Emotional Propensities and the Contemporary Islamic Banking Industry

Abstract

This paper explores the manner in which a range of issues relating to emotional propensities – including ethics, trust, fear and institutional exploitation of these – shape perceptions about the Islamic banking industry in the UK. Much of the ethos and practice of Shariah that originally defined such activities have been lost amidst the hegemony of global capital(ism) and a lack of innovation, transparency and social concern have been cited as potential sources of alienation for consumers otherwise likely to be interested in Islamic financial services. However, understanding regarding the impact of emotion in this context is very limited, despite potentially representing motivations for a broad range of financial decision-making. A critical accounting framework is used here to interpret evidence from a series of 32 interviews conducted with UK-based Muslims. The analysis unmasks the hidden interests of Islamic banks and suggests that enhanced stakeholder participation might be transformational in terms of meeting societal needs provided that the complex, but powerful, impact of emotional propensities is recognised.

Publication DOI: https://doi.org/10.1016/j.cpa.2022.102449
Divisions: College of Business and Social Sciences > Aston Business School > Accounting
College of Business and Social Sciences > Aston Business School
Additional Information: © 2022 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license 4.0
Publication ISSN: 1095-9955
Last Modified: 25 Mar 2024 08:41
Date Deposited: 21 Apr 2022 15:59
Full Text Link:
Related URLs: https://www.sci ... 04523542200034X (Publisher URL)
PURE Output Type: Article
Published Date: 2022-04-15
Published Online Date: 2022-04-15
Accepted Date: 2022-03-27
Authors: Riaz, Umair (ORCID Profile 0000-0003-1057-9514)
Burton, Bruce
Fearfull, Anne

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