Prof. Dr. Obiyathulla Ismath Bacha
Qualification:Doctor of Business Administration (specialization in Finance) Boston University, USA. (1993)
Fields/Area of Specialization:Finance and Accounting
Prof. Dr Obiyathulla Ismath Bacha achieved his Bachelor of Social Science from the University Science Malaysia, a Master of Business Administration, a Masters in Economics and his Doctor of Business Administration in Finance from Boston University. He is currently a professor of Finance at INCEIF. Previously he has held several key positions at the International Islamic University of Malaysia. He was also an assistant professor in finance at Boston University, he taught at both MBA and undergraduate levels. He is also an active Shariah advisor to institutions such as Five Pillars and Sabana REIT. Prof. Dr. Obiyathulla is also the Vice President of the Malaysian Economic Association and a member of the Malaysian Finance Association.

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417

Top Country : Malaysia

Showing results 1 to 20 of 85
  • too_small_succeed_versus_too_big_fail_marjan_obiya_mansur.pdf.jpg
  • Journal Article


  • Authors: Naseri, Marjan; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur (2019)

  • Even though large banks could imply large risks and heightened vulnerability for a country's macroeconomy, the presence of many small banks with similar behavior such as Islamic banks could also cause systemic risks. This article makes an initial attempt to investigate the impact of bank size on banking performance. Our study spans 12 emerging countries with dual banking systems and applies two-step dynamic system GMM estimator. The results show that size really does matter in the banking industry, and its impact on performance tends to be non-linear with a trade-off between profitability and efficiency. Comparing conventional with Islamic banks, we find that bank size has almost the ...

  • Issues_in_Islamic_equities_mansur_et_al.pdf.jpg
  • Journal Article


  • Authors: Mohammed Masih, Abul Mansur; Mustaffa Kamil, Nazrol Kamil; Bacha, Obiyathulla Ismath (2018)

  • This article reviews the current literature on Islamic equities. Our survey indicates that the bulk of articles is quantitative or empirical in nature, with a notable dearth of theoretical works. Among the common research themes explored by these articles are comparative performances of Islamic equities visa-vis their conventional counterparts, comparisons of Islamic portfolios with SRI funds, and empirically articulating portfolio diversification benefits associated with Islamic equities. In addition, numerous articles discuss idiosyncrasies of Shari'ah compliant stocks and portfolios under subthemes such as volatility, risk factors, and performance attributes. This survey also inclu...

  • Determinants_of_capital_structure_ramazan_mansur_obiyathulla.pdf.jpg
  • Journal Article


  • Authors: Yildirim, Ramazan; Mohammed Masih, Abul Mansur; Bacha, Obiyathulla Ismath (2018)

  • Many Muslim individual and institutional investors seek to invest only in stocks that are compliant with the Shari'ah (i.e. Islamic law). Among others, Dow Jones addressed this demand and has developed their proprietary screening methodologies to identify Shari'ah compliant firms (SC). One key factor that distinguishes SC firms from their non-compliant peers (SNC) is that the former is not allowed to cross the leverage threshold of 33%. Due to the restrictions imposed on them, it is expected that SC firms exhibit different capital structure compared to the SNC firms. The purpose of this initial comparative study is to analyze the most reliable debt determinants identified in the liter...

  • empirical_evidence_risk_shifting_bonds_debt-based_sukuk_obiyathulla.pdf.jpg
  • Journal Article


  • Authors: Hamzah, Siti Raihana; Bacha, Obiyathulla Ismath; Mirakhor, Abbas; Abdul Kader Malim, Nurhafiza (2018)

  • The purpose of this paper is to examine the extent of risk shifting behavior in bonds and sukuk. The examination is significant, as economists and scholars identify risk shifting as the primary cause of the global financial crisis. Yet, the dangers of this debt-financing feature are largely ignored - one needs to only witness the record growth of global debt even after the global financial crisis. To identify the signs of risk shifting existence in the corporations, this paper compares each corporation's operating risk before and after issuing debt. Operating risk or risk of a firm's activities is measured using the volatility of the operating earnings or coefficient variation of earn...

