Papers by Lukman A Olorogun
International Journal of Economics and Empirical Research, 2015
Purpose: Recently, ethics have become an essential marketing tool. Both conventional and Islamic ... more Purpose: Recently, ethics have become an essential marketing tool. Both conventional and Islamic financial institutions have claimed to have operates on ethical ground. In the wave of overlapping between these institutions, Islamic insurance has adopted “ethics†as its major marketing strategy or slogan in order to penetrate into the Muslims and non-Muslims insurance markets. Methodology: Using Islamic principles to present ethics in its business relegates Islamic law to ethics only. Thus, this study evaluates the existence of ethics in Islamic insurance. Whether such an ethical practice convincing enough to capture targeted markets? Findings: Results showed that the acclaimed ethics is religious value based ethics that would not be easily acceptable to the non-Muslims markets and consumers. In fact, the ethics were more superficial than its effects by usage of the funds. Recommendations: It was recommended that effective rating (pricing) system is an alternative way to penetrate into the non-Muslims’ markets and an efficient method of establishing ethical charging which is fundamental to Qur’anic contractual agreements.
Human brain is responsible for much of human activities such as reasoning, planning, speaking, mo... more Human brain is responsible for much of human activities such as reasoning, planning, speaking, movement, emotions, as well as problem solving. Understanding the mechanism that governs how the brain works is a research that now entails multidisciplinary approach. Though other primates do store and recall data, human brain processes information in a unique way. The modes of retaining and executing information in human brain are categorised into Short Term Memory, otherwise known as Working Memory, and Long Term Memory. The Qur’an is the only book that is most committed into memory by many people generations after generations for over 1400 years, regardless of age, gender, and ethnicity. Thus we have chosen the Qur’an and Huffaz (memorisers of the Qur’an) as the measurements of our study. We come up with a special model of the Qur’anic memorisation. We examine the role of human brain in sustaining the memorisation for long time which can easily be retrieved whenever the need arises. Keyword: Human brain, human memory, Qur’anic memorisation, huffaz
The study tries to establish a positive relationship between innovations in the financial service... more The study tries to establish a positive relationship between innovations in the financial services sector, rGDP and money demand in Nigeria. It tries to justify that greater economic wellbeing of Nigeria could be measured through rejuvenation of financial services that have been recorded in Nigeria over the periods under study. It is an excellent idea considering that fewer existing studies focus on this area. The author(s) are well grounded on the subject-matter and methodology to some extent, and the country. Generally, the study puts forward a wide range of knowledge from the beginning of the study until the end. The study is to some extent seems to be well arranged and well-connected to modern scientific approach. References are updated due to the fact that the area of study is an evolving research area. Conclusively, the study is relevant, however, needed a lot of amendments before it can be publishable. The work was poorly arranged in terms of usage of literature or citations to authenticate a claim or proposal, technically chronological citations are not well arranged. A lot of statements need clarifications. In other words, the study is full of statements that do not put forward complete or intended ideas. The study overly focused on Nigeria without recognition of global contributions, specifically the first world or advanced countries' academics and other stakeholders to the study area. Methodology is an open field which is not acceptable. Finally, the contribution of the study is missing which makes readability difficult. Nevertheless, the study brought forward some interesting knowledge on the cordial relationship between financial innovations, rGDP and money demand in Nigeria. Overall sections' arrangements violate standard empirical study procedures. Shortcomings of the study Title Impacts of innovations in financial services delivery on the macroeconomy in Nigeria This title did not reflect the phenomena the study was trying to resolve, and methods adopted. This is because "Macroeconomy" is too general and much too heavy to be studied in a single study.
Journal of the Knowledge Economy
International Journal of Islamic and Middle Eastern Finance and Management, 2015
Purpose – This paper aims to consider a contribution model of a general Islamic insurance industr... more Purpose – This paper aims to consider a contribution model of a general Islamic insurance industry which allowed the return of underwriting profit to the Islamic insurance participants. The objective is to create a justified and equitable means of computing contribution which maximises the expected ownership right of the Islamic insurance fund. Design/methodology/approach – The accumulation of funds and claims paid were characterised in form of accumulation and decay function over a period of time. It provides necessary and sufficient conditions for their existence and uniqueness. Mathematical derivative procedures were adopted to derive the underwriting returns to be returned to the Islamic insurance participants. Lastly, this paper recommends the incorporation of underwriting returns’ variable into the traditional actuarial model and provides theoretical justification for the process. Findings – Then, the derivation of underwriting returns through convolution of accumulated funds ...
