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 20 of 68
  • 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...

  • Dividend_policy_case_shariah_compliant_firms_shamsher et al.pdf.jpg
  • Chapter in Book


  • Authors: Anwer, Zaheer; Ramadili Mohd, Shamsher Mohamad; Mohd Rasid, Mohamed Eskandar Shah; Hassan, M. Kabir; Paltrinieri (2019)

  • Capital structure serves as an important device for mitigation of agency conflicts and, although firms combine debt and cash dividends to address the agency conflicts, debt is preferred as a bonding device by many managers due to its lower cost as compared to equity (John, Knyazeva & Knyazeva, 2015). However, shariah-compliant firms (SCF) cannot use this device due to prohibition of interest-bearing loans in Islam. In this scenario, the dividend payout policy becomes a highly important tool of corporate governance for shariah-compliant investors. Moreover, the managers of these firms cannot maintain stable dividends by issuing bonds and, therefore, the dividend policy of such firms wo...

  • Is_there_cost_for_faith_based_investing_shamsher et al.pdf.jpg
  • Chapter in Book


  • Authors: Anwer, Zaheer; Ramadili Mohd, Shamsher Mohamad; Mohd Rasid, Mohamed Eskandar Shah (2019)

  • Investment is an activity that involves the commitment of resources for a certain holding period in anticipation of creating more resource (wealth). This chapter focuses on the risk-adjusted performance of two-specific classes of assets, namely, the socially responsible investment (SRI) class and the shariah-compliant classes of assets. The aim is to ascertain whether investors have to bear an extra cost for choosing these classes of assets in their portfolio. In managing the Islamic finance space, religiosity and/or ethical practices prompt investors to discard so-called 'sin-stocks' and limit their investment horizons to permissible faith-based investment alternatives ...

  • 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...

  • Islamic_corporate_finance_capital_structure_eskandar et al.pdf.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.

  • 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 ...

  • PhD_Non_intermediation_activities_and_impacts_on_bank_performance_Mohsin_Ali.pdf.jpg
  • PhD


  • Authors: Ali, Mohsin (2017)

  • In the wake of increasing competition and financial deregulation, the traditional intermediation activities have been declining as proportion of total banking activities. Banks are left with no choice but to be more creative to survive in the market place. Therefore, banks have been attempting to offset this decline in profits with income generated from non-traditional / non-intermediation activities. After the recent global crisis, both Islamic and conventional banks in OIC countries have also shifted their business focus. This invites a thorough investigation into the impact of non-intermediation activities on bank performance as well as on the economic growth and volatility. In the...

  • IF_Hub_Issue_1_Research_Islamic_banking_Malaysia_Eskandar.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Mohd Rasid, Mohamed Eskandar Shah (2017)

  • Islamic banking has experienced some success globally, with an annual double digit growth rate (an average of 15% to 20% annually) in the last decade. But to maintain the momentum, the industry has to improve on a number of pertinent aspects. For instance, establishing a common regulatory, legislative, tax, and legal foundation, addressing cost-efficiency and integration issues for all Islamic financial markets in general and the Islamic banking sector in particular. Retrospectively, Malaysia, a rapidly developing vibrant economy has positioned itself as an international hub for Islamic banking and finance. The research interest on Islamic banking in Malaysia has been intensive but on...

  • IF_Hub_Issue_3_Flow_performance_relationship_Chaudhari_Shamsher_Eskandar.pdf.jpg
  • Newsletter & Bulletin


  • Authors: 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 ...

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


  • Authors: Mohd Rasid, Mohamed Eskandar Shah (2017)

  • The global Islamic finance industry has evolved from a small industry to a dynamic, robust, and competitive one. Currently, the industry, built on the notion of justice and fairness, has a global asset size of approximately USD2 trillion (MIFC, 2016). Despite the soft global economic outlook, this industry is expected to grow as many more nations are embracing this alternative system that is proven to be not only profitable but also resilient to macroeconomic shocks. Available in physical copy only (Call Number: HG 3368 A6 I82Ba)

  • determinants_of_performance_2728.jpg.jpg
  • Chapter in Book


  • Authors: Chowdhury, Mohammad Ashraful Ferdous; Mohd Rasid, Mohamed Eskandar Shah (2017)

  • The main objective of this study is to identify the main determinants of the Islamic banks' performance in Gulf Cooperation Council (GCC) regions. The research uses both static model (fixed effects and random effects) and Generalized method of Moments (GMM). The data for this study are obtained from the annual reports of 29 Islamic banks from GCC countries using Bankscope database for the period from 2005 to 2013. The empirical findings reveal that Islamic banks' specific factors such as the equity financing and bank size are positive and statistically significant to the profitability of Islamic banks. The operating efficiency ratio is negatively and statistically significant to retur...