  • does_low_leverage_minimize_impact_financial_shocks_Obiya et al.pdf.jpg
  • Journal Article


  • Authors: el Alaoui, AbdelKader Ouatik; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur; Asutay, Mehmet (2018)

  • This study embodies a preliminary endeavour at analysing the impact of leverage on portfolio behaviour, with specific reference to return and volatility, in the European stock markets, using the debt ratio as one of the important benchmarks for Islamic stock screening. Given the focus of Islamic stock screening on the debt ratio, we use data from 320 firms for eight European countries which were classified according to their level of debt and size. For this, the portfolio optimisation based Mean-Variance Efficient Frontier (MVEF), the Sharpe Ratio and the Capital Market Line (CML) were employed. Our findings tend to demonstrate that, under shocks, high leverage worsens the portfolio r...

  • item.jpg
  • PhD


  • Authors: Abdullah, Ahmad Monir (2018)

  • Financially distressed companies always bring about enormous financial and economic losses to many stakeholders, such as management, stockholders, employees and customers together with a substantial social and economic cost to the country. Therefore, a distress prediction model that can predict the event and identify the determinants in advance would serve to reduce such losses by providing a pre-warning signal to stakeholders. Preventive actions can then be taken by stakeholders if they can obtain early warning signal of probable failure that will lead to the efficient allocation of available resources to reduce losses. For these reasons, identifying the financial distress determinan...

  • item.jpg
  • PhD


  • Authors: Mohd Hussan, Subithabhanu (2018)

  • One of the objectives of the implementation of the Islamic Financial Services Act 2013 (IFSA) is to promote greater risk-sharing in the Islamic financial industry. Accordingly, IFSA has distinguished the two major sources of funding for an Islamic banking institution, i.e. deposits and investment accounts. However, more than five years into the implementation, the Act is deemed to have failed in terms of upholding its risk-sharing values, where change could only be observed in the statutory position of investment account. This dissertation aims to motivate Islamic banks to move away from continuing risk-transfer practices, by proposing a risk-sharing investment account model (includin...

  • item.jpg
  • PhD


  • Authors: Vaqar, Momin Ebaad (2018)

  • Infrastructure is the backbone of modem economies; an adequate and efficient public infrastructure is essential for nations to achieve their economic growth objectives. Although the need and role of infrastructure are well recognized, little attention has been paid to the risks and pitfalls of the current infrastructure financing structures. The enormous infrastructure deficit and the increasing instances of debt restructurings, infrastructure project failures and expensive government bailouts, present enough reason for a deeper thought and action towards making infrastructure financing more robust. Through the thesis, the researcher sheds light on the problems related to such forms o...

  • financial_derivatives_4th_edition_obiyathulla.jpg.jpg
  • Book


  • Authors: Bacha, Obiyathulla Ismath (2017)

  • This book is designed specifically for a first course in derivatives. It has been written with the beginner in mind and assumes no previous knowledge or familiarity with derivatives. Written in an informal, easy to read style, it guides readers through the challenging and complex world of forwards, futures and options. As the first book of its kind on Malaysian financial derivatives, the emphasis on local condition enables easier understanding. All financial derivatives contracts traded in Malaysia are covered, in each case, their three common applications - hedging, arbitraging and speculating - are shown by means of fully worked out examples. Extensive use of illustrations and write...

  • chapter 5_the islamic capital market_obiyathulla.jpg.jpg
  • Chapter in Book


  • Authors: Bacha, Obiyathulla Ismath (2017)

  • Capital markets play an increasingly important role in modern economies. Though a part of the financial sector which they share with the banking system, capital markets while complementing banks can enhance risk sharing and thereby minimise macroeconomic vunerability. Economists typically divide the overall macro economy into two parts, the real sector and the financial sector. The real sector represents the productive capacity of the economy and produces the goods and services that accounts for a nation's Gross Domestic Product (GDP). Available in physical copy only (Call Number: HG 3368 A6 I82Ba)

  • risk_return_profiles_of_islamic_equities_sarkar_mansur_obiyathulla.pdf.jpg
  • Journal Article


  • Authors: Kabir, Sarkar Humayun; Mohammed Masih, Abul Mansur; Bacha, Obiyathulla Ismath (2017)

  • Motivated by the recent phenomenal growth in Islamic finance and the financialization of commodities, this study makes an initial attempt to investigate the risk return profiles of optimized portfolios combining (a) Islamic equities with commodities and (b) conventional equities with commodities during the crises and noncrises periods. The findings tend to indicate that Islamic equity-commodity portfolios provide relatively higher diversification benefits than the conventional equity-commodity portfolios during the 1997 Asian Financial Crisis triggered by the financial sector compared to the 2008 global financial crisis triggered by the real housing sector. The findings further sugges...