International Journal of Islamic Thought, 2021
pq 1q2 q 3 q G,mn E Expressions for the divergent functions D pq 1q2 q 3 q mn F Coefficients of t... more pq 1q2 q 3 q G,mn E Expressions for the divergent functions D pq 1q2 q 3 q mn F Coefficients of the Darwin operator for the charm system
J. for Global Business Advancement, 2020
We explored spillover effects of Covid-19 on non-performing loans (NPLs) of the Turkish agricultu... more We explored spillover effects of Covid-19 on non-performing loans (NPLs) of the Turkish agricultural sector on the banking system. We used a monthly time series dataset covering the period December 2004 and April 2020. Diebold and Yilmaz index was used to establish the level of interconnectedness and Johansen and Juselius cointegration was adopted to uncover whether there is a long-run cointegration effect on spillovers among the series. The correlation results showed that there is some acceptable interconnectedness among the group. The results of the spillover index effects revealed a large spillover of the pandemic in the agriculture sector, followed by significant impacts on the ROE which is across the sectors under study. Overall, total spillover effect is 19.9%. Another unexplained effect of Covid-19 pandemic in this study is 80.1%, which might be a result of random noise in the dataset. Johansen cointegration revealed a long-run cointegration spillover of Covid-19 across sectors.
Deposit insurance is a measure implemented in many countries to protect bank depositors, in full ... more Deposit insurance is a measure implemented in many countries to protect bank depositors, in full or in part, from losses caused by a bank’s inability to pay debts when due. On the other hand, there have been a lot of discussions with regard to its permissibility from the Shariah point of view. This paper compares this concept between the conventional system and Shariah to see the similarities and differences between the two systems. The findings of the research show that many countries in the world implement deposit insurance system in their conventional system which is mostly associated with certain elements not permitted by Shariah. However, under the Islamic deposit insurance system, expenses acquired and any investments of the Islamic deposit insurance fund need to comply with Sharī`ah principles, whereby only permissible expenses are paid by the Islamic fund and the fund is invested in Islamic instruments. Moreover, under government regulation, the government effort to set up a...
Asian Social Science, 2015
Is insinuation one of the most influential phenomena in the early and continuous development of h... more Is insinuation one of the most influential phenomena in the early and continuous development of human behavior? Yes. Does previous scientific study give ample of time to understand unconsciousness and its manifestation from this point of view? No. As we have demonstrated in the following pages, insinuation does hold a high view in the divine scriptures as an opposite to inspiration. The scientific views on unconsciousness theory further ascertained its influence on human activities. A number of scientists however, denounced this clear evidence due to lack of laboratory prove of inspiration-cum-insinuation effects rather termed unconsciousness. In this essay, through dedicated analysis using both induction and deduction methods we showed that their theories failed to study unconsciousness from a holistic perspective. It only focused on those that have psychological and psychopathological problems in exclusion of reasonable human beings, thus, contained numerous errors that even contradicted their scientific findings. Following in-depth and dedicated analysis, we showed the influences of unseen phenomena that are beyond human control from Islamic philosophy viewpoints affirming earlier biblical claims of insinuation influences. We concluded by mentioning some of the physical evidences justified by the Islamic scripture "Qur'an" and some of the implications of these findings for certain aspects of the contemporary "inspiration and insinuation debates".
The Journal of Social Sciences Research, 2014
In the last decades, Muslim societies have experienced multiple processes of modernization, as an... more In the last decades, Muslim societies have experienced multiple processes of modernization, as an example, in the area of finance. This marked among other things, the rise of Islamic finance particularly Islamic insurance (takaful). As a consequence, the number of Muslim literates in finance has increased tremendously as well as the number of texts, concerning Islamic legal rulings on Islamic financial transactions which involve Islamic insurance engaged in these finances. At the same time, the Islamic insurance has been channeled to compete or totally eradicate conventional insurance in the new Muslim financial markets or at least in the Islamic countries, and these has triggered disputes among the scholars as to the viability and originality of the Islamic insurance. The disputes over the originality and viability of Islamic insurance to replace conventional insurance might contribute to the emergence, in the Muslim countries, of a tradition of scholarly debates that would stres...
Asian Journal of Research in Banking and Finance, 2013
Recent Islamic insurance (Takaful) Wakalah (agency) model studies have shown that the relationshi... more Recent Islamic insurance (Takaful) Wakalah (agency) model studies have shown that the relationship between the Islamic insurance participants and the operators is agency contract. The theory stated that the operator act as an agent of the participants to manage the Islamic insurance funds. Investigating the compatibility between the theory and the practice is an active area of research with the goal of obtaining a better understanding the neural network underlying the function of Islamic insurance. To investigate this, I examined published literature that defines Islamic insurance and the models with a dedicated analysis method and found indications that conclusions of the compatibility between the definition and Wakalah model may indeed be driven by inadequate attention and insufficient critical thinking/evaluation. Subsequent analysis of the alluded compatibility revealed that there is no such relevance between the definition and wakalah model. I come-up with a new definition, sta...
