Business Series

The Jordanian experience in codifying the provisions of Islamic financial transactions

Amjad S. Lataifah — 2026-07-03

The study aims to demonstrate the Jordanian experience in codifying contemporary Islamic financial transactions. It seeks to clarify the concept and origins of codification, examine its legitimacy within Islamic jurisprudence, and review the Jordanian legislative framework governing Islamic banking operations and Sukuk financing.

The study employs descriptive and inductive approaches to explore the concept and scope of codification in Islamic Fiqh. Furthermore, a historical method is utilized to track the legislation and legal documents that have governed financial transactions in Jordan, starting from the Ottoman era through to contemporary regulations.

The study finds that codification is the formulation of Sharia rulings into structured legal articles that are binding for judges to apply. The results indicate that Jordan continued to apply the Ottoman "Majallat al-Ahkam al-Adliyya" until 1976, before transitioning to national legislation such as the "Unified Financial Transactions Law" and the "Jordan Islamic Bank Law of 1978". The Jordanian experience is further distinguished by the issuance of the "Islamic Finance Sukuk Law" of 2012, which is regarded as one of the leading laws in its field.

The study emphasizes the importance of codification as a means to unify rulings and ensure the stability of financial transactions. It concludes that the Jordanian experience has succeeded in creating a legislative environment capable of keeping pace with economic development in accordance with Sharia principles. The study recommends linking these laws to the resolutions of International Islamic Fiqh Academies and the global standards of Islamic financial institutions.

The Impact of Strategic Physiognomy on Achieving Organizational Excellence: A Field Study at the Jordan Phosphate Mines Company

Mohammed A. Al-Abous — 2026-07-03

Strategic Physiognomy is considered a fundamental factor for achieving organizational excellence and ensuring sustainability in institutions, especially in the industrial extraction sector in Jordan, which faces a constantly changing global competitive environment.

This study aims to analyze the impact of Strategic Physiognomy (with its various dimensions: Deep Understanding, Mental Empowerment, and Inspirational Influence) on achieving Organizational Excellence (which includes Leadership Excellence, Subordinate Excellence, and Strategic Excellence). The study adopted the descriptive analytical method, where a questionnaire was developed and distributed to a sample of (378) employees at various administrative levels in the Jordan Phosphate Mines Company. Data analysis was performed to examine the effect between the study variables using Partial Least Squares Structural Equation Modeling (PLS-SEM) to test the hypotheses.

The results showed that Strategic Physiognomy significantly contributes to achieving Organizational Excellence, with Mental Empowerment emerging as one of the most influential factors. The results also demonstrated the importance of Deep Understanding and Inspirational Influence in building distinctive leadership and organizational capabilities that effectively drive the company toward superiority and leadership.

The study provides valuable insights for leaders and decision-makers to enhance excellence in major industrial companies through the development of Strategic Physiognomy skills among leadership cadres. The study recommends the necessity of adopting leadership practices that support empowerment and inspiration, and it opens the door for future research to explore the impact in different economic sectors and diverse contexts.

The Impact of Strategic Decision Effectiveness on Achieving Sustainable Development: Institutional Capacities as a Mediating Variable – A Field Study in King Hussein Bin Talal Development Area in Jordan

Yousef M. Al-Khazaaleh — 2026-07-03

The Impact of Strategic Decision Effectiveness on Achieving Sustainable Development: Institutional Capacity as a Mediating Variable – A Field Study in King Hussein Bin Talal Development Area in Jordan

Abstract

Hussein Bin Talal Development Area in Jordan.

The study included a comprehensive survey of managers in the upper and middle management levels, with 360 valid questionnaires analyzed. The study adopted the descriptive-analytical approach, and data analysis was performed using Partial Least Squares Structural Equation Modeling (PLS-SEM) via the SmartPLS.4 software.

Descriptive statistics results showed that the level of Strategic Decision Effectiveness (with a general mean of 4.06), Institutional Capacity (with a mean of 4.15), and Achieving Sustainable Development (with a mean of 4.13) were all rated high. Path analysis results revealed a strong, positive, and statistically significant direct effect among all variables. The path from Institutional Capacity to Sustainable Development recorded the highest path coefficient (0.997). The results confirmed that Institutional Capacity plays a partial mediation role (Partial Mediation) in the relationship between Strategic Decision Effectiveness and Achieving Sustainable Development, with an indirect effect of (0.890).

Based on these findings, the study recommended the necessity of intensifying efforts to develop Informational and Technological Capacity (ranked lowest in Institutional Capacity) and enhancing attention to the Environmental Dimension (ranked lowest in Sustainable Development), to ensure the continued effectiveness of strategic decisions in achieving a greater balance among the dimensions of sustainable development.

Keywords: Strategic Decision Effectiveness, Sustainable Development, Institutional Capacity, Partial Mediation, King Hussein Bin Talal Development Area.

