nep-isf New Economics Papers
on Islamic Finance
Issue of 2026–01–12
two papers chosen by
Ali Polat, Ankara Yıldırım Beyazıt Üniversitesi


  1. Visualization of The Content of Surah al Fiil using Marker-Based Augmented Reality By Wisnu Uriawan; Ahmad Badru Al Husaeni; Dzakwanfaiq Nauval; Farid Muhtar Fathir; Mahesa Adlan Falah; Muhammad Miftahur Rizki Awalin
  2. Beyond Binary Screens: A Continuous Shariah Compliance Index for Asset Pricing and Portfolio Design By Abdulrahman Qadi; Akash Sharma; Francesca Medda

  1. By: Wisnu Uriawan; Ahmad Badru Al Husaeni; Dzakwanfaiq Nauval; Farid Muhtar Fathir; Mahesa Adlan Falah; Muhammad Miftahur Rizki Awalin
    Abstract: This study presents the development of a marker-based augmented reality (AR) application designed to visualize the content of Surah al-Fil as an interactive and context-rich medium for Islamic education. Using a research and development approach, the system was developed through structured stages including data collection, user requirement analysis, interface design, 3D asset creation using Blender, and integration of Unity 3D with the Vuforia SDK. The application features key visual elements such as the elephant army, the Kaaba, and the Ababil birds, which were modeled in detail and linked to high-contrast image markers to ensure accurate and stable AR tracking. Functional testing demonstrated strong technical performance, achieving a 95 percent marker detection accuracy at an optimal distance of 30-40 cm with consistent real-time rendering across multiple Android devices. User evaluations involving students and Islamic education teachers indicated high acceptance, with an overall satisfaction score of 4.7 out of 5 in terms of usability, visual appeal, interactivity, and learning effectiveness. These findings indicate that AR-based learning media can enhance learner engagement, deepen understanding of Quranic narratives, and provide immersive insights into historical and spiritual contexts. Overall, this study demonstrates that marker-based AR technology has significant potential to support innovation in digital Islamic education by enriching traditional learning with interactive and visually intuitive experiences.
    Date: 2025–12
    URL: https://d.repec.org/n?u=RePEc:arx:papers:2512.17895
  2. By: Abdulrahman Qadi; Akash Sharma; Francesca Medda
    Abstract: Binary Shariah screens vary across standards and apply hard thresholds that create discontinuous classifications. We construct a Continuous Shariah Compliance Index (CSCI) in $[0, 1]$ by mapping standard screening ratios to smooth scores between conservative ``comfort'' bounds and permissive outer bounds, and aggregating them conservatively with a sectoral activity factor. Using CRSP/Compustat U.S. equities (1999-2024) with lagged accounting inputs and monthly rebalancing, we find that CSCI-based long-only portfolios have historical risk-adjusted performance similar to an emulated binary Islamic benchmark. Tightening the minimum compliance threshold reduces the investable universe and diversification and is associated with lower Sharpe ratios. The framework yields a practical compliance gradient that supports portfolio construction, constraint design, and cross-standard comparisons without reliance on pass/fail screening.
    Date: 2025–12
    URL: https://d.repec.org/n?u=RePEc:arx:papers:2512.22858

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