  • item.jpg
  • Master


  • Authors: Mohd Rozlan, Ahmad Ridza (2017)

  • The paper aims to study the relationship between selected macroeconomic variables and Malaysia Shariah Index after the adjustment of the screening process. It also attempts to look at how the new screening process impacts the performance of the Shariah index. To achieve these aims, this study used Auto Regressive Distributive Lag (ARDL) to look at the long-run and short-run relationships of the macroeconomic variables towards the FTSE EMAS Shariah Index ...

  • PhD_Financial_market_integration_and_its_risk_sharing_implication_Nurrul_Iiyana.pdf.jpg
  • PhD


  • Authors: Mahmud, Nurrul Iiyana (2017)

  • This study empirically investigates the financial integration threshold effects and risk sharing implication for Islamic countries from 1980 - 2011. The study utilizes threshold effect technique for the non-dynamic panel introduced by Hansen (1999). We focus on the four different types of financial market integration measures, which are (i) full financial market (ii) equities (iii) capital market and (iv) governance. We found that there is single threshold effect for equities and governance and a double threshold effect for full financial market integration and capital market ...

  • item.jpg
  • Master


  • Authors: Hasnul, Al Gifari (2017)

  • The topic of poverty and inequality is still a central discussion among the economist. The current efforts in fighting poverty and inequality, which are considered unsuccessful, has motivated the economist and policy makers to find new ideas and strategies in combatting poverty and inequality. At the same time, the area of economic freedom is increasingly being discussed and linked with other major economic areas. This paper aims to examine the relationship between economic freedom and poverty as well as inequality ...

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 20 of 68
  • 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...

  • Dividend_policy_case_shariah_compliant_firms_shamsher et al.pdf.jpg
  • Chapter in Book


  • Authors: Anwer, Zaheer; Ramadili Mohd, Shamsher Mohamad; Mohd Rasid, Mohamed Eskandar Shah; Hassan, M. Kabir; Paltrinieri (2019)

  • Capital structure serves as an important device for mitigation of agency conflicts and, although firms combine debt and cash dividends to address the agency conflicts, debt is preferred as a bonding device by many managers due to its lower cost as compared to equity (John, Knyazeva & Knyazeva, 2015). However, shariah-compliant firms (SCF) cannot use this device due to prohibition of interest-bearing loans in Islam. In this scenario, the dividend payout policy becomes a highly important tool of corporate governance for shariah-compliant investors. Moreover, the managers of these firms cannot maintain stable dividends by issuing bonds and, therefore, the dividend policy of such firms wo...

  • Is_there_cost_for_faith_based_investing_shamsher et al.pdf.jpg
  • Chapter in Book


  • Authors: Anwer, Zaheer; Ramadili Mohd, Shamsher Mohamad; Mohd Rasid, Mohamed Eskandar Shah (2019)

  • Investment is an activity that involves the commitment of resources for a certain holding period in anticipation of creating more resource (wealth). This chapter focuses on the risk-adjusted performance of two-specific classes of assets, namely, the socially responsible investment (SRI) class and the shariah-compliant classes of assets. The aim is to ascertain whether investors have to bear an extra cost for choosing these classes of assets in their portfolio. In managing the Islamic finance space, religiosity and/or ethical practices prompt investors to discard so-called 'sin-stocks' and limit their investment horizons to permissible faith-based investment alternatives ...

  • 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...

  • Islamic_corporate_finance_capital_structure_eskandar et al.pdf.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.

  • 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 ...

