Ahmet Faruk Aysan

• Ph.D
• Professor at Hamad bin Khalifa University

This study examines how monetary and fiscal policies differentially affect Islamic versus conventional banking performance during the COVID-19 pandemic. Employing dynamic panel methodology with System GMM estimation, we analyze 635 banks (143 Islamic, 492 conventional) across 32 OIC countries from 2002-2023. Results reveal asymmetric policy transmi...

Purpose This paper aims to evaluate the impact of renewable energy investment on climate readiness within the MEAN region using the ND-Gain index, which includes extensive information on climate adaptations globally. Design/methodology/approach The study used the time from 2002 to 2020 for 14 MENA countries. Both the traditional and machine learni...

Purpose - This paper analyzes the impact of financing decisions on firm performance. In particular, the effect of Islamic financing on financial profitability. Method - We use a sample of 87 non-financial firms from 2018 to 2022 listed on the Indonesia Stock Exchange and yields 434 observations after selected companies that use Islamic financing as...

This study critically evaluates generative AI models' jurisprudential fidelity and regulatory adequacy in reproducing authoritative definitions in Islamic finance, specifically those established by AAOIFI. Employing a triangulated mixed-method approach, 96 key AAOIFI-defined terms were assessed using natural language processing (NLP) techniques to...

This study examines the transformative potential of FinTech, particularly crowdfunding, in the context of traditional financial systems amidst the FinTech market downturn (‘Winter’) of 2022. We address a fundamental question: Does crowdfunding represent a viable alternative to conventional finance, or does it merely function as an extension of exis...

The proliferation of financial technology (FinTech) has been instrumental in advancing financial inclusion, particularly in regions where traditional banking services have been historically limited. This study controls for supply-side determinants of FinTech adoption across societies and investigates the influence of cultural dimensions – long-term...

This study provides an in-depth analysis of how key macro trade determinants affect renewable energy consumption in MINT economies (Mexico, Indonesia, Nigeria, and Turkey) over the period from 1995 to 2022. By applying the energy bundle theory as a guiding framework, we investigate the influence of factors such as trade balance, trade reserves, exc...

Purpose This study explores the sophisticated processes involved in knowledge dissemination and the regulatory framework of digital construction (DC). Specifically, it assesses the interaction between organizational sustainability, knowledge sharing and corporate social responsibility as essential factors in enhancing digital innovation in high-tec...

Amid heightened geopolitical risk (GPR) shocks this study empirically investigates the dynamic interconnectedness among key commodities—namely crude oil, natural gas, and gold markets—to evaluate their potential resilience to unfolding crises, including the Russia-Ukraine conflict, Middle Eastern supply chain disruptions, the COVID-19 pandemic, and...

This paper examines Bitcoin’s viability as money through the lens of its risk profile, with a particular focus on its store of value function. We employ a suite of wavelet techniques, including Wavelet Transform (WT), Wavelet Transform Coherence (WTC), Multiple Wavelet Coherence (MWC), and Partial Wavelet Coherence (PWC), to decompose the risk stru...

This study examines the transformative potential of FinTech, particularly crowdfunding, in the context of traditional financial systems, even amid the current FinTech market downturn ('Winter'). We address a fundamental question: Does crowdfunding represent a viable alternative to conventional finance, or does it merely function as an extension of...

Purpose This study aims to explore the effect of environmental, social and governance (ESG) disclosure on the cost of finance (debt and equity) and further investigates contextual factors that might influence this relationship. Design/methodology/approach The study analyzes data from 300 nonfinancial firms listed on Next – 11 stock exchanges from...

This chapter aims to evaluate the applications and significance of Artificial Intelligence (AI) in the context of Muslim societies, most precisely within the Islamic finance sector. Theoretically, Islamic finance, distinct from conventional financial systems, operates on principles of Sharia law which prohibit interest (riba), promote risk-sharing...

This chapter explains Central Bank Digital Currencies (CBDCs) types, design format, advantages, impact, privacy considerations, and examples of launched CBDCs. Furthermore, it illustrates Internet of Things (IoT) technology implementation in financial institutions and addresses the security weakness of combining IoT with blockchain (BIoT) which can...

This article investigates the possible relationship between Islamic and Environmental Economics to address environmental concerns. Comparative analysis shows that Environmental Economics has been more successful in addressing environmental challenges, even though both frameworks approach the economic activity with different concepts. Environmental...

Purpose This study aims to explore the structure and dynamics of Qatar’s crowdfunding ecosystem to support economic diversification and enhance entrepreneurial activities. This research focuses on analyzing the development of the industry, its regulatory environment and the collaborative dynamics among stakeholders. Design/methodology/approach Thi...

