Dr. Mohamed Eskandar Shah Mohd Rasid
Qualification:Ph.D.in Finance, University of Nottingham, U.K (2012)
Fields/Area of Specialization:Asset Pricing, Portfolio Theory, Capital Structure and International Finance
Dr Mohamed Eskandar Shah Mohd Rasid holds a PhD in Finance from University of Nottingham, United Kingdom. Prior to joining INCEIF, he was an Assistant Professor at Department of Finance, Kulliyah of Economics and Management Sciences, IIUM. During his doctoral studies, he worked as a part time tutor at University of Nottingham and Nottingham Trent International College. His main research interests are in the area of asset pricing, portfolio theory, capital structure and international finance. He currently serves as Associate Dean for School of Graduate & Professional Studies (SGPS).

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Showing results 1 to 10 of 65
  • item.jpg
  • PhD


  • Authors: Tengku Zainal Abidin, Tengku Roziana (2019)

  • The world is striving towards eradicating poverty via inclusive growth. Financial inclusion is seen as an important tool towards getting the unbanked, poor population into the financial system. Does greater financial inclusion create financial stability? Engaging the less financially capable people into the financial system is not a risk-free undertaking. Relaxation of rules and regulations which trigger sub-prime crisis in 2007-2008 has proven that more exposure to 'unfit' borrowers may lead to financial instability. Our study focuses on OIC countries for the impressive growth of lslamic finance during the past decade where 95% of the assets reside in the majority-Muslims countries y...

  • item.jpg
  • Chapter in Book


  • Authors: Mohd Rasid, Mohamed Eskandar Shah; Uddin, Ajim; Chowdhury, Mohammad Ashraful Ferdous (2019)

  • The capital structure choices of a firm not only determine the current value of the firm, but also largely determine its long-term survival. Modigliani and Miller's seminal 1958 paper explicates conventional firms' capital structure choices. However, we are yet to develop a solid theoretical framework about the financing decisions of Islamic firms. This is a review chapter on current developments in the field of Islamic capital structure. The chapter starts with a short discussion about the various sources of capital and their advantages and disadvantages, followed by a detailed description of traditional capital structure theories and their real-world empirical evidence. Finally, it ...

  • ethical_investments_financial_performance_shamsher_eskandar.pdf.jpg
  • Journal Article


  • Authors: Naeem Azmi, Choudhari Wajahat; Ramadili Mohd, Shamsher Mohamad; Mohd Rasid, Mohamed Eskandar Shah (2019)

  • This paper examines the financial performance of ethical funds in different regions and concludes that there is a cost attached to ethical investing. An analysis of 964 mutual funds comprising of Socially responsible funds (SRFs) and the Shariah-compliant equity funds (SCFs) suggests that: a) except for global funds, both types of funds underperform in the market, b) both types of funds are preferred for investment in growth and momentum stocks, c) SRFs are preferred for small capitalized stocks whereas SCFs do not follow any specific style or investment strategy, d) unlike SRFs, SCFs do not provide a safe haven for investors during crises. These findings are probably due to the lack ...

  • the_substitution_hypothesis_agency_conflicts_shamsher_eskandar.pdf.jpg
  • Journal Article


  • Authors: Naeem Azmi, Choudhari Wajahat; Anwer, Zaher; Ramadili Mohd, Shamsher Mohamad; Mohd Rasid, Mohamed Eskandar Shah (2019)

  • According to the substitution hypothesis and recent evidence, firms that are better governed carry less debt and experience fewer agency problems. This may also imply that firms with lower debt are better governed and experience lower agency costs. We test this hypothesis by comparing the agency costs of Shariah compliant (SC, and therefore low debt) and Shariah noncompliant (SNC) firms, using a proprietary dataset comprising constituents of the Dow Jones Islamic index for the period 2006-2015. The findings support the hypothesis but are contingent on the firm's idiosyncratic risk; SC firms with low idiosyncratic risk have higher agency costs.