  • The_role_of_Islamic_asset_classes_in_the_diversified_portfolios_Ginanjar_Rumi_Obiya_Masih.pdf.jpg
  • Journal Article


  • Authors: Dewandaru, Ginanjar; Masih, Rumi; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur (2017)

  • This study investigates both conventional and Islamic investors' problems as to whether the inclusion of Islamic and conventional asset classes may expand the frontier of their respective portfolios. Our sample covers the global U.S. portfolios and Malaysian portfolios with multiple asset classes, as well as the portfolios with a specific asset class in several regions. This study uses the recent mean variance spanning test in multiple regimes, which not only accounts for tail risk but also identifies the source of value added (tangency portfolio or global minimum variance). For intra-asset allocation, our findings tend to show that both Islamic and conventional fund managers of a spe...

  • Leverage_versus_volatility_abdelkader_obiyathulla_mansur.pdf.jpg
  • Journal Article


  • Authors: El Alaoui, AbdelKader Ouatik; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur; Asutay, Mehmet (2017)

  • The impact of leverage on financial market stability and the relationship with the real economy is a key concern among researchers. This paper makes an initial attempt to investigate the relationship between a firm's leverage, return and share price volatility from an Islamic finance perspective and capital structure theory. A multicountry dynamic panel framework and the mean-variance efficient frontier are applied to 320 sample firms from eight European countries, divided into portfolios of low and high debt using the shari'ah screening threshold of 33%. We find that the firm's return and volatility change with changes in the capital structure. Islamic compliant stocks show, in most ...

  • Funding_development_infrastructure_without_leverage_Obiya.pdf.jpg
  • Journal Article


  • Authors: Bacha, Obiyathulla Ismath; Mirakhor, Abbas (2017)

  • Muslim developing countries like many of their conventional counterparts suffer serious indebtedness. Amongst the 57 OIC countries, only the six Gulf cooperation Council countries have positive fiscal balances. The other 51 OIC nations have government budget deficits. Nineteen of these 51 countries are classified by the World Bank/IMF as HIPC (heavily indebted poor country). That government expenditure exceeds government revenues is a fairly common characteristic of developing economics. It is typically the result of the need to fund development. As matters now stand, there are two key problems with this. First, the budget shortfall is typically met by way of interest-based borrowing....

  • growth_and_development_of_the_Malaysian_Islamic_capital_market.pdf.jpg
  • Chapter in Book


  • Authors: Bacha, Obiyathulla Ismath (2017)

  • Capital markets play a very important role in modern economies. Being a part of the financial sector, which they share with the banking system, capital markets have become the focus of many a governments' development plans. Most developing countries' financial sector tends to be dominated by the banking system. As countries develop, capital markets begin to take on a bigger role... Available in physical copy only (Call Number: HG 3368 A6 I82Mo)

  • Does_held_maturity_strategy_impede_effective_portfolio_diversification_Islamic_ bond_sukuk_portfolios_Najeeb_Obiyathulla.pdf.jpg
  • Journal Article


  • Authors: Najeeb, Syed Faiq; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur (2017)

  • There is a critical gap in literature in studying the portfolio diversification opportunities available to sukuk investors and evaluating these in the light of held-to-maturity strategies usually adopted by these investors. This paper has made an initial attempt to study the portfolio diversification strategies for sukuk portfolios across heterogeneous investment horizons. Our findings critically indicate that returns between local currency sukuk in different markets generally have low levels of correlations across different investor holding periods, thus enabling both short and long-run portfolio diversification benefits. However, in contrast, international currency sukuk issued in d...

  • A wavelet approach timescale relationships among Islamic conventional stock markets LIBOR.jpg.jpg
  • Chapter in Book


  • Authors: El Alaoui, AbdelKader Ouatik; Dewandaru, Ginanjar; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur (2017)

  • A series of financial crises in recent times resulted in an increase in contagion and correlations between assets making investments in conventional securities a little more unsafe. Therefore, global investors started looking for alternative assets to diversify their portfolios. One of the alternative assets that has been growing very fast over the recent period is the Islamic financial sectors which has been growing at an average rate of 15 percent to 20 percent per annum over the past decade. The risk-return profile of Islamic products, such as Islamic stocks, is expected to be different from that of conventional stocks. Available in physical copy only (Call Number: BP 173.75 H23...

