• GISRAS Journal of Management & Islamic Finance (GJMIF)
    Vol. 1 No. 1 (2021)

    Dear Reader,

    It is the moment of pleasure that the first issue of GJMIF has been published by the grace of Almighty Allah. The objective of this journal is to deliver effective, valuable and applicable research to Islamic Economics and Finance Industry and the society focusing the theory and practice of Islamic economics and finance and their management aspects particularly focusing upon the applied activities prevailing around the world. Keeping in view this objective, Insha Allah, the journal will go forward in the right way.

    The Islamic banking and finance industry is growing and developing day by day and it has gained a significant, considerable and viable status in the international and local banking and finance industry. In the year 2019, the assets of Islamic finance industry were recorded as US$2.88 trillion and it is expected that the assets would reach to US$3.70 trillion in 2024.

    The main purpose to start Islamic banking and finance system was to achieve the socio-economic goals and objectives of Islam and maintain the welfare society in the true sense which could not be achieved through conventional and secular economic, banking and finance system. There was not the objective to merely establish the Islamic banking and finance system but to effect upon the overall socio-economic structure.

    At this moment when the Islamic banking and finance industry is being recognized across the world, we must think about the Islamic socio-economic goals and objectives that whether they are being achieved or not. If not, there is a need to determine the shortfalls and challenges in this direction to make valuable researches and suggest the possible and viable solutions in this respect.

    The present day Islamic banking practices are Shariah complaint as clearly recognized by the Shariah scholars but the socio-economic objectives could not be achieved with these practices as the real modes that may bring revolution in the socio-economic scenario i.e. Mudaraba and Musharaka, unfortunately, are not being functioned due to many problems and hindrances.

    Now, the Islamic banking and finance industry should move to the next phase that can lead to the implementation of real Islamic economic system into the society and the next phase would be the practices of Mudaraba and Musharaka. It is a fact that there are many hindrances in this way but there is a need to do effective research, take effective steps and make proper strategy by all stakeholders of the society i.e. practitioners, researchers, central bank, regulatory authorities and the government etc.

    GJMIF welcomes and encourages the research papers and articles that may explore new dimensions, develop unique thoughts and deliver the value to the Islamic banking and finance industry and their management aspects. In this respect, we welcome your valuable comments and suggestions

    Muhammad Zeeshan Farrukh