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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Top Country : Malaysia

Showing results 1 to 20 of 94
  • risk_sharing_banking_model_obiyathulla_abbas.pdf.jpg
  • Academic Presentation


  • Authors: Bacha, Obiyathulla Ismath; Mirakhor, Abbas (2015)

  • Islamic banking has thus far mimicked conventional banking with the result that the same problems and outcomes have surfaced, even though it is operating within an interest free framework. This apparent "convergence" has led to disaffection both among consumers of Islamic banking services and policy makers. This paper proposes a risk sharing model for Islamic banks that can potentially pull Islamic banking away from this path dependency. Under the proposal an Islamic bank's assets would be securitized by the issuance of sukuk type instruments that have the same underlying contract and average "duration" as customer financing. Small assets may have to be pooled into tranches of similar...

  • adapting mudarabah financing_obiyathulla.pdf.jpg
  • Chapter in Book


  • Authors: Bacha, Obiyathulla Ismath (2014)

  • Islamic banking in Malaysia, despite its recent start, has seen very rapid growth. This growth however has beem uneven. While short-term trade financing has always been dominant and grown rapidly, Mudarabah financing by Islamic banks in Malaysia has reduced to insignificant amounts. Yet, Mudarabah which is based on profit and loss sharing has always been considered to be at the core of Islamic financing and in tune with the shariah's injunctions against interest based financing

  • analysis_of_cost_efficiency_malaysian_takaful_industry_soal_obiya.pdf.jpg
  • Journal Article


  • Authors: Ismail, Norashikin; Alhabshi, Syed Othman; Bacha, Obiyathulla Ismath (2012)

  • Efficiency of financial institution has become an important part of insurance literature. This study aims to evaluate the performance in term of cost efficiency for takaful and insurance firms in Malaysia. A sample of 18 firms consisting of 7 takaful operators and 11 conventional insurers are chosen from the period 2004 to 2009. The cost efficiency score for each firm are obtained using input oriented DEA model. A Kruskal Wallis and Mann Whitney test are employed to examine any significant difference in cost efficiency between Takaful industry and insurance industry. The main findings indicate a significant difference in cost efficiency between takaful and insurance industries. The av...

  • analysis_stock_market_efficiency_developed_vs_Islamic_stock_markets_using_MF-DFA_obiya_mansur.pdf.jpg
  • Journal Article


  • Authors: Rizvi, Syed Aun Raza; Dewandaru, Ginanjar; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur (2014)

  • An efficient market has been theoretically proven to be a key component for effective and efficient resource allocation in an economy. This paper incorporates econophysics with Efficient Market Hypothesis to undertake a comparative analysis of Islamic and developed countries’ markets by extending the understanding of their multifractal nature. By applying the Multifractal Detrended Fluctuation Analysis (MFDFA) we calculated the generalized Hurst exponents, multifractal scaling exponents and generalized multifractal dimensions for 22 broad market indices. The findings provide a deeper understanding of the markets in Islamic countries, where they have traces of highly efficient performa...

  • PhD_An_analysis_of_issues_surrounding_stock_index_futures_contract_Hashim.pdf.jpg
  • PhD


  • Authors: Jusoh, Hashim (2017)

  • The derivatives markets in the Asian region have shown significant growth and development since their inception. Similarly, derivatives market in Malaysia and Bursa Malaysia Derivatives have experienced remarkable changes and developments. This study focuses mainly on the stock index futures contract (FKLI) and its relationship with the underlying spot index (FBM KLCI). The FKLI is chosen instead of other permissible futures due to availability of the data and its relevance in the context of fund managers' asset allocation strategy...

  • item.jpg
  • PhD


  • Authors: Rafi, Umar (2015)

  • This research attempts to show that risk sharing, as defined under Islamic finance, makes financial systems antifragile. The recent financial crisis has given rise to discussions around a new term known as antifragility, used for evaluating the long-term stability of a financial system. Antifragility specifies conditions under which systems become resilient to shocks caused by Black Swans. These are highly unpredictable outlier events that have a major negative (or positive) consequence when they occur, with their occurence only being explained retrospectively. According to this concept, the long-term survivability of any system centers exclusively on its antifragile nature, that is, ...

  • item.jpg
  • Master


  • Authors: Nazarbaev, Azamat (2016)

  • The paper examines the level of awareness of the people in the Kyrgyz Republic about Islamic Banking and Finance and whether they are willing to adopt an Islamic financial system in the country. It also attempts to explore population's opinion of the mechanism of the banking business in general. Questionnaire forms were developed and distributed among 300 nationals. It has been found that while a small proportion of the practicing Muslims have some notion of Islamic Banking and Finance, non-practicing Muslims and non-Muslims almost completely lack in this field of knowledge ...

