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The possibilities of community redevelopment with Islamic finance

The possibilities of community redevelopment with Islamic finance PurposeThe purpose of this paper is to explore the application of a profit and loss sharing approach to tax increment financing (TIF) districts in the USA.Design/methodology/approachA survey based on this approach was distributed to representatives of community redevelopment authorities (CRAs) in the State of Florida to ascertain practitioner feedback.FindingsAlthough a majority of the respondents did not feel it was possible for political, economic and legal reasons, some did feel that it was a practical, reasonable and sustainable approach to financing projects for economic development. Some responses were correlated, with others indicating that certain beliefs framed their answers to the questions.Research limitations/implicationsThe surveys were only distributed to CRAs in the State of Florida. Future research will need to include other CRAs in other states to make the findings more generalizable. In addition, the results are merely descriptive and are not an assessment of a successful application.Practical implicationsThe need for more development in blighted areas of many cities across the USA will put emphasis on innovative approaches in financing this. The growth of Islamic finance in the USA and the regulatory framework for it might open a doorway for its application in this area.Originality/valueThis is the first attempt to apply an Islamic financing methodology to local economic development in the USA, with practitioner feedback. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Islamic Accounting and Business Research Emerald Publishing

The possibilities of community redevelopment with Islamic finance

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References (20)

Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
1759-0817
DOI
10.1108/JIABR-07-2016-0086
Publisher site
See Article on Publisher Site

Abstract

PurposeThe purpose of this paper is to explore the application of a profit and loss sharing approach to tax increment financing (TIF) districts in the USA.Design/methodology/approachA survey based on this approach was distributed to representatives of community redevelopment authorities (CRAs) in the State of Florida to ascertain practitioner feedback.FindingsAlthough a majority of the respondents did not feel it was possible for political, economic and legal reasons, some did feel that it was a practical, reasonable and sustainable approach to financing projects for economic development. Some responses were correlated, with others indicating that certain beliefs framed their answers to the questions.Research limitations/implicationsThe surveys were only distributed to CRAs in the State of Florida. Future research will need to include other CRAs in other states to make the findings more generalizable. In addition, the results are merely descriptive and are not an assessment of a successful application.Practical implicationsThe need for more development in blighted areas of many cities across the USA will put emphasis on innovative approaches in financing this. The growth of Islamic finance in the USA and the regulatory framework for it might open a doorway for its application in this area.Originality/valueThis is the first attempt to apply an Islamic financing methodology to local economic development in the USA, with practitioner feedback.

Journal

Journal of Islamic Accounting and Business ResearchEmerald Publishing

Published: Mar 4, 2019

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