Doha, Qatar – In a landmark achievement for Islamic finance scholarship, the Bait Al-Mashura Journal, a publication dedicated to Islamic economics and finance, has secured the top ranking among specialized journals in the Arab world. This prestigious Islamic finance journal, published by Bait Al-Mashura Financial Consultations Company, earned its place through the Arab Citation and Impact Factor (ARCIF) rankings for 2024, emerging as the top publication among competitors across 19 Arab countries and more than 1,500 scientific and research institutions.
A Global Benchmark
Bait Al-Mashura Journal’s ranking at the top of the ARCIF list marks it as a leading resource in Islamic finance and economic scholarship. ARCIF is a respected body in the Arab world, providing citation-based metrics and impact factor evaluations that follow internationally recognized benchmarks. The journal’s impact factor of 0.5926 reflects not only its quality but also its influence on academic discussions around Islamic finance and economics, indicating that its research is widely cited, applied, and respected.
The impact factor and ARCIF’s first quartile (Q1) classification are significant markers of success in academic publishing. For any journal, ranking in the first quartile means it is among the top 25% of peer-reviewed publications in its field—a sign of quality and scholarly impact. For the Islamic finance sector, having a journal that achieves such a ranking adds credibility and visibility to the entire field, setting a standard for other publications.
What Makes Bait Al-Mashura Journal Unique?
Since its inception, Bait Al-Mashura Journal has served as a dedicated forum for Islamic finance research and discourse, publishing high-quality, peer-reviewed articles that contribute to the development and understanding of Islamic economics. Published by Bait Al-Mashura Financial Consultations Company, the journal’s content is diverse, covering topics from Islamic banking structures to innovative financial products compliant with Islamic law.
The journal’s success is due in large part to the unique approach and commitment of its publisher. Bait Al-Mashura Financial Consultations Company, established in 2007, was Qatar’s first firm to provide Sharia-compliant financial consultations. Since then, the company has grown into a leading institution, offering a range of services including corporate advisory, asset management, and financial consultations that meet Islamic legal standards.
The journal embodies the mission of its parent company by providing not only a platform for research but also a bridge between theory and practice. Researchers, students, professionals, and policymakers turn to Bait Al-Mashura Journal for insights that inform decision-making in Islamic finance, making it a vital source of knowledge for both academia and industry.
Qatar’s Vision for Islamic Finance
The success of Bait Al-Mashura Journal also reflects Qatar’s broader ambitions in Islamic finance. With a focus on innovation, Qatar has fostered a research-friendly environment that supports scholarly work across various fields, including finance. This is aligned with Qatar’s Third National Development Strategy (2024-2030), which prioritizes academic excellence, scientific inquiry, and the development of industries that support the nation’s economy and cultural values.
Prof. Dr. Khalid bin Ibrahim Al-Sulaiti, Editor-in-Chief of Bait Al-Mashura Journal and Vice Chairman of Bait Al-Mashura Financial Consultations Company, stated that this recognition by ARCIF is a testament to Qatar’s commitment to research. “Our journal’s achievement is a reflection of the country’s leadership and its support for scientific research. It reinforces Qatar’s position as a center of excellence in Islamic finance,” he said.
The Global Islamic Finance
Qatar’s commitment to Islamic finance is well-established. The country ranks as the fifth-largest Islamic finance market globally, with assets totaling approximately QR656 billion (over USD 180 billion) as of 2023. According to recent reports, the market grew by 3.3% in 2023, showcasing consistent expansion. This robust growth can be attributed to the increasing demand for Sharia-compliant financial products and services, both in Qatar and globally.
The popularity of Islamic finance has surged internationally as more people—both Muslim and non-Muslim—seek ethical and socially responsible alternatives to conventional finance. In fact, according to the Islamic Financial Services Board (IFSB), global Islamic finance assets have now reached over $2 trillion, driven by expanding markets in Asia, Africa, and the Middle East. This growth is anticipated to continue, with projections suggesting a 10% compound annual growth rate in Islamic finance assets over the next decade.
The Expanding Global Reach
The appeal of Islamic finance lies in its core principles, which promote fairness, transparency, and ethical investing. Key prohibitions, such as the ban on interest (riba) and speculative investments, make Islamic finance attractive to individuals and organizations that value sustainable and equitable financial practices. By prioritizing investments that have a real economic impact, Islamic finance has become a dynamic field that provides financial solutions compatible with both ethical values and modern economic needs.
As the field grows, so does the need for credible, research-driven information that can guide its future. This is where Islamic finance journals like Bait Al-Mashura play a pivotal role. With high-impact research on topics such as risk-sharing models, profit-and-loss sharing mechanisms, and sustainable investment frameworks, these journals serve as knowledge hubs that support industry innovation and enable institutions to adapt to changing demands.
Islamic Banking
One of the most notable trends within Islamic finance is the expansion of Islamic banking. Islamic banks are not only increasing in number but are also gaining market share in countries with established financial sectors. According to data from the International Monetary Fund (IMF), Islamic banking now accounts for over 15% of total banking assets in the Gulf Cooperation Council (GCC) countries, Malaysia, and some parts of North Africa. These banks follow Sharia principles, offering products such as Murabaha (cost-plus financing), Ijara (leasing), and Mudarabah (profit-sharing partnerships) as alternatives to conventional banking products.