  • capital_flows_regulatory_arbitrage_obiyathulla.pdf.jpg
  • Newspaper Article


  • Authors: Bacha, Obiyathulla Ismath (2018)

  • Events earlier in the year in Australia show the extent to which cross-border capital flows can arbitrage regulatory hurdles. It appears that in an effort to rein in a burgeoning housing bubble, the Australian central bank, the Reserve Bank of Australia (RBA) has placed caps on bank lending to real estate developers. The policy, aimed largely at curbing purchases of Australian homes by foreigners through domestic borrowing, initially was effective. In addition to foreign speculators, domestic housing developers too were hit hard. Such regulation would have essentially taken the wind out of a domestic housing bubble, had it not been for foreign hedge funds and private equity. Given fre...

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


  • Authors: Abdul Halim, Asyraf; Abd Sukor, Mohd Edil; Bacha, Obiyathulla Ismath (2019)

  • In the literature of corporate finance, there exists alongside others, an age long inquiry into the behaviour and determinants of corporate capital structure. The study into capital structure behaviour was pioneered by Modigliani and Miller (1958, 1963) and which is still widely research today. Despite years of research, much are still unknown to us, which determinants are reliable explanator of capital structure variations across firms and time. In 1984, Stewart C. Myers officially introduced the "Capital Structure Puzzle" in his American Finance Association Presidential Speech. The capital structure puzzle at its heart asks the question of how do firms decide and manage their capita...

  • combining_momentum_value_quality_islamic_equity_portfolio_multi-style_rotation_strategies_using_augmented_black_litterman_factor_model_mm.pdf.jpg
  • Journal Article


  • Authors: Dewandaru, Ginanjar; Masih, Rumi; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur (2015)

  • This study constructs active Islamic portfolios using a multi-style rotation strategy, derived from the three prominent styles, namely, momentum, value, and quality investing. We use the stocks that are consistently listed in the U.S. Dow Jones Islamic index for a sample period from 1996 to 2012. We also include two macroeconomic mimicking portfolios to capture the premiums of industrial production growth and inflation innovation, accommodating the economic regime shifts. Based on the information coefficients, we find the six-month momentum and the fractal measure as momentum factors; the enterprise yield (gross profit/TEV) and the book to market ratio as valuation factors; the gross ...

  • item.jpg
  • PhD


  • Authors: Abdul Wahab, Hishamuddin (2013)

  • The study of currency exposure in the context of small open economies such as the ASEAN-4 region is important in view of the higher degree of openness of the economies and the progressive growth of the Islamic finance industry. This study examined the presence of currency exposure in a sample of 405 listed non-financial corporations from Indonesia, Malaysia, Singapore and Thailand over a duration of 18 years from 1993 to 2010. This study is different from previous studies as it combines two assessment methods, i.e., the cash flow (CF) and stock returns (SR) approaches. Furthermore, this study covers two major events of the financial crises ...

  • daily_traders_institutional_investors_wealth_effect_upon_sukuk_conventional_bond_announcements_mansur_obiya.pdf.jpg
  • Journal Article


  • Authors: Hanifa, Mohamed Hisham; Mohammed Masih, Abul Mansur; Bacha, Obiyathulla Ismath (2014)

  • The last decade has witnessed a rapid expansion of Islamic financial instruments with a notable proliferation of Islamic investment certificates called sukuk. In spite of the expansion, research to appraise their growth implications remains limited. This paper investigated the structural differences within sukuk and conventional and their implications on investor return reactions. It also looked at the investors' different decision making time horizon dimensions in response to the respective debt security's announcement. Our sample consisted of 158 conventional bonds and 129 sukuk issuers between 2000 and 2013. Event-study methodology and wavelet analysis were used resulting in three ...

  • debt_exchange_rate_vulnerability_obiyathulla.pdf.jpg
  • Newspaper Article


  • Authors: Bacha, Obiyathulla Ismath (2019)

  • Muslim-majority nations like Turkey, Indonesia, Egypt and even Malaysia have seen their currencies depreciate and come under pressure in the recent past. Turkey and Egypt have had to increase domestic interest rates substantially to ease the exchange rate pressure. Indonesia, too, had to raise rates, albeit of a much lower magnitude. The choice of an exchange rate policy - whether pegged, free floating or managed - depends on the trade-off preference. Fixed or pegged exchange rates offer stability, but this has to be traded off against the lack of independence in monetary policymaking. A freely floating currency has the advantage of providing full flexibility in policymaking, but has ...

  • debt_debt_even_Shariah-compliant_obiyathulla.pdf.jpg
  • Newspaper Article


  • Authors: Bacha, Obiyathulla Ismath (2019)

  • In a book aptly titled 'This Time Is Different', Rogoff and Reinhart, two prominent economists, show that every single financial crisis over the last 800 years has had a single root cause - excessive debt. It appears that what begins as borrowing for the funding of development infrastructure can, as it builds, lead to a spiralling of debt and financial crisis. There is a circular and reciprocal relationship between debt, leverage, vulnerability and financial distress. This applies to all borrowers, governments, corporations or other entities.

