Please use this identifier to cite or link to this item:
Title: Information systems for adaptive shariah compliant financial services: defining adaptation constructs
Authors: Patel, N
Keywords: Emergent context;Financial service;Information system;Qiyas;Shariah;Theory of deferred action
Issue Date: 2011
Publisher: European, Mediterranean & Middle Eastern Conference on Information Systems
Abstract: Asymmetry of information in financial service creates excessive uncertainty termed gharar, which makes a financial transaction invalid (haram) in Islamic Law (Shariah). Information systems customised to shariah compliant financial service (SCFS) can make information flow more symmetric and can in turn reduce gharar. Based on information related to emergent SCFS design stakeholders i.e. financial regulators, bankers and customers make adaptation and migration decisions. However, unique nature of SCFS design requires adaptation (migration) of emergent SCFS in compliance to shariah. We discuss general service and SCFS literatures to define structural constructs of SCFS. We then discuss qiyas, which is the juridical principle of defining emergence for expansion in shariah rulings, and theory of deferred action, which is a design adaptability theory drawing in complexity. The adaptation construct for SCFS designs is defined and discussed in the joint framework of qiyas and theory of deferred action.
ISBN: 978-1-902316-85-7
Appears in Collections:Business and Management
Brunel Business School Research Papers

Files in This Item:
File Description SizeFormat 
Fulltext.pdf523.59 kBAdobe PDFView/Open

Items in BURA are protected by copyright, with all rights reserved, unless otherwise indicated.