  • chapter 9_shariah_committees_shariah_governance_Zulkarnain et al.jpg.jpg
  • Chapter in Book


  • Authors: Muhamad Sori, Zulkarnain; Ramadili Mohd, Shamsher Mohamad; Mohd Rasid, Mohamed Eskandar Shah (2019)

  • This chapter discusses some challenges of Shariah Committees In Islamic financial institutions in dispensing their responsibilities in mitigating the non-compliance risks. The concept of shariah governance has its foundation in the Qur'an and the Sunnah. Shariah (which literally means "the way") is the divinely ordained guidelines of conduct for Muslims in all aspects of their life, which includes financial matters. Any form of transaction, irrespective of financial or otherwise, must be free of any element of injustice to the transacting parties. For financial transactions, any elemerit or form of activity that could be construed as 'riba' or injustice to any of the participants in t...

  • chapter 8_application_Shariah_governance_framework_Islamic_financial_institutions_Zulkarnain et al.jpg.jpg
  • Chapter in Book


  • Authors: Muhamad Sori, Zulkarnain; Ramadili Mohd, Shamsher Mohamad; Mohd Rasid, Mohamed Eskandar Shah (2019)

  • This chapter provides discussion on a study that investigates the perceptions on shariah governance practices among Malaysian Islamic financial institutions. The chapter explores the effectiveness of implementation of Shariah Governance Framework among Malaysian IFIs with the focus on their level of commitment, the challenges and suggestions to further improve the effectiveness of implementation of this framework. The system of corporate control, effective and efficient governance that is consistent with shariah guidance has been an important agenda for Islamic Financial Institutions (IFIs) since the existence ofIslamic Finance in Malaysia. This is especially important in light of rap...

  • item.jpg
  • PhD


  • Authors: Mohd Jaapar, Asmah (2018)

  • The changes in equity index composition have a dual impact, first, to the constituent stocks that make up the index and second, to the index funds that track the index. This study investigates the index effect at constituent stocks level and index funds level using Shari'ah blue-chip indices and their corresponding i-ETFs. The findings of this study provide a new evidence on price discovery contrary to index effect reported in conventional index studies. Specifically, the study discovers the index effect in an opposite direction, i.e., additions suffered negative abnormal returns while deletions gained positive abnormal returns around index revision period.

  • Nonfinancial_traits_and_financial_smartness_wajahat_shamsher_eskandar.pdf.jpg
  • Journal Article


  • Authors: Naeem Azmi, Choudhari Wajahat; Ramadili Mohd, Shamsher Mohamad; Mohd Rasid, Mohamed Eskandar Shah (2018)

  • This paper examines the flow-performance relationship and the presence of "Smart money effect" in Socially responsible funds (SRFs) and Shariah compliant funds (SCFs). A survivorship bias free sample of 686 funds comprising of 212 SCFs and 474 SRFs were analysed with investment focus in the Asia pacific, Emerging markets, Europe, Global (with no focus to any specific country or region), Middle East and North Africa (MENA) and North America. The findings show that flow-performance relationship is asymmetric for both the funds as the response to positive returns is more as compare to the negative returns for the last/current year as well as the last/current month. There is also a signif...

  • PhD_Political_connections_shariah_compliance_and_firms_performance_malaysian_experience_Irum_Saba.pdf.jpg
  • PhD


  • Authors: Saba, Irum (2017)

  • Businesses and politics are two important blocks for the economic growth of any country. This dissertation focuses on the determinants of the performance of the listed firms in the case of Malaysia with the analysis and impact of political connections and Shari'ah compliance on the performance of the listed firms for the year 2000-2014. The research also focuses on the performance of firms having political affiliations and who also attain the status of Shari'ah compliance as per the rule book of the Securities and Exchange Commission of Malaysia. The results of our study shows, certain firm-specific ...

