Tag: IslamicBanks

From Ontological to Epistemic–Institutional Halal

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Conceptual graphic showing transition from ontological halal focusing on intrinsic nature, divine commands, and raw substances to epistemic-institutional halal involving knowledge, methods, verification, and institutional governance.

Contemporary halal certification represents a fundamental institutional transformation: the shift from an ontological framework in which permissibility is assessed directly against Islamic law to an epistemic-institutional regime in which halal status is constituted through institutional verification. This transformation is a necessary response to the informational conditions of modern economies, but it introduces structural risks—certifier-pay conflicts, interpretive fragmentation, and form-over-substance compliance—that the current institutional framework inadequately addresses.

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Monetary Policy and Islamic Banks: A Critical Literature Review

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The authors conclude that more research is needed to fully understand the relationship between monetary policy and Islamic banking. They emphasize the importance of considering factors like the structure of Islamic banks’ balance sheets and the influence of profit-and-loss sharing in deposits and financing. The authors note that the existing research has a lack of theoretical grounding. Most studies focus on whether monetary policy influences Islamic banks, but they do not investigate why this happens. The authors suggest that the theory of Islamic finance could offer explanations.

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