There is increasing concern regarding how uncertainty influences the demand for commitment devices, especially due to the complexity it introduces into the decision-making environment while activating risk preferences. This study examines how the proportion of automated transactions varies on a Nigerian FinTech platform, given exposure to uncertain...

Escalating utility costs and challenging financial circumstances make it increasingly difficult for consumers to afford essential services. This financial strain also spills over into the workplace, where employees resort to pilfering company assets, resulting in significant annual losses for these utility firms. Our study aims to identify the orga...

Purpose This study aims to understand the practices and rules of Sharia crowdfunding policies in Indonesia given the rapid growth of financial technology and the increasing importance of crowdfunding as a funding alternative for micro, small, and medium enterprises (MSMEs). Design/methodology/approach This study used qualitative methods, explorato...

Purpose This study aims to assess that whether Islamic real estate crowdfunding (RECF) can offer a compelling alternative investment that can attract substantial funds from traditional securities and other conventional methods or otherwise. Design/methodology/approach The current study draws on secondary data that was published on legitimate websi...

Purpose There is an increasing shift toward cashless societies worldwide, with electronic payment networks at the forefront of facilitating this transition. The purpose of this research is to explore the critical role of domestic payment networks and to propose recommendations for the effective implementation of such networks. Design/methodology/a...

Purpose The purpose of this study is to comprehensively examine the ethical implications surrounding generative artificial intelligence (AI). Design/methodology/approach Leveraging a novel methodological approach, the study curates a corpus of 364 documents from Scopus spanning 2022 to 2024. Using the term frequency-inverse document frequency (TF-...

To identify how blockchain technology affects current and future research, we carried out a bibliometric overview of journal articles written on blockchain in finance, economics, and social sciences fields. We aimed to answer some of the questions and visualize publications’ trends regarding the advancement of blockchain utilization in the selected...

Digital currencies are impacting the financial lives of people and countries around the world; particularly developing countries see the retail Central Bank Digital Currencies (CBDCs) as an opportunity to increase financial inclusion and introduce new monetary policy implementation mechanisms. The decision to launch a digital currency mainly depend...

Purpose This study aims to examine the potential influence of Nonfungible Tokens (NFTs) and the Metaverse on the Halal tourism industry, with a particular emphasis on Halal brands and hotel booking platforms. This study also purpose to uncover the opportunities and challenges associated with the adoption of these technologies in the sector. Design...

Using a cross-quantilogram approach, this study analyzes the transmission of higher-moment information across US industries with high-frequency (one-minute) data. We investigate the effects of oil demand and supply shocks on this transmission, revealing that the impact is asymmetric. Specifically, negative oil price shocks amplify the asymmetric tr...

Following the global financial crisis, an increasing amount of attention has been directed towards examining the Beveridge curve (BC), which indicates the relationship between unemployment and vacancy rates. This research analyzes the unemployment–vacancy rate dynamics in the Turkiye labor market during both the global financial crisis and COVID-19...

Most banking institutions are inadequately prepared for the ongoing integration of technology, including the digitalization of financial services, the advent of the Metaverse, and the emergence of Web 3.0. While other sectors are making strides in navigating virtual environments, financial institutions appear to be trailing. Concurrently, the nasce...

The emergence of Covid-19 in late 2019 rapidly shattered the Asia-Pacific region (APR), a bastion of economic dynamism, and it became the epicenter of the global health crisis. This unprecedented pandemic not only triggered a public health catastrophe but also unleashed a financial storm, exposing vulnerability within the region's interconnected ec...

This study explores the transformative impact of generative artificial intelligence (Gen AI) on the financial sector through a novel machine learning topic modeling analysis of both academic and grey corpus. It reveals divergent focuses: academics concentrate on Gen AI applications like applications and the use of ChatGPT in finance research and fi...

This study aims to reveal consumers’ intention to purchase Electric Vehicles (EVs) based on the Unified Theory of Acceptance and Use of Technology (UTAUT) model. A hybrid fuzzy decision-making model with three stages is proposed. First, the experts’ weights are computed using an artificial intelligence methodology. Second, eight UTAUT-based indicat...

The study investigates the interconnectedness of GCC real estate markets using wavelet coherence analysis of daily data from 2013 to 2023 and analyzes the impact of various external shocks (political, economic, regulatory, and pandemic) and oil dependence on these dynamics. Despite shared cultural ties and energy intensity, findings reveal primaril...

Drawing upon the resource-based view of the firm, this article employs this perspective to examine how new venture adaptiveness and innovative ambidexterity mediate the relationship between entrepreneurial bricolage and new venture growth within Bangladesh’s Ready-Made Garment Industry. The research employed purposive, convenience and snowball samp...

