Prof. Dr. Shamsher Mohamad Ramadili Mohd
Qualification: Ph.D.in Finance, University of Glasgow, Scotland, U.K. (1990)
Fields/Area of Specialization: Accounting;Finance
Prof. Dr. Shamsher holds a PhD in Finance from University of Glasgow in Scotland. Prior to INCEIF, he taught Finance courses at both undergraduate and graduate level at University Putra Malaysia (UPM). He served UPM for 30 years starting as a tutor in the same faculty in 1980. In 2012, he joined INCEIF as a Professor in Finance and Accounting. His areas of interest are accounting and finance. He is currently the Director of BNP-Paribas-INCEIF Centre for Islamic Asset and Wealth Management.

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Showing results 1 to 10 of 62
  • banking_liquidity_and_stock_market_prices_three_countries_in_ASEAN_tin_ariff_shamsher.pdf.jpg
  • Journal Article


  • Tin-fah, Chung; Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad (2017)

  • This paper reports evidence of a banking liquidity impact on stock prices in the three Asean countries. Banking liquidity impacts suggested by Friedman is yet to be fully investigated nor verified despite several attempts. If improved liquidity of banks leads to credit expansion, which in turn leads to more positive net present value projects undertaken by firms, earnings of the latter must go up, and hence the share prices should rise. This link is worth an investigation. According to an influential of the US stock market, up to 52% of share returns are due to changes in the macro economy. Using a 3-equation structural model as well as employing corrections for cross-section dependence, we examine the link between money supply, liquidity and stock prices over 2001:4Q and 2012:2Q in thr...

  • item.jpg
  • Journal Article


  • Ariff, Mohamed; Cheng, Fan Fah; Ramadili Mohd, Shamsher Mohamad (2017)

  • This paper reports evidence of significant abnormal returns in call and put options in the New York Stock Exchange around the disclosure time of two equity funding events. The delta values as risk of options are used to adjust gross returns of calls and puts to obtain adjusted abnormal returns. Theory suggests any stock price increases around private placement announcement dates would make calls to become in-the-money, so call prices should increase: conversely, puts would become out-of-money so put prices should be unaffected. Stock price declines around seasoned equity announcement dates would make put prices to increase since puts become in-the-money: call prices, having become out-of-money, would not change. Further, if the spot to the derivative market price impact is due to both m...

  • IF_Hub_Issue_3_Flow_performance_relationship_Chaudhari_Shamsher_Eskandar.pdf.jpg
  • Newsletter & Bulletin


  • Naeem Azmi, Choudhari Wajahat; Ramadili Mohd, Shamsher Mohamad; Mohd Rasid, Mohamed Eskandar Shah (2017)

  • The motivation to examine flow-performance relationship of Shariah compliant funds (SCFs) and Socially responsible funds (SRFs) is that investors investing in these two funds have certain non-financial motives such as religious, ethical, environmental etc. Renneboog et al., (2011) explained that more the investor is averse to certain non-ethical or non-religious corporate behavior the more satisfaction he/she gets by investing in the funds that are in line with his/her ethical or religious position. The above conjecture that the SRF and SCF investors chose funds based on a dual objective of socially responsible/religious investing and financial gains is in line with the way generally these funds advertise their funds emphasizing the importance of socially responsible/religious investing.

  • effectiveness_shariah_committees_Malaysian_Islamic_financial_institutions_practical_perspective_shamsher_zulkarnain.pdf.jpg
  • Journal Article


  • Ramadili Mohd, Shamsher Mohamad; Muhammad Sori, Zulkarnain (2016-07-13)

  • An effective system of rules, practices and processes by which Islamic Financial Institutions (IFIs) are directed and controlled to ensure their business operations are Shariah-compliant has important implications on their reputation and their future growth. The Shariah Committee is a mandated requirement by the central bank on every Islamic Financial Institution (IFI) to ensure the expected level of Shariah-compliance in their business operations. Unlike their conventional counterparts that focus only on maximizing the wealth of shareholders, IFIs has an extra responsibility to protect the interests of all stakeholders (including shareholders) and ensure that no injustice of any kind is committed to any stakeholder. In performing their responsibilities, the Shariah Committees experienc...

