Last Thursday, I conducted a Research Workshop on Qualitative Research for the researchers of ISRA. If we examine the past literature on Islamic finance, there are many quantitative theoretical and empirical research such as on performance and efficiency, consumer behaviour, managerial aspects of Islamic financial institutions etc. have been undertaken and published. There are also many `Qualitative Textual Research' in Islamic finance especially on Shariah and legal issues. However, there are very few research that have been done using `Qualitative Social Research' in Islamic finance.
The nature of Qualitative Social Research' can be summed up as follows:
“Data consist of descriptions and accounts provided by participants in the research site, together with the researcher’s observations on activities and interactions and the context in which they take place. Data must be collected over an extended period of time so that processes can be recorded…The researcher, in general, does not seek to test prior hypothesis. Rather he, or she seeks to theorize through the data in an inductive manner. Analysis of the data is itself an emergent process. The researcher seeks gradually to develop empathy with the data, to understand what they tell of participants’ realities and the process through which they unfold. The researcher must constantly construct alternative interpretations until he or she is satisfied that the representation is a faithful account. Interpretations must be grounded in context and consistent with the chronological ordering of events and interactions. Finally, the results must be represented in such a way that the reader can independently judge their credibility." (Dent, J, 1991. “Accounting and Organizational Culture”, Journal of Accounting Organizations and Society)
The usefulness of Qualitative Social Research is normally to assist researchers in discovering personal experiences and values such as religious conviction, behavior, culture etc. It is also useful to uncover and understand what lies behind the complex human, organizational or societal phenomenon. Qualitative data can give intricate details of the phenomenon and help to develop new research hypotheses/propositions. Another strength of this type of research is the richness and in-depth research findings.
The Qualitative Social Research can be utilised in Islamic finance in a variety of ways such as:
The nature of Qualitative Social Research' can be summed up as follows:
“Data consist of descriptions and accounts provided by participants in the research site, together with the researcher’s observations on activities and interactions and the context in which they take place. Data must be collected over an extended period of time so that processes can be recorded…The researcher, in general, does not seek to test prior hypothesis. Rather he, or she seeks to theorize through the data in an inductive manner. Analysis of the data is itself an emergent process. The researcher seeks gradually to develop empathy with the data, to understand what they tell of participants’ realities and the process through which they unfold. The researcher must constantly construct alternative interpretations until he or she is satisfied that the representation is a faithful account. Interpretations must be grounded in context and consistent with the chronological ordering of events and interactions. Finally, the results must be represented in such a way that the reader can independently judge their credibility." (Dent, J, 1991. “Accounting and Organizational Culture”, Journal of Accounting Organizations and Society)
The Qualitative Social Research can be utilised in Islamic finance in a variety of ways such as:
- Understanding the Shari’ah, the managerial, marketing or/and accounting issues and practices in IFIs
- Corporate and organizational culture in IFIs
- Culture of Shari’ah compliance in different types of IFIs
- Shari’ah compliance from the different views of stakeholders
- Corporate and Shari’ah governance in IFIs
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