|
on Islamic Finance |
| By: | Iqbal, Hafiz Masood Ahmad; Ali, Amjad; Audi, Marc |
| Abstract: | This research undertakes a comparative analysis of governance practices, transparency, ethical compliance, and consumer protection in both conventional insurance and Islamic insurance (Takaful) within the context of Pakistan from 2016 to 2022 both theoretical frameworks and empirical data for comparative evaluation. Employing a mixed-methods approach, the study evaluates 20 insurance companies, comprising 10 conventional insurers and 10 Takaful operators by analyzing dimensions such as board governance, disclosure transparency, consumer protection mechanisms, and ethical investment practices, through qualitative thematic analysis and quantitative disclosure scoring. The findings indicate that Takaful firms demonstrate stronger performance in governance (e.g., board independence), Shariah compliance (e.g., investment screening), and ethical consumer practices (e.g., dispute resolution and product disclosure), whereas conventional insurers excel in financial transparency, particularly in areas such as profit reporting and financial statement standardization. Despite these strengths, ethical disclosure remains limited within conventional insurance models, while Takaful operators face challenges related to inconsistent surplus distribution reporting. The study recommends policy-level reforms, organizational strategies, and further academic inquiry to promote ethical and inclusive insurance practices in Pakistan. It also underscores the need for standardized regulatory frameworks and enhanced stakeholder stewardship to ensure a balanced and accountable insurance sector. |
| Keywords: | Islamic Insurance (Takaful), Conventional Insurance, Ethical Compliance, Governance Practices |
| JEL: | P4 P5 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:127315 |
| By: | Wu, Victor Y. |
| Abstract: | Mehmood et al. (2023) estimate the effect of Ramadan fasting hours on judicial decisions using case-level data from Pakistan and India. Using exogenous variation in fasting intensity due to the Islamic lunar calendar and latitude, the authors find that Muslim judges are significantly more likely to issue acquittals with longer fasting hours. Their main result, reported in Table 1, shows that each additional hour of fasting beyond the baseline minimum increases acquittal rates by about 10%. I successfully computationally reproduced this main result using the original authors' data and code: I found no coding errors or discrepancies in the replication package, and the point estimates and p-values in my reproduction match those reported in the published article. I then evaluated robustness for the Pakistan sample of judges using three alternative specifications. First, the result is robust to alternative inclusion of control variables: It remains stable and statistically significant whether controlling for case-level covariates, judge-level covariates, both, or none. Second, the effect persists across a different fixed effects specification that includes only district fixed effects. Finally, the result is robust to clustering standard errors at the judge level, although clustering at the month level increases the standard error and renders the estimate statistically insignificant. Overall, the authors' main finding is both computationally reproducible and robust. |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:i4rdps:279 |
| By: | Jabrane Amaghouss (Cadi Ayyad University); Hanane Elmasmari (Cadi Ayyad University) |
| Abstract: | This study investigates the effects of financial inclusion on youth unemployment and mortality rates, using panel data from 17 countries in the MENA region over the period 2004-2022. Controlling for variables such as the ICT development index, economic growth, and inflation rates, the results reveal a causal relationship between financial inclusion and both youth unemployment and mortality rates. Moreover, the Fully Modified Ordinary Least Squares (FMOLS) model results support the hypothesis that an inclusive financial system contributes to reducing both youth unemployment and mortality rates in the long term. Additionally, the GMM estimates further corroborate the role of financial inclusion in achieving SDGs 3 and 8. In contrast, the control variables show that an increase in the ICT development index raises unemployment but reduces the likelihood of youth mortality. Meanwhile, economic growth and inflation rate have a relatively weak impact on both youth unemployment and mortality risk in the MENA region. |
| Date: | 2025–12–14 |
| URL: | https://d.repec.org/n?u=RePEc:erg:wpaper:1813 |