  • challenges_facing_shariah_committees_malaysian_islamic_financial_institutions_shamsher.pdf.jpg
  • Journal article


  • Ramadili Mohd, Shamsher Mohamad; Muhammad Sori, Zulkarnain; Mohd Rasid, Mohamed Eskandar Shah (2016)

  • An effective system of rules, practices and processes by which Islamic Financial Institutions (IFIs) are directed and controlled to ensure their business operations are Shariah-compliant, which has important implications on their reputation, Shariah governance and the future growth of Islamic finance industry. Sixteen Chairmen of the Shariah Committees of Islamic financial institutions in Malaysia were interviewed on the challenges faced in carrying out their responsibilities and theri views on effective Shariah Committees. This paper summarizes the various challenges faced by Shariah committees in Islamic financial institutions in Malaysia.

  • Issues_in_the_Malaysian_waqf_system_shamsher_ariff.pdf.jpg
  • Newsletter & Bulletin


  • Ramadili Mohd, Shamsher Mohamad; Ariff, Mohamed (2016)

  • After 250 years of unbridled pursuit of laissez faire, cross-border free trade via open economy theories and unbridled capitalism over the last four decades, a watershed appears to have been reached at the start of the 21-st century. Mercantilism of the 18-19-th centuries gave way to an open economy model of freer trade in goods and services. The last 40 years saw the dismantling of barriers to financial trade as well. These moves have led to unbridled private pursuit of wealth creation supposedly meant to lead to greater human welfare. Despite the creation of wealth, the dismantling of laws since the Reagan-Thatcher brand of capitalism took root, the wealth inequality has gone to the level existing some 180 years ago: see The Economist (October, 2012). Wealth inequality has started to ...

  • handbook of investable world bond markets.pdf.jpg
  • Book


  • Ariff, Mohamed; Cheng, Fan Fah; Ramadili Mohd, Shamsher Mohamad (2016)

  • This book identifies how the major and some minor bond markets reacted to interest rate increases and decreases over the recent few years. As every investor knows excessive borrowings relative to the ability to service loans constitute sovereign debt crisis, and it is not limited only to developing countries as shown by the fall in bond values of profligate borrowers such as the Greece. This book is on the pricing of sovereign debt in 17 bond markets across the developed world, ones that have received most of the investors' money as investments. Available in physical copy only (Call Number: fp HG 4651 M697H)

  • Socially_responsible_or_Shariah_compliant_wajahat_shamsher_eskandar.pdf.jpg
  • Newsletter & Bulletin


  • Naeem Azmi, Choudhari Wajahat; Ramadili Mohd, Shamsher Mohamad (2016)

  • The mutual fund industry observed a remarkable growth of two distinct types of mutual funds during the last two decades, namely, Shariah-compliant funds (SCFs) and Socially responsible funds (SRFs). These alternative investment avenues were created for investors who are keen on investments that are Shariah-compliant and have better ethical standards than conventional funds. To fulfil these needs, the funds' investment strategies incorporate specific non-financial screening criteria based on ethical and religious guidelines, besides the typical risk-return financial screening.

  • Financial_innovation_and_riding_the_Fintech_wave_ziyaad_shamsher.pdf.jpg
  • Newsletter & Bulletin


  • Mahomed, Ziyaad; Ramadili Mohd, Shamsher Mohamad (2016)

  • Recent success in the technology sector has witnessed the transformation of start-up companies with relatively small or no seed capital into billion-dollar companies within a very short-space of time. The application of technology in the financial sector has 'disrupted' the traditional "brick-and-mortar" style distribution channels and if not embraced would cause the current financial sector to lose a substantial (estimated between 20 to 40%) portion of their businesses to the firms using 'fintech'.

  • challenges_facing_shariah_committees_malaysian_islamic_financial_institutions_shamsher.pdf.jpg
  • Journal Article


  • Ramadili Mohd, Shamsher Mohamad; Muhamad Sori, Zulkarnain; Mohd Rasid, Mohamed Eskandar Shah (2016)

  • An effective system of rules, practices and processes by which Islamic Financial Institutions (IFIs) are directed and controlled to ensure their business operations are Shariah-compliant, which has important implications on their reputation, Shariah governance and the future growth of Islamic finance industry. Sixteen Chairmen of the Shariah Committees of Islamic financial institutions in Malaysia were interviewed on the challenges faced in carrying out their responsibilities and theri views on effective Shariah Committees. This paper summarizes the various challenges faced by Shariah committees in Islamic financial institutions in Malaysia.

