A shared boundary object: Financial innovation and engineering in Islamic financial institutions |
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| Authors: | Samir Alamad Nunung Nurul Hidayah Alan Lowe |
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| Affiliation: | 1. Al Rayan Bank, UK;2. Accounting Department, Southampton Business School, University of Southampton, UK;3. School of Accounting, RMIT University, Australia;4. RMIT Business and Human Rights Centre, Australia |
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| Abstract: | This paper explores the way in which ethico-faith-based rules act as a boundary object in constraining the process of financial innovation and engineering (FIE) in Islamic Financial Institutions (IFIs). The paper examines how this faith-based approach is enacted in the FIE process amid different social worlds and groups that cooperate without consensus within IFIs. We contribute to studies of governance in faith-based organizations, by identifying the plasticity of faith-based rules that act as boundary objects in the governance of the FIE process. The plasticity of ethico-faith based rules allows coordination among local and global actors with intersecting faith-based values, logics, and interests. IFIs ensure that the products of FIE become an integral part of and as compatible as possible with the logics of global financial markets. |
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| Keywords: | Islamic financial institutions Governing innovation Financial engineering Ethico-faith-based rules Boundary object plasticity |
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