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Current Issues in Islamic and Finance: Resilience and Stability in the Present System - Dissertation Example

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3. Methodology Introduction Within finance and accounting research, there is certainly a preoccupation with the need for quantitative research and numerical documentation of data and financial fluctuations in order to form a coherent picture. Yet there are a variety of methodologies, particularly qualitative that are necessary in order to form a complete conceptual picture necessary during the course of the financial research…
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Current Issues in Islamic and Finance: Resilience and Stability in the Present System
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Download file to see previous pages An exploration of financial research methodology from a comprehensive perspective is necessary in order to develop the most advantageous context by which conclusions can be reached pertaining to this subject. Qualitative case research has a role in the financial fields, qualitative studies as well as quantitative can be understood in terms of a larger framework of research methodology spanning a range from subjective methods guiding the general direction of the quantitative data, to positivist methodologies. Either qualitative or quantitative only methods have theoretical problems and limitations in the finance and accounting fields, and it is necessary for both frames of reference to balance each other to gain a comprehensive point of view. Raw numbers are insufficient in order to produce a definitive conclusion regarding any field dependent upon human behavior and perception. To answer financial questions in terms of banking strategy for the Seychelles, there is a necessity to attain demographic and historical background information, as described in chapter 1 pursuant to a thorough methodology. Any methodology attempting to address questions of policy – as the introduction of a new Islamic banking framework would entail, must assemble factual information allowing for a greater understanding of the social and economic forces at work in the territory in question. 3.1 Research Design Regardless of whether the approach is more qualitative or quantitative as much systematization as possible in terms of the methodology is essential. With respect to the qualitative factual data used in this assignment to analyze the financial prospects of banking on the Seychelles it is helpful to employ primarily qualitative measures. A useful example underscoring the objective of this methodology is the grounded theory approach described by Holland (2001). In this form of approach there is an iterative reciprocity in terms of the relationship between the collection of the data, the analysis and subsequent theories. The researcher must analyze interviews, or in this case survey items as a way to supplement the qualitative portions of this study by identifying similarities or categories in terms of the responses. The researcher will identify separate lines of thought as expressed in the survey items included as part of this analysis in order to create the theoretical frame of reference described previously. In this method, the researcher will employ largely exploratory methods stemming from a major area of study as opposed to a pre-existing theory. The purpose of the factual data that will be assembled in addition to the survey items will create a body of knowledge from which later theories can emerge upon characterization of the proper context. Using the grounded method, the researcher does not suffer from the temptation to alter facts in order to fit a pre-existing theory; rather the data must be assembled from which a theory will emerge later. For the purposes of this analysis, the survey data will be combined with the qualitative historical and contextual information derived from demographic and economic research into the economies of countries utilizing Islamic finance systems, as compared with that of the Seychelles islands. The data becomes ...Download file to see next pagesRead More
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