Prof. Dr. Shamsher Mohamad Ramadili Mohd
author picture
Qualification: Ph.D.in Finance, University of Glasgow, Scotland, U.K. (1990)
Fields/Area of Specialization: Accounting;Finance
Prof. Dr. Shamsher holds a PhD in Finance from University of Glasgow in Scotland. Prior to INCEIF, he taught Finance courses at both undergraduate and graduate level at University Putra Malaysia (UPM). He served UPM for 30 years starting as a tutor in the same faculty in 1980. In 2012, he joined INCEIF as a Professor in Finance and Accounting. His areas of interest are accounting and finance. He is currently the Director of BNP-Paribas-INCEIF Centre for Islamic Asset and Wealth Management.
Showing results 1 to 10 of 62
  • banking_liquidity_and_stock_market_prices_three_countries_in_ASEAN_tin_ariff_shamsher.pdf.jpg
  • Journal Article


  • Tin-fah, Chung; Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad (2017)

  • This paper reports evidence of a banking liquidity impact on stock prices in the three Asean countries. Banking liquidity impacts suggested by Friedman is yet to be fully investigated nor verified despite several attempts. If improved liquidity of banks leads to credit expansion, which in turn leads to more positive net present value projects undertaken by firms, earnings of the latter must go up, and hence the share prices should rise. This link is worth an investigation. According to an influential of the US stock market, up to 52% of share returns are due to changes in the macro economy. Using a 3-equation structural model as well as employing corrections for cross-section dependence, we examine the link between money supply, liquidity and stock prices over 2001:4Q and 2012:2Q in thr...

  • item.jpg
  • Journal Article


  • Ariff, Mohamed; Cheng, Fan Fah; Ramadili Mohd, Shamsher Mohamad (2017)

  • This paper reports evidence of significant abnormal returns in call and put options in the New York Stock Exchange around the disclosure time of two equity funding events. The delta values as risk of options are used to adjust gross returns of calls and puts to obtain adjusted abnormal returns. Theory suggests any stock price increases around private placement announcement dates would make calls to become in-the-money, so call prices should increase: conversely, puts would become out-of-money so put prices should be unaffected. Stock price declines around seasoned equity announcement dates would make put prices to increase since puts become in-the-money: call prices, having become out-of-money, would not change. Further, if the spot to the derivative market price impact is due to both m...

  • IF_Hub_Issue_3_Flow_performance_relationship_Chaudhari_Shamsher_Eskandar.pdf.jpg
  • Newsletter & Bulletin


  • Naeem Azmi, Choudhari Wajahat; Ramadili Mohd, Shamsher Mohamad; Mohd Rasid, Mohamed Eskandar Shah (2017)

  • The motivation to examine flow-performance relationship of Shariah compliant funds (SCFs) and Socially responsible funds (SRFs) is that investors investing in these two funds have certain non-financial motives such as religious, ethical, environmental etc. Renneboog et al., (2011) explained that more the investor is averse to certain non-ethical or non-religious corporate behavior the more satisfaction he/she gets by investing in the funds that are in line with his/her ethical or religious position. The above conjecture that the SRF and SCF investors chose funds based on a dual objective of socially responsible/religious investing and financial gains is in line with the way generally these funds advertise their funds emphasizing the importance of socially responsible/religious investing.

  • effectiveness_shariah_committees_Malaysian_Islamic_financial_institutions_practical_perspective_shamsher_zulkarnain.pdf.jpg
  • Journal Article


  • Ramadili Mohd, Shamsher Mohamad; Muhammad Sori, Zulkarnain (2016-07-13)

  • An effective system of rules, practices and processes by which Islamic Financial Institutions (IFIs) are directed and controlled to ensure their business operations are Shariah-compliant has important implications on their reputation and their future growth. The Shariah Committee is a mandated requirement by the central bank on every Islamic Financial Institution (IFI) to ensure the expected level of Shariah-compliance in their business operations. Unlike their conventional counterparts that focus only on maximizing the wealth of shareholders, IFIs has an extra responsibility to protect the interests of all stakeholders (including shareholders) and ensure that no injustice of any kind is committed to any stakeholder. In performing their responsibilities, the Shariah Committees experienc...

