- Journal Article
Authors: Asadov, Alam; Muhamad Sori, Zulkarnain; Anwer, Zaher; Shamsudheen, Shinaj Valangattil; Ramadili Mohd, Shamsher Mohamad (2018) - Musharakah mutanaqisah (MM) mode of Islamic financing purchase of an asset, where the bank and customer enter into a contract of joint property ownership and the customer's ownership of the asset gradually increases throughout the financing period and fully own the asset after the last financial settlement. This mode of financing was introduced to mitigate the issue of unequal risk burden of conventional mortgage financing, where the bank just provide the financing and the customer bears all risk. MM financing reflects a true partnership contract through sharing of risk and reward between both parties. Though the MM mode of financing has the salient features to address the flaws of co...
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- Chapter in Book
Authors: Muhamad Sori, Zulkarnain; Ramadili Mohd, Shamsher Mohamad (2018) - This case was developed based on a real-life experience dealing with an Islamic car financing contract (i.e. Al-ljarah Thumma Al-Bay |AITAB] contract - Sale and Leaseback) between a Malaysian Islamic Financial Institution and their customer. It is well recognised that AITAB is governed by the Malaysian Hire Purchase Act 1967, that oversees conventional (nor Islamic) car financing, yet it is used for both financing modes. The contract requires clarification on the following: understanding of the nature of the contract used and the relevant transactions involved; revenue recognition (current and future); capitalisation of relevant costs in the asset's value; fair value of leased asset; ...
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- 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...
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- Journal Article
Authors: Mahomed, Ziyaad; Ramadili Mohd, Shamsher Mohamad; Ariff, Mohamed (2018) - The effects of capital-raising announcements have long been used as an indicator of increased shareholder wealth (Brown and Warner, 1985). Studies on bond announcements, for example, have been largely inconclusive. However, when effects are measured based on bond underlying structure, 'straight and convertible bonds', then the results are more conclusive (Abdul Rahim, 2012). Furthermore, issuances around crisis period are expected to result in negative market reaction as investors prefer liquidity (Fenn, 2000). Sukuk are bond-like instruments that are issued based on the Sharia guidelines and perceived to be less risky due to their risk sharing attribute. Sukuk are issued by the gover...
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- 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. Available in physical copy ...
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- Book
Authors: Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad (2017) - The book begins by defining wealth from both a secular perspective and an Islamic perspective. It describes how wealth needs to be earned in lawful ways, preserved and used to benefit the needs of the community, with a small part of the wealth given away to charity, and the remainder managed in accordance with laws and common practices, as established by a majority consensus of scholars of the religion in historical times. Each section of the book has relevant chapters that discuss the theory, as well as the application and the challenges in Islamic wealth management in real and financial markets.
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- PhD
Authors: Nagayev, Ruslan (2017) - Almost every second barrel of oil is produced in the OIC region. It is expected that the influx of oil revenue will help in developing the financial markets and the economies of these countries. So, the accelerated growth of Islamic financial industry at a double-digit rate annually has been attributed to the liquidity generated from the oil production. However, the recent adverse shocks emanating from the international oil market (quadruple drop in oil price) have cast scepticism about the sustainability of financial sectors in OIC oil-producing countries in general and the growth of Islamic banking industry, in particular. Slumping oil prices are expected to reduce the liquidity ......
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- PhD
Authors: Sapar, Resul (2017) - Income inequality, or the widening income gap between the rich and the poor, is the most discussed universal and controversial issue. It is an issue of great concern as history has shown that it can create costly, bloody, social and political instability as evidenced by French and Russian Revolutions and Arab Spring events. Many causes have been cited for the widening income gap between the rich and the poor including economic development, technological change, trade openness, financial development, and changes in labor market institutions, redistributive policies and education attainment. This thesis focuses ...
Available in physical copy and downloadable format (Call Number: t HC...
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- PhD
Authors: Al Homsi, Mahmoud (2017) - Similar to bonds, sukuk are financing instruments that are subjected to default risks, or the probability that the borrower or issuer will meet their promised financial obligations. Essentially, sukuk are capital market financing instrument that is structured differently than conventional bonds with a requirement to comply with Shariah, using the proceeds in real economic activities and sharing the profits and loss from these activities (risk-sharing). The services of Credit Rating Agencies (CRAs) to provide information regarding default risks (signalled through credit ratings) mitigates the information asymmetrics between issuer and investor ...
Available in physical copy and down...
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- Journal Article
Authors: 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...
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