كفاءة رأس المال الفكري، والحوكمة الشرعية، والاستقرار المالي في المصارف الإسلامية : أدلة من بعض الدول الإسلامية في آسيا

Abstract

In the dynamic landscape of Islamic banking and finance, the management of intellectual capital in light of Shariah governance within these financial institutions emerges as an essential aspect influencing their long-term financial stability. While the importance of intellectual capital in improving organizational performance has been well documented in conventional banking, its nuanced role and impact in the context of Islamic banks have not yet been studied. To address this issue, the current study has contributed threefold to the examination of the financial stability of Islamic banks. First, this study investigates the impact of intellectual capital efficiency on the financial stability of Islamic banks. Second, it evaluates the impact of Shari'ah governance on the financial stability of Islamic banks. Third, it examines the moderating effect of Shari'ah governance on the relationship between intellectual capital efficiency and the financial stability of Islamic banks. For this, the present research uses a sample of 124 Islamic banks from 24 Muslim countries in Asia during the period from 2012 to 2021. This study employed the 2SYS-GMM estimation technique to evaluate the influence of intellectual capital efficiency and Shariah governance on the financial stability of Islamic banks. The results indicate that structural capital efficiency (SCE) and relational capital efficiency (RCE) have a positive and significant relationship, but human capital efficiency (HCE) has a negative relationship with the financial stability of Islamic banks. Similarly, Shariah board size (SBS), Shariah board education (SBE), and Shariah board professionalism (SBP) have a positive and significant relationship with the financial stability of Islamic banks. The finding highlighted the importance of Shariah governance to attain financial stability in Islamic banks. Thus, in the moderating role of Shariah governance, HCE turned into positive and significant along with other SCE and RCE to attain financial stability in Islamic banks. This remarkable change reflects the influential role of Shariah governance in moderating the relationship between intellectual capital efficiency and the financial stability of Islamic banks. The finding highlighted the importance of robust Shariah governance fostering an environment conducive to optimizing the benefits of human capital investments in Islamic banks. These findings lend support to the resource dependence theory, where Shariah boards were enhancing the intellectual capital efficiency to attain financial stability in Islamic banks. Based on the findings of this study, it is envisaged that this study will benefit the research community, having incorporated different areas of research into one model. This study suggests that management and other regulatory and policymaker bodies must recognize the efficient use of intellectual capital resources, along with Shariah governance, in improving the financial stability of Islamic banks.