  • challenges_facing_shariah_committees_malaysian_islamic_financial_institutions_shamsher.pdf.jpg
  • Journal article


  • Ramadili Mohd, Shamsher Mohamad; Muhammad Sori, Zulkarnain; Mohd Rasid, Mohamed Eskandar Shah (2016)

  • An effective system of rules, practices and processes by which Islamic Financial Institutions (IFIs) are directed and controlled to ensure their business operations are Shariah-compliant, which has important implications on their reputation, Shariah governance and the future growth of Islamic finance industry. Sixteen Chairmen of the Shariah Committees of Islamic financial institutions in Malaysia were interviewed on the challenges faced in carrying out their responsibilities and theri views on effective Shariah Committees. This paper summarizes the various challenges faced by Shariah committees in Islamic financial institutions in Malaysia.

  • Issues_in_the_Malaysian_waqf_system_shamsher_ariff.pdf.jpg
  • Newsletter & Bulletin


  • Ramadili Mohd, Shamsher Mohamad; Ariff, Mohamed (2016)

  • After 250 years of unbridled pursuit of laissez faire, cross-border free trade via open economy theories and unbridled capitalism over the last four decades, a watershed appears to have been reached at the start of the 21-st century. Mercantilism of the 18-19-th centuries gave way to an open economy model of freer trade in goods and services. The last 40 years saw the dismantling of barriers to financial trade as well. These moves have led to unbridled private pursuit of wealth creation supposedly meant to lead to greater human welfare. Despite the creation of wealth, the dismantling of laws since the Reagan-Thatcher brand of capitalism took root, the wealth inequality has gone to the level existing some 180 years ago: see The Economist (October, 2012). Wealth inequality has started to ...

  • handbook of investable world bond markets.pdf.jpg
  • Book


  • Ariff, Mohamed; Cheng, Fan Fah; Ramadili Mohd, Shamsher Mohamad (2016)

  • This book identifies how the major and some minor bond markets reacted to interest rate increases and decreases over the recent few years. As every investor knows excessive borrowings relative to the ability to service loans constitute sovereign debt crisis, and it is not limited only to developing countries as shown by the fall in bond values of profligate borrowers such as the Greece. This book is on the pricing of sovereign debt in 17 bond markets across the developed world, ones that have received most of the investors' money as investments. Available in physical copy only (Call Number: fp HG 4651 M697H)

  • Socially_responsible_or_Shariah_compliant_wajahat_shamsher_eskandar.pdf.jpg
  • Newsletter & Bulletin


  • Naeem Azmi, Choudhari Wajahat; Ramadili Mohd, Shamsher Mohamad (2016)

  • The mutual fund industry observed a remarkable growth of two distinct types of mutual funds during the last two decades, namely, Shariah-compliant funds (SCFs) and Socially responsible funds (SRFs). These alternative investment avenues were created for investors who are keen on investments that are Shariah-compliant and have better ethical standards than conventional funds. To fulfil these needs, the funds' investment strategies incorporate specific non-financial screening criteria based on ethical and religious guidelines, besides the typical risk-return financial screening.

  • Financial_innovation_and_riding_the_Fintech_wave_ziyaad_shamsher.pdf.jpg
  • Newsletter & Bulletin


  • Mahomed, Ziyaad; Ramadili Mohd, Shamsher Mohamad (2016)

  • Recent success in the technology sector has witnessed the transformation of start-up companies with relatively small or no seed capital into billion-dollar companies within a very short-space of time. The application of technology in the financial sector has 'disrupted' the traditional "brick-and-mortar" style distribution channels and if not embraced would cause the current financial sector to lose a substantial (estimated between 20 to 40%) portion of their businesses to the firms using 'fintech'.

  • challenges_facing_shariah_committees_malaysian_islamic_financial_institutions_shamsher.pdf.jpg
  • Journal Article


  • Ramadili Mohd, Shamsher Mohamad; Muhamad Sori, Zulkarnain; Mohd Rasid, Mohamed Eskandar Shah (2016)

  • An effective system of rules, practices and processes by which Islamic Financial Institutions (IFIs) are directed and controlled to ensure their business operations are Shariah-compliant, which has important implications on their reputation, Shariah governance and the future growth of Islamic finance industry. Sixteen Chairmen of the Shariah Committees of Islamic financial institutions in Malaysia were interviewed on the challenges faced in carrying out their responsibilities and theri views on effective Shariah Committees. This paper summarizes the various challenges faced by Shariah committees in Islamic financial institutions in Malaysia.