Prof. Dr. Obiyathulla Ismath Bacha
author picture
Qualification: Doctor of Business Administration (specialization in Finance) Boston University, USA. (1993)
Fields/Area of Specialization: Finance and Accounting
Prof. Dr Obiyathulla Ismath Bacha achieved his Bachelor of Social Science from the University Science Malaysia, a Master of Business Administration, a Masters in Economics and his Doctor of Business Administration in Finance from Boston University. He is currently a professor of Finance at INCEIF. Previously he has held several key positions at the International Islamic University of Malaysia. He was also an assistant professor in finance at Boston University, he taught at both MBA and undergraduate levels. He is also an active Shariah advisor to institutions such as Five Pillars and Sabana REIT. Prof. Dr. Obiyathulla is also the Vice President of the Malaysian Economic Association and a member of the Malaysian Finance Association.
Showing results 1 to 20 of 85
  • too_small_succeed_versus_too_big_fail_marjan_obiya_mansur.pdf.jpg
  • Journal Article


  • Authors: Naseri, Marjan; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur (2019)

  • Even though large banks could imply large risks and heightened vulnerability for a country's macroeconomy, the presence of many small banks with similar behavior such as Islamic banks could also cause systemic risks. This article makes an initial attempt to investigate the impact of bank size on banking performance. Our study spans 12 emerging countries with dual banking systems and applies two-step dynamic system GMM estimator. The results show that size really does matter in the banking industry, and its impact on performance tends to be non-linear with a trade-off between profitability and efficiency. Comparing conventional with Islamic banks, we find that bank size has almost the ...

  • Issues_in_Islamic_equities_mansur_et_al.pdf.jpg
  • Journal Article


  • Authors: Mohammed Masih, Abul Mansur; Mustaffa Kamil, Nazrol Kamil; Bacha, Obiyathulla Ismath (2018)

  • This article reviews the current literature on Islamic equities. Our survey indicates that the bulk of articles is quantitative or empirical in nature, with a notable dearth of theoretical works. Among the common research themes explored by these articles are comparative performances of Islamic equities visa-vis their conventional counterparts, comparisons of Islamic portfolios with SRI funds, and empirically articulating portfolio diversification benefits associated with Islamic equities. In addition, numerous articles discuss idiosyncrasies of Shari'ah compliant stocks and portfolios under subthemes such as volatility, risk factors, and performance attributes. This survey also inclu...

  • Determinants_of_capital_structure_ramazan_mansur_obiyathulla.pdf.jpg
  • Journal Article


  • Authors: Yildirim, Ramazan; Mohammed Masih, Abul Mansur; Bacha, Obiyathulla Ismath (2018)

  • Many Muslim individual and institutional investors seek to invest only in stocks that are compliant with the Shari'ah (i.e. Islamic law). Among others, Dow Jones addressed this demand and has developed their proprietary screening methodologies to identify Shari'ah compliant firms (SC). One key factor that distinguishes SC firms from their non-compliant peers (SNC) is that the former is not allowed to cross the leverage threshold of 33%. Due to the restrictions imposed on them, it is expected that SC firms exhibit different capital structure compared to the SNC firms. The purpose of this initial comparative study is to analyze the most reliable debt determinants identified in the liter...

  • empirical_evidence_risk_shifting_bonds_debt-based_sukuk_obiyathulla.pdf.jpg
  • Journal Article


  • Authors: Hamzah, Siti Raihana; Bacha, Obiyathulla Ismath; Mirakhor, Abbas; Abdul Kader Malim, Nurhafiza (2018)

  • The purpose of this paper is to examine the extent of risk shifting behavior in bonds and sukuk. The examination is significant, as economists and scholars identify risk shifting as the primary cause of the global financial crisis. Yet, the dangers of this debt-financing feature are largely ignored - one needs to only witness the record growth of global debt even after the global financial crisis. To identify the signs of risk shifting existence in the corporations, this paper compares each corporation's operating risk before and after issuing debt. Operating risk or risk of a firm's activities is measured using the volatility of the operating earnings or coefficient variation of earn...