  • 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...

  • 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...

  • item.jpg
  • PhD


  • Authors: Hanifa, Mohamed Hisham (2015)

  • Sukuk is dominating the Malaysian capital market with strong support from the government, mega-conglomerates and firms. As an important source of firms' financing, sukuk is increasingly catching up with existing conventional debt in terms of transaction volume and the number of deals. In spite of the rising interest among issuers in sukuk offers, research to appraise firm's issuance motives and the subsequent effects on shareholders' wealth upon sukuk and conventional bond announcement remains limited. Hence, through this initial study, firstly, we examine the association of firm specific characteristics with the respective debt security principles offers ... Available in physical ...

  • PhD_Determinants_of_wellbeing_Maznita_Mokhtar.pdf.jpg
  • PhD


  • Authors: Mokhtar, Maznita (2017)

  • GDP, often the proxy to measure progress in policy implementations, does not fully reflect the wellbeing of a nation, although it may be one of the contributing factors. Applying an estimation model based on panel data of 22 sample countries, we illustrate that wellbeing in general can be improved with intrinsic growth, influenced by economic stability, demand composition and sectoral composition. Additionally, key economic and quality of life factors - such as, broader income distribution, lower housing prices, lower infant mortality, effective health expenditure, higher education attainment and broadband access - are significant to households ...

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 94
  • risk_sharing_banking_model_obiyathulla_abbas.pdf.jpg
  • Academic Presentation


  • Authors: Bacha, Obiyathulla Ismath; Mirakhor, Abbas (2015)

  • Islamic banking has thus far mimicked conventional banking with the result that the same problems and outcomes have surfaced, even though it is operating within an interest free framework. This apparent "convergence" has led to disaffection both among consumers of Islamic banking services and policy makers. This paper proposes a risk sharing model for Islamic banks that can potentially pull Islamic banking away from this path dependency. Under the proposal an Islamic bank's assets would be securitized by the issuance of sukuk type instruments that have the same underlying contract and average "duration" as customer financing. Small assets may have to be pooled into tranches of similar...

  • adapting mudarabah financing_obiyathulla.pdf.jpg
  • Chapter in Book


  • Authors: Bacha, Obiyathulla Ismath (2014)

  • Islamic banking in Malaysia, despite its recent start, has seen very rapid growth. This growth however has beem uneven. While short-term trade financing has always been dominant and grown rapidly, Mudarabah financing by Islamic banks in Malaysia has reduced to insignificant amounts. Yet, Mudarabah which is based on profit and loss sharing has always been considered to be at the core of Islamic financing and in tune with the shariah's injunctions against interest based financing

  • analysis_of_cost_efficiency_malaysian_takaful_industry_soal_obiya.pdf.jpg
  • Journal Article


  • Authors: Ismail, Norashikin; Alhabshi, Syed Othman; Bacha, Obiyathulla Ismath (2012)

  • Efficiency of financial institution has become an important part of insurance literature. This study aims to evaluate the performance in term of cost efficiency for takaful and insurance firms in Malaysia. A sample of 18 firms consisting of 7 takaful operators and 11 conventional insurers are chosen from the period 2004 to 2009. The cost efficiency score for each firm are obtained using input oriented DEA model. A Kruskal Wallis and Mann Whitney test are employed to examine any significant difference in cost efficiency between Takaful industry and insurance industry. The main findings indicate a significant difference in cost efficiency between takaful and insurance industries. The av...

  • analysis_stock_market_efficiency_developed_vs_Islamic_stock_markets_using_MF-DFA_obiya_mansur.pdf.jpg
  • Journal Article


  • Authors: Rizvi, Syed Aun Raza; Dewandaru, Ginanjar; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur (2014)

  • An efficient market has been theoretically proven to be a key component for effective and efficient resource allocation in an economy. This paper incorporates econophysics with Efficient Market Hypothesis to undertake a comparative analysis of Islamic and developed countries’ markets by extending the understanding of their multifractal nature. By applying the Multifractal Detrended Fluctuation Analysis (MFDFA) we calculated the generalized Hurst exponents, multifractal scaling exponents and generalized multifractal dimensions for 22 broad market indices. The findings provide a deeper understanding of the markets in Islamic countries, where they have traces of highly efficient performa...

  • PhD_An_analysis_of_issues_surrounding_stock_index_futures_contract_Hashim.pdf.jpg
  • PhD


  • Authors: Jusoh, Hashim (2017)

  • The derivatives markets in the Asian region have shown significant growth and development since their inception. Similarly, derivatives market in Malaysia and Bursa Malaysia Derivatives have experienced remarkable changes and developments. This study focuses mainly on the stock index futures contract (FKLI) and its relationship with the underlying spot index (FBM KLCI). The FKLI is chosen instead of other permissible futures due to availability of the data and its relevance in the context of fund managers' asset allocation strategy...