Dr. Mohamed Eskandar Shah Mohd Rasid
author picture
Qualification: Ph.D.in Finance, University of Nottingham, U.K (2012)
Fields/Area of Specialization: Asset Pricing, Portfolio Theory, Capital Structure and International Finance
Dr Mohamed Eskandar Shah Mohd Rasid holds a PhD in Finance from University of Nottingham, United Kingdom. Prior to joining INCEIF, he was an Assistant Professor at Department of Finance, Kulliyah of Economics and Management Sciences, IIUM. During his doctoral studies, he worked as a part time tutor at University of Nottingham and Nottingham Trent International College. His main research interests are in the area of asset pricing, portfolio theory, capital structure and international finance. He currently serves as Associate Dean for School of Graduate & Professional Studies (SGPS).
Showing results 1 to 10 of 65
  • item.jpg
  • PhD


  • Authors: Tengku Zainal Abidin, Tengku Roziana (2019)

  • The world is striving towards eradicating poverty via inclusive growth. Financial inclusion is seen as an important tool towards getting the unbanked, poor population into the financial system. Does greater financial inclusion create financial stability? Engaging the less financially capable people into the financial system is not a risk-free undertaking. Relaxation of rules and regulations which trigger sub-prime crisis in 2007-2008 has proven that more exposure to 'unfit' borrowers may lead to financial instability. Our study focuses on OIC countries for the impressive growth of lslamic finance during the past decade where 95% of the assets reside in the majority-Muslims countries y...

  • item.jpg
  • Chapter in Book


  • Authors: Mohd Rasid, Mohamed Eskandar Shah; Uddin, Ajim; Chowdhury, Mohammad Ashraful Ferdous (2019)

  • The capital structure choices of a firm not only determine the current value of the firm, but also largely determine its long-term survival. Modigliani and Miller's seminal 1958 paper explicates conventional firms' capital structure choices. However, we are yet to develop a solid theoretical framework about the financing decisions of Islamic firms. This is a review chapter on current developments in the field of Islamic capital structure. The chapter starts with a short discussion about the various sources of capital and their advantages and disadvantages, followed by a detailed description of traditional capital structure theories and their real-world empirical evidence. Finally, it ...

  • ethical_investments_financial_performance_shamsher_eskandar.pdf.jpg
  • Journal Article


  • Authors: Naeem Azmi, Choudhari Wajahat; Ramadili Mohd, Shamsher Mohamad; Mohd Rasid, Mohamed Eskandar Shah (2019)

  • This paper examines the financial performance of ethical funds in different regions and concludes that there is a cost attached to ethical investing. An analysis of 964 mutual funds comprising of Socially responsible funds (SRFs) and the Shariah-compliant equity funds (SCFs) suggests that: a) except for global funds, both types of funds underperform in the market, b) both types of funds are preferred for investment in growth and momentum stocks, c) SRFs are preferred for small capitalized stocks whereas SCFs do not follow any specific style or investment strategy, d) unlike SRFs, SCFs do not provide a safe haven for investors during crises. These findings are probably due to the lack ...

  • the_substitution_hypothesis_agency_conflicts_shamsher_eskandar.pdf.jpg
  • Journal Article


  • Authors: Naeem Azmi, Choudhari Wajahat; Anwer, Zaher; Ramadili Mohd, Shamsher Mohamad; Mohd Rasid, Mohamed Eskandar Shah (2019)

  • According to the substitution hypothesis and recent evidence, firms that are better governed carry less debt and experience fewer agency problems. This may also imply that firms with lower debt are better governed and experience lower agency costs. We test this hypothesis by comparing the agency costs of Shariah compliant (SC, and therefore low debt) and Shariah noncompliant (SNC) firms, using a proprietary dataset comprising constituents of the Dow Jones Islamic index for the period 2006-2015. The findings support the hypothesis but are contingent on the firm's idiosyncratic risk; SC firms with low idiosyncratic risk have higher agency costs.

