Sukūk Development and Income Inequality (2023)
Journal Article
Jatmiko, W., Ebrahim, M., & Smaoui, H. (2023). Sukūk Development and Income Inequality. Journal of International Financial Markets, Institutions and Money, 88, Article 101852. https://doi.org/10.1016/j.intfin.2023.101852

This paper investigates the link between sukūk development and income inequality by scrutinizing twenty-two countries’ data from 1995 to 2019. We employ the two-stage Fractional Regression Model to illustrate that sukūk issuance is associated with in... Read More about Sukūk Development and Income Inequality.

On the Ethicality of Islamic Banking’s Business Model (2023)
Journal Article
Jatmiko, W., Iqbal, A., & Ebrahim, M. S. (2023). On the Ethicality of Islamic Banking’s Business Model. British Journal of Management, https://doi.org/10.1111/1467-8551.12703

This paper scrutinizes the ethicality of Islamic banks’ (IBs’) business model by employing the ‘objectives of Islamic law’ (Maqāsid al-Sharī’ah). This necessitates developing an ethical framework to construe two primary injunctions of Islamic finance... Read More about On the Ethicality of Islamic Banking’s Business Model.

Rationalizing the Takaful Organizational Form with Institutional Theory (2022)
Book Chapter
Alhalboni, M., Ebrahim, M., & Jatmiko, W. (2022). Rationalizing the Takaful Organizational Form with Institutional Theory. In D. Nguyen (Ed.), Handbook of Banking and Finance in Emerging Markets (506-522). Edward Elgar Publishing. https://doi.org/10.4337/9781800880900.00036

This article examines the organizational structure of Takaful ('Islamic' insurance) as it constitutes an interesting case study of a relatively inefficient system that has grown in popularity. This challenges the neoclassical economics view that the... Read More about Rationalizing the Takaful Organizational Form with Institutional Theory.

Can Trade Credit Rejuvenate Islamic Banking? (2022)
Journal Article
Jatmiko, W., Ebrahim, M. S., Iqbal, A., & Wojakowski, R. M. (2023). Can Trade Credit Rejuvenate Islamic Banking?. Review of Quantitative Finance and Accounting, 60(1), 111-146. https://doi.org/10.1007/s11156-022-01092-6

This study proposes a renewal of the contemporary Islamic banking Murabaha financing model as it aggravates financial fragility with waning economic efficiency. We adapt the working capital framework of successful US companies like Amazon and Walmart... Read More about Can Trade Credit Rejuvenate Islamic Banking?.