  • does_low_leverage_minimize_impact_financial_shocks_Obiya et al.pdf.jpg
  • Journal Article


  • Authors: el Alaoui, AbdelKader Ouatik; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur; Asutay, Mehmet (2018)

  • This study embodies a preliminary endeavour at analysing the impact of leverage on portfolio behaviour, with specific reference to return and volatility, in the European stock markets, using the debt ratio as one of the important benchmarks for Islamic stock screening. Given the focus of Islamic stock screening on the debt ratio, we use data from 320 firms for eight European countries which were classified according to their level of debt and size. For this, the portfolio optimisation based Mean-Variance Efficient Frontier (MVEF), the Sharpe Ratio and the Capital Market Line (CML) were employed. Our findings tend to demonstrate that, under shocks, high leverage worsens the portfolio r...

  • item.jpg
  • PhD


  • Authors: Abdullah, Ahmad Monir (2018)

  • Financially distressed companies always bring about enormous financial and economic losses to many stakeholders, such as management, stockholders, employees and customers together with a substantial social and economic cost to the country. Therefore, a distress prediction model that can predict the event and identify the determinants in advance would serve to reduce such losses by providing a pre-warning signal to stakeholders. Preventive actions can then be taken by stakeholders if they can obtain early warning signal of probable failure that will lead to the efficient allocation of available resources to reduce losses. For these reasons, identifying the financial distress determinan...

  • item.jpg
  • PhD


  • Authors: Mohd Hussan, Subithabhanu (2018)

  • One of the objectives of the implementation of the Islamic Financial Services Act 2013 (IFSA) is to promote greater risk-sharing in the Islamic financial industry. Accordingly, IFSA has distinguished the two major sources of funding for an Islamic banking institution, i.e. deposits and investment accounts. However, more than five years into the implementation, the Act is deemed to have failed in terms of upholding its risk-sharing values, where change could only be observed in the statutory position of investment account. This dissertation aims to motivate Islamic banks to move away from continuing risk-transfer practices, by proposing a risk-sharing investment account model (includin...

  • item.jpg
  • PhD


  • Authors: Vaqar, Momin Ebaad (2018)

  • Infrastructure is the backbone of modem economies; an adequate and efficient public infrastructure is essential for nations to achieve their economic growth objectives. Although the need and role of infrastructure are well recognized, little attention has been paid to the risks and pitfalls of the current infrastructure financing structures. The enormous infrastructure deficit and the increasing instances of debt restructurings, infrastructure project failures and expensive government bailouts, present enough reason for a deeper thought and action towards making infrastructure financing more robust. Through the thesis, the researcher sheds light on the problems related to such forms o...

  • financial_derivatives_4th_edition_obiyathulla.jpg.jpg
  • Book


  • Authors: Bacha, Obiyathulla Ismath (2017)

  • This book is designed specifically for a first course in derivatives. It has been written with the beginner in mind and assumes no previous knowledge or familiarity with derivatives. Written in an informal, easy to read style, it guides readers through the challenging and complex world of forwards, futures and options. As the first book of its kind on Malaysian financial derivatives, the emphasis on local condition enables easier understanding. All financial derivatives contracts traded in Malaysia are covered, in each case, their three common applications - hedging, arbitraging and speculating - are shown by means of fully worked out examples. Extensive use of illustrations and write...

  • chapter 5_the islamic capital market_obiyathulla.jpg.jpg
  • Chapter in Book


  • Authors: Bacha, Obiyathulla Ismath (2017)

  • Capital markets play an increasingly important role in modern economies. Though a part of the financial sector which they share with the banking system, capital markets while complementing banks can enhance risk sharing and thereby minimise macroeconomic vunerability. Economists typically divide the overall macro economy into two parts, the real sector and the financial sector. The real sector represents the productive capacity of the economy and produces the goods and services that accounts for a nation's Gross Domestic Product (GDP). Available in physical copy only (Call Number: HG 3368 A6 I82Ba)

  • risk_return_profiles_of_islamic_equities_sarkar_mansur_obiyathulla.pdf.jpg
  • Journal Article


  • Authors: Kabir, Sarkar Humayun; Mohammed Masih, Abul Mansur; Bacha, Obiyathulla Ismath (2017)

  • Motivated by the recent phenomenal growth in Islamic finance and the financialization of commodities, this study makes an initial attempt to investigate the risk return profiles of optimized portfolios combining (a) Islamic equities with commodities and (b) conventional equities with commodities during the crises and noncrises periods. The findings tend to indicate that Islamic equity-commodity portfolios provide relatively higher diversification benefits than the conventional equity-commodity portfolios during the 1997 Asian Financial Crisis triggered by the financial sector compared to the 2008 global financial crisis triggered by the real housing sector. The findings further sugges...

