of Islamic banks. Journal of Financial Services Research, doi: 10.1007/s10693-016-0245-2. Paltrinieri, A. 2015. Stock Exchange Industry in UAE: An assessment of potential merger between Dubai Financial Markets and Abu Dhabi Securities Exchange. International Journal of Emerging Markets, 10, 3, 362-382. Zulkhibri, M. 2015. A synthesis of theoretical and empirical research on sukuk. Borsa Istanbul Review, 15, 4, 237-248. Matthew C. Mitchell, PhD Drake University International Business & Strategy +1.515.864.8400 @MattCMitch<http://www.drake.edu/internationalbusiness> Drake University International Business<http://www.drake.edu/internationalbusiness>