Since the first case of COVID-19 in Turkey, there has been a lingering question as elsewhere in the world: “When will or should the government impose severe restrictions to protect public health?” From a public health perspective, there is value in developing a model to support proactive implementation of social policies. This study aimed to show t...

This study analyzes the impact of investor sentiment on firm's stock price crash risk by using Chinese A-Share firms data this study assesses the potency and existence of a relationship between crash risk and investor sentiment in the Chinese stock market and introduces analyst herding as a mediating variable for explaining the relationship between...

Impact statement A firm’s loan guarantee is oftenrecognizedasauseful instrument for mitigating the risks involved with borrowing to firms that lack a solid credit history and auditing procedures. However, loan guarantees are frequently associated with riskier or lower-quality borrowing enterprises, which leads to serious information asymmetry probl...

This study utilizes the random forest technique to investigate risk management practices and concerns in Islamic banks using survey data from 2016 to 2021. Findings reveal that larger banks provide more consistent survey responses, driven by their confidence and larger survey budgets. Moreover, a positive link is established between a country’s dev...

The incredibly rapid and remarkable rise of the banking industry in Qatar contains valuable historical lessons that the extant research has so far overlooked. We rely on the elite interviews with the pivotal players of the banking industry over the last several decades and archival data to present a history of the banking sector in Qatar. Our paper...

We investigate the dynamic volatility connectedness of geopolitical risk, stocks, bonds, bitcoin, gold, and oil from January 2018 to April 2022 in this study. We look at connectivity during the Pre-COVID, COVID, and Russian-Ukraine war subsamples. During the COVID-19 and Russian-Ukraine war periods, we find that conventional, Islamic, and sustainab...

In times of crisis, stock markets experience a significant increase in return volatility, which leads to spillovers across equity sectors. The purpose of this study is to investigate the asymmetric spillovers across ten U.S. equity sectors, representing different industries. Daily prices of sector indices were collected from 02 January 2018 to 22 O...

The COVID-19 pandemic has resulted in significant financial losses globally, increasing the volatility of financial assets. Thus, this study models the stock market volatility of developed economies during the COVID-19 pandemic. For this purpose, we used the GJR-GARCH (Albulescu, 2020; Albulescu, 2020) [1,1] econometric model on the daily time seri...

Remittances have become an increasingly important source of external financing for the low-income countries of Central Asia. The impact of Foreign remittances upon poverty alleviation has received substantial importance in academic writings, but very few studies have investigated the Central Asian region. Tajikistan was one of the poorest state of...

Companies use either internal or external sources of financing to fund their operating or capital expenditure. When internal resources prove inadequate, businesses may turn to external financing options, such as issuing debt or equity in the capital market. In bank-dominated financial markets, cash credit is the primary funding source for most comp...

This study examines the financial implications of religious restrictions by analyzing how changes in the Sha-riah compliance status of stocks affect their price and trading volume. Employing the market model in an event study approach and using data from Malaysian firms between 2000 and 2016, the study focuses on 30 announcements from the Security...

This paper investigates the intricate interplay between carbon emissions and foreign direct investment within the context of Brazil, Russia, India, China, and South Africa (BRICS) for the period spanning 2000 to 2022. In our comprehensive analysis, we incorporate ecological footprint, renewable energy, globalization, and technological innovations a...

Using a wavelet coherence approach, this study investigates the relationship between Bitcoin return and Bitcoin-specific sentiment from January 1, 2016 to June 30, 2021, covering the COVID-19 pandemic period. The results reveal that before the pandemic, sentiment positively drove prices, especially for relatively higher frequencies (2–18 weeks). Du...

This study examines the impact of intervention threats on the price and volume volatility of Bitcoin and XRP. Using the Threshold or GJR-GARCH model, we analyse the relationship between news shocks (representing intervention threats) and the volatilities of Bitcoin and XRP price and volume returns, based on data from January 2014 to April 2021. The...

The launch of the open AI chatbot, ChatGPT, in November 2022 has generated widespread excitement around Generative Artificial Intelligence (AI). While researchers have explored ChatGPT's ability to produce content and respond to input, our study takes a different approach and examines its use cases in the financial industry. We aim to understand wh...

The launch of the open AI chatbot, ChatGPT, in November 2022 has generated widespread excitement around Generative Artificial Intelligence (AI). While researchers have explored ChatGPT's ability to produce content and respond to input, our study takes a different approach and examines its use cases in the financial industry. We aim to understand wh...