  • chapter 9_shariah_committees_shariah_governance_Zulkarnain et al.jpg.jpg
  • Chapter in Book


  • Authors: Muhamad Sori, Zulkarnain; Ramadili Mohd, Shamsher Mohamad; Mohd Rasid, Mohamed Eskandar Shah (2019)

  • This chapter discusses some challenges of Shariah Committees In Islamic financial institutions in dispensing their responsibilities in mitigating the non-compliance risks. The concept of shariah governance has its foundation in the Qur'an and the Sunnah. Shariah (which literally means "the way") is the divinely ordained guidelines of conduct for Muslims in all aspects of their life, which includes financial matters. Any form of transaction, irrespective of financial or otherwise, must be free of any element of injustice to the transacting parties. For financial transactions, any elemerit or form of activity that could be construed as 'riba' or injustice to any of the participants in t...

  • chapter 8_application_Shariah_governance_framework_Islamic_financial_institutions_Zulkarnain et al.jpg.jpg
  • Chapter in Book


  • Authors: Muhamad Sori, Zulkarnain; Ramadili Mohd, Shamsher Mohamad; Mohd Rasid, Mohamed Eskandar Shah (2019)

  • This chapter provides discussion on a study that investigates the perceptions on shariah governance practices among Malaysian Islamic financial institutions. The chapter explores the effectiveness of implementation of Shariah Governance Framework among Malaysian IFIs with the focus on their level of commitment, the challenges and suggestions to further improve the effectiveness of implementation of this framework. The system of corporate control, effective and efficient governance that is consistent with shariah guidance has been an important agenda for Islamic Financial Institutions (IFIs) since the existence ofIslamic Finance in Malaysia. This is especially important in light of rap...

  • item.jpg
  • PhD


  • Authors: Mohd Jaapar, Asmah (2018)

  • The changes in equity index composition have a dual impact, first, to the constituent stocks that make up the index and second, to the index funds that track the index. This study investigates the index effect at constituent stocks level and index funds level using Shari'ah blue-chip indices and their corresponding i-ETFs. The findings of this study provide a new evidence on price discovery contrary to index effect reported in conventional index studies. Specifically, the study discovers the index effect in an opposite direction, i.e., additions suffered negative abnormal returns while deletions gained positive abnormal returns around index revision period.

  • Nonfinancial_traits_and_financial_smartness_wajahat_shamsher_eskandar.pdf.jpg
  • Journal Article


  • Authors: Naeem Azmi, Choudhari Wajahat; Ramadili Mohd, Shamsher Mohamad; Mohd Rasid, Mohamed Eskandar Shah (2018)

  • This paper examines the flow-performance relationship and the presence of "Smart money effect" in Socially responsible funds (SRFs) and Shariah compliant funds (SCFs). A survivorship bias free sample of 686 funds comprising of 212 SCFs and 474 SRFs were analysed with investment focus in the Asia pacific, Emerging markets, Europe, Global (with no focus to any specific country or region), Middle East and North Africa (MENA) and North America. The findings show that flow-performance relationship is asymmetric for both the funds as the response to positive returns is more as compare to the negative returns for the last/current year as well as the last/current month. There is also a signif...

  • PhD_Political_connections_shariah_compliance_and_firms_performance_malaysian_experience_Irum_Saba.pdf.jpg
  • PhD


  • Authors: Saba, Irum (2017)

  • Businesses and politics are two important blocks for the economic growth of any country. This dissertation focuses on the determinants of the performance of the listed firms in the case of Malaysia with the analysis and impact of political connections and Shari'ah compliance on the performance of the listed firms for the year 2000-2014. The research also focuses on the performance of firms having political affiliations and who also attain the status of Shari'ah compliance as per the rule book of the Securities and Exchange Commission of Malaysia. The results of our study shows, certain firm-specific ...