EAN: 9783319529462

FINANCIAL INNOVATION AND ENGINEERING IN ISLAMIC...

This book provides two important contributions to existing theories in the financial innovation
literature. First  it extends the existing literature of innovation orientation to a completely
new field and construct that is based on a religious imperative as a framework within which
financial innovation is constrained. It explains how an innovation orientation in IFIs can be
directed within religious rules  which indicates that innovation orientation in IFIs is a
learning philosophy. Second  the book introduces and examines the plasticity of Shariah as a
shared boundary object and its dynamic role in managing tension and conflicting values in the
financial innovation process. Furthermore  building on the empirical results  the study
illustrates the insights that each theoretical lens affords into practices of collaboration and
develops a novel analytical framework for understanding religious orientation towards financial
innovation. This practical contribution  of the developed framework  could form the basis for a
standardised framework for the Islamic finance industry. The book concludes by noting the
policy and managerial implications of its findings and provides directions for further
research.

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