IMPROVING COOPERATION AMONG CENTRAL BANKS IN TERMS OF DIGITAL CURRENCIES: CHALLENGES AND PROSPECTS FOR OIC MEMBER COUNTRIES / COMCEC Financial Cooperation Working Group Analytical Report

Maintaining a stable exchange rate is a challenging task for the world, especially for developing economies. This study examines the impact of asymmetric exchange rates on trade flows in selected Asian countries and finds that the effects of increased exchange rate volatility on exports and imports differ among Pakistan, Malaysia, Japan, and Korea....

The concept of equity-based crowdfunding (ECF) has become one of the latest innovative financing alternatives for startups and SMEs throughout the world during the last decade. This article aims to assess the revised crowdfunding directive of Turkey and its role in the development of the ecosystem. The concept of ECF is elucidated with its stakehol...

This study utilizes the Random Forest technique to investigate risk management practices and concerns in Islamic banks using survey data from 2016 to 2021. Findings reveal that larger banks provide more consistent survey responses, driven by their confidence and larger survey budgets. Moreover, a positive link is established between a country's dev...

The current study aims to investigate how index returns of conventional and shariah indices of the USA, Europe, and Asia are affected by changes in oil prices, gold prices, VIX, gold-VIX, and oil-VIX. In our investigation, we used the S&P 500, S&P Europe 350, S&P Pan Asia, and their relevant shariah counterparts for the USA, Europe, and Asia. To ex...

Globally the COVID-19 pandemic has had a significant impact on both individuals and organizations. Challenges on the financial, psychological, and physical levels have been felt, especially in the business sector. The purpose of this research is to examine how COVID-19 has financially affected firms in Pakistan and the United States. In order to do...

Sustainability Practices: Cases from Businesses and Charities” is a testament to the potential of human ingenuity and dedication in creating a harmonious future for both society and the environment. With a firm belief in the essential role of enterprises and nonprofits in fostering sustainability, the book presents a collection of illuminating case...

Rapid increases in natural resources globally during the 1970s have had far-reaching environmental consequences. The rising exploitation of environmental assets has progressively detrimental societal effects. Therefore, the current study aims to identify the nexus between natural resources and governance conflicts while assessing the role of govern...

This research investigates the psychological health of tourism industry’s workforce in the midst of COVID-19 in the context of Chinese Tourism Industry. We have employed stress theory for the predictive analysis and hypothesis crafting in terms of mediator (financial dissatisfaction) and moderators (quality of marital relationship and family income...

This paper examines how small and medium-size enterprises (SMEs) in Istanbul managed their financial needs during the COVID-19 pandemic. A unique survey was conducted in May–June 2021 to analyze the effect of the pandemic on financial conditions and access to finance. The paper maps the differences between firms in terms of their financing conditio...

The waqf (Islamic endowment) sector encompasses significant untapped wealth that can contribute to socioeconomic and sustainable development. The sector suffers, however, from prevailing trust issues that have weakened its role and impaired its effective utilisation. As a trust-building technology, blockchain emerges as a potential solution to over...

This paper explores the relationship between carbon emission (CE) and foreign direct investment (FDI) keeping the ecological footprint, renewable energy, globalization, and technological innovations as exogenous variables. We employ the system of equations in the form of simultaneous equations for the panel of BRICS countries to fully capture the p...

This study explores the implications of merging two fundamentally different types of banks: Islamic and conventional banks. The research aims to provide insight into the unique opportunities and challenges presented by such a merger and to offer strategic guidance for future mergers. A balanced scorecard-based strategic analysis using a Quantum Sph...

This paper analyzes the potential strategies for a bank merger from a Sustainable Development Goals (SDG) perspective, focusing on three key criteria: profitability, market share, and service quality. In the short-term, the merged bank should prioritize optimizing financial performance through cost management, revenue stream identification, and ris...

This study explores the implications of merging two fundamentally different types of banks: Islamic and conventional banks. The research aims to provide insight into such a merger's unique opportunities and challenges and offer strategic guidance for future mergers. A balanced scorecard-based strategic analysis using Quantum Spherical Fuzzy Decisio...

The potential implications of central bank digital currencies (CBDCs) on Silicon Valley Bank (SVB) are vast, particularly when it comes to oversight of the bank. This paper aims to explore how the introduction of CBDCs could have impacted SVB and its eventual collapse. The introduction of CBDCs has the potential to disrupt traditional banking syste...

This article presents a comprehensive overview of the relationship between economic growth, financial development, and carbon emissions by utilizing bibliometric analysis and scientific mapping. The research utilized the Scopus database, covering the period from 1989 to 2023. Through network analysis, the study identified five primary clusters, dis...

Islamic fintech literature growth rapidly, and several literature trends have occurred. This paper conducts a systematic literature review of the papers about the challenges of Islamic fintech. For this goal, three main categories are created. The first focuses on the Shariah and legal issues of Islamic fintech because these are the main difference...