  • PhD_Non_intermediation_activities_and_impacts_on_bank_performance_Mohsin_Ali.pdf.jpg
  • PhD


  • Authors: Ali, Mohsin (2017)

  • In the wake of increasing competition and financial deregulation, the traditional intermediation activities have been declining as proportion of total banking activities. Banks are left with no choice but to be more creative to survive in the market place. Therefore, banks have been attempting to offset this decline in profits with income generated from non-traditional / non-intermediation activities. After the recent global crisis, both Islamic and conventional banks in OIC countries have also shifted their business focus. This invites a thorough investigation into the impact of non-intermediation activities on bank performance as well as on the economic growth and volatility. In the...

  • IF_Hub_Issue_1_Research_Islamic_banking_Malaysia_Eskandar.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Mohd Rasid, Mohamed Eskandar Shah (2017)

  • Islamic banking has experienced some success globally, with an annual double digit growth rate (an average of 15% to 20% annually) in the last decade. But to maintain the momentum, the industry has to improve on a number of pertinent aspects. For instance, establishing a common regulatory, legislative, tax, and legal foundation, addressing cost-efficiency and integration issues for all Islamic financial markets in general and the Islamic banking sector in particular. Retrospectively, Malaysia, a rapidly developing vibrant economy has positioned itself as an international hub for Islamic banking and finance. The research interest on Islamic banking in Malaysia has been intensive but on...

  • IF_Hub_Issue_3_Flow_performance_relationship_Chaudhari_Shamsher_Eskandar.pdf.jpg
  • Newsletter & Bulletin


  • Authors: 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 ...

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


  • Authors: Mohd Rasid, Mohamed Eskandar Shah (2017)

  • The global Islamic finance industry has evolved from a small industry to a dynamic, robust, and competitive one. Currently, the industry, built on the notion of justice and fairness, has a global asset size of approximately USD2 trillion (MIFC, 2016). Despite the soft global economic outlook, this industry is expected to grow as many more nations are embracing this alternative system that is proven to be not only profitable but also resilient to macroeconomic shocks. Available in physical copy only (Call Number: HG 3368 A6 I82Ba)

  • determinants_of_performance_2728.jpg.jpg
  • Chapter in Book


  • Authors: Chowdhury, Mohammad Ashraful Ferdous; Mohd Rasid, Mohamed Eskandar Shah (2017)

  • The main objective of this study is to identify the main determinants of the Islamic banks' performance in Gulf Cooperation Council (GCC) regions. The research uses both static model (fixed effects and random effects) and Generalized method of Moments (GMM). The data for this study are obtained from the annual reports of 29 Islamic banks from GCC countries using Bankscope database for the period from 2005 to 2013. The empirical findings reveal that Islamic banks' specific factors such as the equity financing and bank size are positive and statistically significant to the profitability of Islamic banks. The operating efficiency ratio is negatively and statistically significant to retur...

  • item.jpg
  • Master


  • Authors: Mohd Rozlan, Ahmad Ridza (2017)

  • The paper aims to study the relationship between selected macroeconomic variables and Malaysia Shariah Index after the adjustment of the screening process. It also attempts to look at how the new screening process impacts the performance of the Shariah index. To achieve these aims, this study used Auto Regressive Distributive Lag (ARDL) to look at the long-run and short-run relationships of the macroeconomic variables towards the FTSE EMAS Shariah Index ...

  • PhD_Financial_market_integration_and_its_risk_sharing_implication_Nurrul_Iiyana.pdf.jpg
  • PhD


  • Authors: Mahmud, Nurrul Iiyana (2017)

  • This study empirically investigates the financial integration threshold effects and risk sharing implication for Islamic countries from 1980 - 2011. The study utilizes threshold effect technique for the non-dynamic panel introduced by Hansen (1999). We focus on the four different types of financial market integration measures, which are (i) full financial market (ii) equities (iii) capital market and (iv) governance. We found that there is single threshold effect for equities and governance and a double threshold effect for full financial market integration and capital market ...

  • item.jpg
  • Master


  • Authors: Hasnul, Al Gifari (2017)

  • The topic of poverty and inequality is still a central discussion among the economist. The current efforts in fighting poverty and inequality, which are considered unsuccessful, has motivated the economist and policy makers to find new ideas and strategies in combatting poverty and inequality. At the same time, the area of economic freedom is increasingly being discussed and linked with other major economic areas. This paper aims to examine the relationship between economic freedom and poverty as well as inequality ...