This study examined FDI and economic progress in Ghana. Using annualised time series data obtaine... more This study examined FDI and economic progress in Ghana. Using annualised time series data obtained from the World Bank over a period from 1984 to 2018, an ARDL approach was implemented. Our findings show that external factors affirm positive impact on FDI attraction and economic development. Specifically, inflation and population have a long and short run substantial impact on attraction of FDI into Ghana. Similarly, at the micro level, financial expansion in the financial sector exerts long- and short-term substantial positive effect on FDI attraction. A 1% rise in FDI inflow and population would result in 234% and 200% economic expansion in the long run. Financial development in the private sector, however, exerts a considerable effect in the short run. This implies a weak resilience against shock for FDI in the private sector. Overall, our model confirms FDI-led economic expansion in Ghana in the long-run. To sustain this, recommendation is policymakers should reduce total contro...
Academy of Accounting and Financial Studies Journal, 2018
International Journal of Economics and Financial Issues
Redefining the variables of macroeconomics requires the evaluation of the vital role the healthca... more Redefining the variables of macroeconomics requires the evaluation of the vital role the healthcare industry plays as an economic agent. The pharmaceutical industry constitutes a vital part of the healthcare industry. In this study, the evaluation of the performance of Julphar examined viability of such an agent. A 5-year financial ratio analysis was conducted based on the company's 5-year annual reports. The analyzed ratios were assets utilization, net profit margin, debt utilization, and the profitability ratios ROA and ROE. The overall findings showed that Julphar assets were underutilized meaning that their productivity is not optimal. ROA and ROE dropped-down consecutively, which means that the company's profitability was in question given its high debt-financing and a continuous increase in total operating expenses. This performance can affect the national and regional economic stability. It is recommended that Julphar scales down financing, debt acquisitions, and reduces its operating expenses while increasing its productivity by way of optimal assets utilization and redefined market segmentation. Market-driven projects are seen as the solution to most of its problems. Due to its position, Julphar plays important role in the national and regional economy. Future research should include other microeconomic agents such as micro-foundations in order to determine the far-reaching effects of financial performance on the economy.
Marketing and Management of Innovations
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International Journal of Islamic Thought
Ijarah mawsufah fi al-dhimmah (hereinafter referred to as IMAD), also known as forward ijarah¸ is... more Ijarah mawsufah fi al-dhimmah (hereinafter referred to as IMAD), also known as forward ijarah¸ is an Islamic financial product that involves the sale of an identified asset currently being produced or constructed for a future delivery such as a property, office, factory, and so forth. In the classical fiqh literature, it has been discussed under the general purview of leasing and forward sale contracts. However, in the context of modern Islamic finance practice Islamic banks and financial institutions have upheld its usage as an independent financial instrument. The contemporary scholars claim that except for Hanafi, other key fiqh schools consider IMAD as an Islamic financial product. The study is an attempt to prove that such a claim is merely based on assumption. Besides, it is motivated by lack of holistic study of Hanafi's original reference books. The methodology chosen for this study is content analysis of the relevant published literatures. The study finds that no classical scholars including those of Hanafi school of thought were in disagreement so far over the IMAD to consider it as an independent and standalone Islamic finance product. The study aims at reconciling scholars' different views on the issue of IMAD for its wider acceptance.
Academy of Accounting and Financial Studies Journal, 2018
Journal of Public Affairs
Journal of the Knowledge Economy
Poverty reduction and economic progress and development accentuate sustainability and growth. Thi... more Poverty reduction and economic progress and development accentuate sustainability and growth. This study explores a new model that specifies the FDI-led growth theory for the Rwandan economy. An annual time series data from 1970 to 2018 was obtained from the World Bank. The Johansen cointegration and ARDL approaches were used after realizing a varied order of integration from the stationarity test by adopting unit root tests. All variables were established to wield a positive impact on economic development except financial development from the financial sector which was significant in the short run but insignificant in the long run. Financial development from the private sector, exchange rate, consumer price index, gross domestic product, and population wield significant influence on FDI inflow for economic development, which implies that an improvement in these factors will equitably support economic growth. In principle, 1% improvement in the financial development from the private sector and exchange rate will produce a corresponding 397% and 78% increase advancement in FDI inflows in the long run. Averagely, financial development from the private sector, exchange rate, consumer price index, gross domestic product, and population are valuable to the economy of Rwanda. Therefore, we recommend that the relevant authority expand regional and global bilateral and partnership to enhance the economy to fully reap the benefits of engaging in globalization.
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Papers by Lukman A Olorogun