Financial Crises and Their Impact on Financial Market Stability: An Analytical Study of the Jordanian Financial Market (2004–2023)

Baker Shnaikat — 2026-07-03

The current research aims to determine the impact of financial crises on the stability of financial markets. To achieve the study's objectives, a descriptive-analytical approach was employed, reviewing published reports and studies on the Jordanian financial market, as well as reports and publications from the Central Bank of Jordan, the Jordan Securities Commission, and the Association of Banks in Jordan.
A regression model analysis was also conducted. The results showed that financial crises have a negative impact on Jordan's GDP, slowing the growth of per capita GDP. Supply chains were disrupted during the COVID-19 pandemic, leading to a decrease in demand for Jordanian exports. Financial crises also had a significant negative impact on Jordan's external debt ratio, increasing it to a certain level. Furthermore, financial crises negatively affected interest rates in Jordan, impacting capital flows and investor confidence. Finally, the results demonstrated that trading volume in the Jordanian financial market was directly affected by global and regional financial crises, declining during these crises due to decreased confidence among both local and foreign investors. The study recommended the need to conduct further studies on the impact of financial crises and their effect on the stability of financial markets in neighboring countries and the Jordanian financial market, and to make a comparison between them.

The Impact of the Juristic Characterization Change of the Letter of Guarantee on Contemporary Applications in Jordanian Islamic Banks

أمجد لطايفه — 2026-07-06

This study aimed to demonstrate the impact of the change in the juristic characterization (takyeef fiqhi) of the letter of guarantee on contemporary applications in Jordanian Islamic banks.

The study adopted the inductive and analytical approach; it was divided into three sections covering the concepts and juristic characteristics of the letter of guarantee, its classification among jurists, and finally analyzing contemporary applied models in Jordan Islamic Bank and Islamic International Arab Bank.

The study found that the letter of guarantee remains a guarantee (kafalah) even if fully covered; therefore, it is prohibited to charge a fee for the guarantee process itself, while the bank is permitted to charge a commission for agency (wakalah) services in payment or to cover the actual administrative expenses for issuing the letter.

The study concludes that Jordanian Islamic banks follow a balanced approach that combines Shariah controls and practical needs by characterizing the letter as a legitimate guarantee supported by a paid agency, ensuring the compatibility of the approved models with the objectives of Shariah in protecting rights and facilitating contemporary financial transactions

The Role of the Digital Economy in Reducing Unemployment Rates in Jordan: An Econometric Study for the Period (2000-2024)

Faeq M. Alnugrush — 2026-07-03

This study aimed to examine the role of the digital economy in reducing unemployment rates in Jordan during the period 2000–2024. It specifically analyzed the impact of several digital economy indicators—namely, mobile cellular subscriptions (per 100 people), fixed broadband subscriptions (per 100 people), the percentage of internet users in the total population, and e-commerce—on the unemployment rate in Jordan. The analysis employed the Canonical Cointegration Regression (CCR) method to estimate long-run relationships among the variables.
The results of the study revealed a statistically significant inverse relationship at the 5% significance level between the unemployment rate and each of the following indicators: mobile cellular subscriptions (per 100 people), fixed broadband subscriptions (per 100 people), and e-commerce. Conversely, a statistically significant positive relationship was found at the 5% significance level between the percentage of internet users in the population and the unemployment rate.
The study recommends enhancing and expanding digital and financial inclusion programs targeting underserved groups (such as youth, women, and residents of remote areas) to transform mobile phone proliferation into effective drivers of entrepreneurship and income generation. Furthermore, it is crucial to accelerate investment in high-speed fixed internet infrastructure and align it with a national strategy to attract high-value-added digital investments that create quality employment opportunities.

The Impact of Organizational Integrity on Strategic Performance: A field study in the General Directorate of Education in Al-Jawf Region, Kingdom of Saudi Arabia

Abdul Rahman M. Al-Hamoud — 2026-07-03

Abstract

The study aimed to measure the impact of organizational integrity on strategic performance in the General Directorate of Education in the Al-Jawf region . the study population consisted of employees (2820). The random sampling method was adopted, (372) respondents. The SPSS program was used to analyze the primary data. The study concluded that the level of organizational integrity and strategic performance was high, and there was a statistically significant impact of organizational integrity and its dimensions on strategic performance. The recommended integrating the values of organizational integrity into the strategic plan and institutional performance indicators, and linking performance evaluation to commitment to organizational values.

The Impact of Strategic Awareness on Sustainable Competitive Advantage:

Adel Awad Al-Sarhani — 2026-07-03

The study aimed to measure the impact of strategic awareness on sustainable competitive advantage at King Khalid University in Saudi Arabia. The study population consisted of 448 university managers. A census approach was used, resulting in a sample of 382 respondents. SPSS software was used to analyze the data. The study results showed a high level of strategic awareness and sustainable competitive advantage, indicating a statistically significant impact of strategic awareness on sustainable competitive advantage.

The study recommended linking strategic awareness to achieving sustainable competitive advantage by integrating strategic awareness indicators into the institutional performance evaluation system and linking strategic initiatives to measurable outputs in the areas of efficiency, quality, and excellence.