  • The_role_of_Islamic_asset_classes_in_the_diversified_portfolios_Ginanjar_Rumi_Obiya_Masih.pdf.jpg
  • Journal Article


  • Authors: Dewandaru, Ginanjar; Masih, Rumi; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur (2017)

  • This study investigates both conventional and Islamic investors' problems as to whether the inclusion of Islamic and conventional asset classes may expand the frontier of their respective portfolios. Our sample covers the global U.S. portfolios and Malaysian portfolios with multiple asset classes, as well as the portfolios with a specific asset class in several regions. This study uses the recent mean variance spanning test in multiple regimes, which not only accounts for tail risk but also identifies the source of value added (tangency portfolio or global minimum variance). For intra-asset allocation, our findings tend to show that both Islamic and conventional fund managers of a spe...

  • Leverage_versus_volatility_abdelkader_obiyathulla_mansur.pdf.jpg
  • Journal Article


  • Authors: El Alaoui, AbdelKader Ouatik; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur; Asutay, Mehmet (2017)

  • The impact of leverage on financial market stability and the relationship with the real economy is a key concern among researchers. This paper makes an initial attempt to investigate the relationship between a firm's leverage, return and share price volatility from an Islamic finance perspective and capital structure theory. A multicountry dynamic panel framework and the mean-variance efficient frontier are applied to 320 sample firms from eight European countries, divided into portfolios of low and high debt using the shari'ah screening threshold of 33%. We find that the firm's return and volatility change with changes in the capital structure. Islamic compliant stocks show, in most ...

  • Funding_development_infrastructure_without_leverage_Obiya.pdf.jpg
  • Journal Article


  • Authors: Bacha, Obiyathulla Ismath; Mirakhor, Abbas (2017)

  • Muslim developing countries like many of their conventional counterparts suffer serious indebtedness. Amongst the 57 OIC countries, only the six Gulf cooperation Council countries have positive fiscal balances. The other 51 OIC nations have government budget deficits. Nineteen of these 51 countries are classified by the World Bank/IMF as HIPC (heavily indebted poor country). That government expenditure exceeds government revenues is a fairly common characteristic of developing economics. It is typically the result of the need to fund development. As matters now stand, there are two key problems with this. First, the budget shortfall is typically met by way of interest-based borrowing....

  • growth_and_development_of_the_Malaysian_Islamic_capital_market.pdf.jpg
  • Chapter in Book


  • Authors: Bacha, Obiyathulla Ismath (2017)

  • Capital markets play a very important role in modern economies. Being a part of the financial sector, which they share with the banking system, capital markets have become the focus of many a governments' development plans. Most developing countries' financial sector tends to be dominated by the banking system. As countries develop, capital markets begin to take on a bigger role... Available in physical copy only (Call Number: HG 3368 A6 I82Mo)

  • Does_held_maturity_strategy_impede_effective_portfolio_diversification_Islamic_ bond_sukuk_portfolios_Najeeb_Obiyathulla.pdf.jpg
  • Journal Article


  • Authors: Najeeb, Syed Faiq; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur (2017)

  • There is a critical gap in literature in studying the portfolio diversification opportunities available to sukuk investors and evaluating these in the light of held-to-maturity strategies usually adopted by these investors. This paper has made an initial attempt to study the portfolio diversification strategies for sukuk portfolios across heterogeneous investment horizons. Our findings critically indicate that returns between local currency sukuk in different markets generally have low levels of correlations across different investor holding periods, thus enabling both short and long-run portfolio diversification benefits. However, in contrast, international currency sukuk issued in d...

  • A wavelet approach timescale relationships among Islamic conventional stock markets LIBOR.jpg.jpg
  • Chapter in Book


  • Authors: El Alaoui, AbdelKader Ouatik; Dewandaru, Ginanjar; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur (2017)

  • A series of financial crises in recent times resulted in an increase in contagion and correlations between assets making investments in conventional securities a little more unsafe. Therefore, global investors started looking for alternative assets to diversify their portfolios. One of the alternative assets that has been growing very fast over the recent period is the Islamic financial sectors which has been growing at an average rate of 15 percent to 20 percent per annum over the past decade. The risk-return profile of Islamic products, such as Islamic stocks, is expected to be different from that of conventional stocks. Available in physical copy only (Call Number: BP 173.75 H23...