Related: Islamic Finance Set To Expand In Arab Countries
The Role of Takaful
In addition to Islamic banks, Takaful (Islamic insurance) companies and Islamic investment firms are growing rapidly. Takaful operates based on cooperation, where policyholders contribute to a shared pool of funds used to cover losses. The global Takaful market, valued at over $20 billion in 2023, is expanding particularly in Southeast Asia, the Middle East, and Africa. This growth is largely due to increased awareness and acceptance of Takaful as a socially responsible insurance model.
Islamic investment firms, meanwhile, are pioneering new Sharia-compliant investment products, from real estate funds to sukuk (Islamic bonds). These products are attracting not only Muslim investors but also ethical investors globally. Sukuk, for example, provides an alternative to conventional bonds by creating investment structures tied to tangible assets, aligning well with the ethical investment preferences of many investors.
Bait Al-Mashura Journal’s Contributions
As a leading Islamic finance journal, Bait Al-Mashura contributes extensively to discussions on these growing sectors. The journal publishes research that examines not only traditional Islamic finance principles but also modern applications, such as digital Islamic finance, blockchain in Sharia-compliant transactions, and artificial intelligence in financial advisory services. By addressing such timely topics, the journal positions itself as a bridge between traditional Islamic finance principles and contemporary financial technology trends.
Research published in Bait Al-Mashura Journal often explores how Islamic finance can adapt to new challenges, such as regulatory changes, the rise of fintech, and shifting consumer preferences. For instance, recent articles have analyzed the impact of fintech on Islamic banking, examining how digital platforms can expand access to Sharia-compliant financial services for underbanked populations. Other research has focused on the potential for blockchain to enhance transparency and trust in Islamic finance, particularly in areas like cross-border payments and smart contracts.
ARCIF’s Standards
The ARCIF ranking is significant for any academic publication, but especially for those in specialized fields like Islamic finance. ARCIF evaluates journals based on 32 global standards that include citation impact, peer-review quality, research relevance, and adherence to ethical guidelines. By meeting these stringent standards, Bait Al-Mashura Journal has demonstrated its commitment to quality and scholarly rigor. This recognition affirms the journal’s role as an influential source of knowledge that supports the growth of Islamic finance.
For researchers, students, and practitioners, the ARCIF ranking is a clear signal of the journal’s credibility and impact. Articles published in Bait Al-Mashura are not only peer-reviewed but are also widely referenced by academics and industry professionals alike, making it a trusted resource in the field. This high ranking in ARCIF’s Q1 category places Bait Al-Mashura among the top-tier Islamic finance journals in the Arab world, setting a benchmark for others to follow.
Islamic Finance Journals
Islamic finance journals like Bait Al-Mashura serve as foundational resources for the industry. They provide a platform for academics to publish new findings, foster debate, and propose solutions to industry challenges. In fields like Islamic finance, where adherence to ethical principles is paramount, these journals help ensure that financial practices remain aligned with Sharia standards.
Moreover, Islamic finance journals are instrumental in educating the next generation of professionals. By publishing research that delves into areas such as sustainable finance, social impact investing, and financial inclusion, these journals help prepare students and young professionals for careers in Islamic finance. The knowledge shared in these publications supports not only individual careers but also the broader industry, driving innovation and growth.
Technological Innovation
The future of Islamic finance lies in its ability to adapt to technological advancements without compromising on its core principles. Digital platforms, artificial intelligence, and blockchain technology are already making an impact, and the research published in journals like Bait Al-Mashura is essential for navigating these changes.
In recent years, Bait Al-Mashura Journal has published studies on fintech’s role in democratizing access to Islamic finance, particularly in emerging markets. With mobile banking and digital wallets becoming more prevalent, fintech provides an opportunity to bring Islamic finance to remote communities and underbanked populations. Additionally, blockchain’s potential to create transparent, secure, and efficient transactions aligns well with the values of Islamic finance, making it a promising area for future research.
Bait Al-Mashura Journal’s Legacy
Bait Al-Mashura Journal’s top ranking from ARCIF is more than just an accolade—it’s a recognition of the journal’s ongoing commitment to excellence in Islamic finance research. This Islamic finance journal has established itself as a beacon for academic rigor, industry relevance, and ethical integrity. With its high impact factor, Q1 classification, and ARCIF’s endorsement, Bait Al-Mashura Journal is set to remain a leading voice in the field.
As Islamic finance continues to grow globally, the role of credible, research-driven publications like Bait Al-Mashura will only become more important. These journals not only support the development of new financial products and services but also ensure that the industry remains rooted in the ethical principles that define it.
For students, academics, and professionals in the Islamic finance sector, Bait Al-Mashura Journal offers a reliable source of insights, analysis, and guidance. As Qatar and the world embrace the future of Islamic finance, Bait Al-Mashura Journal stands as a testament to the power of knowledge, research, and innovation in shaping a sustainable, inclusive, and ethical financial landscape.
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