  • item.jpg
  • PhD


  • Authors: Rafi, Umar (2015)

  • This research attempts to show that risk sharing, as defined under Islamic finance, makes financial systems antifragile. The recent financial crisis has given rise to discussions around a new term known as antifragility, used for evaluating the long-term stability of a financial system. Antifragility specifies conditions under which systems become resilient to shocks caused by Black Swans. These are highly unpredictable outlier events that have a major negative (or positive) consequence when they occur, with their occurence only being explained retrospectively. According to this concept, the long-term survivability of any system centers exclusively on its antifragile nature, that is, ...

  • item.jpg
  • Master


  • Authors: Nazarbaev, Azamat (2016)

  • The paper examines the level of awareness of the people in the Kyrgyz Republic about Islamic Banking and Finance and whether they are willing to adopt an Islamic financial system in the country. It also attempts to explore population's opinion of the mechanism of the banking business in general. Questionnaire forms were developed and distributed among 300 nationals. It has been found that while a small proportion of the practicing Muslims have some notion of Islamic Banking and Finance, non-practicing Muslims and non-Muslims almost completely lack in this field of knowledge ...

  • capital_flows_regulatory_arbitrage_obiyathulla.pdf.jpg
  • Newspaper Article


  • Authors: Bacha, Obiyathulla Ismath (2018)

  • Events earlier in the year in Australia show the extent to which cross-border capital flows can arbitrage regulatory hurdles. It appears that in an effort to rein in a burgeoning housing bubble, the Australian central bank, the Reserve Bank of Australia (RBA) has placed caps on bank lending to real estate developers. The policy, aimed largely at curbing purchases of Australian homes by foreigners through domestic borrowing, initially was effective. In addition to foreign speculators, domestic housing developers too were hit hard. Such regulation would have essentially taken the wind out of a domestic housing bubble, had it not been for foreign hedge funds and private equity. Given fre...

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


  • Authors: Abdul Halim, Asyraf; Abd Sukor, Mohd Edil; Bacha, Obiyathulla Ismath (2019)

  • In the literature of corporate finance, there exists alongside others, an age long inquiry into the behaviour and determinants of corporate capital structure. The study into capital structure behaviour was pioneered by Modigliani and Miller (1958, 1963) and which is still widely research today. Despite years of research, much are still unknown to us, which determinants are reliable explanator of capital structure variations across firms and time. In 1984, Stewart C. Myers officially introduced the "Capital Structure Puzzle" in his American Finance Association Presidential Speech. The capital structure puzzle at its heart asks the question of how do firms decide and manage their capita...

  • combining_momentum_value_quality_islamic_equity_portfolio_multi-style_rotation_strategies_using_augmented_black_litterman_factor_model_mm.pdf.jpg
  • Journal Article


  • Authors: Dewandaru, Ginanjar; Masih, Rumi; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur (2015)

  • This study constructs active Islamic portfolios using a multi-style rotation strategy, derived from the three prominent styles, namely, momentum, value, and quality investing. We use the stocks that are consistently listed in the U.S. Dow Jones Islamic index for a sample period from 1996 to 2012. We also include two macroeconomic mimicking portfolios to capture the premiums of industrial production growth and inflation innovation, accommodating the economic regime shifts. Based on the information coefficients, we find the six-month momentum and the fractal measure as momentum factors; the enterprise yield (gross profit/TEV) and the book to market ratio as valuation factors; the gross ...

  • item.jpg
  • PhD


  • Authors: Abdul Wahab, Hishamuddin (2013)

  • The study of currency exposure in the context of small open economies such as the ASEAN-4 region is important in view of the higher degree of openness of the economies and the progressive growth of the Islamic finance industry. This study examined the presence of currency exposure in a sample of 405 listed non-financial corporations from Indonesia, Malaysia, Singapore and Thailand over a duration of 18 years from 1993 to 2010. This study is different from previous studies as it combines two assessment methods, i.e., the cash flow (CF) and stock returns (SR) approaches. Furthermore, this study covers two major events of the financial crises ...

  • daily_traders_institutional_investors_wealth_effect_upon_sukuk_conventional_bond_announcements_mansur_obiya.pdf.jpg
  • Journal Article


  • Authors: Hanifa, Mohamed Hisham; Mohammed Masih, Abul Mansur; Bacha, Obiyathulla Ismath (2014)

  • The last decade has witnessed a rapid expansion of Islamic financial instruments with a notable proliferation of Islamic investment certificates called sukuk. In spite of the expansion, research to appraise their growth implications remains limited. This paper investigated the structural differences within sukuk and conventional and their implications on investor return reactions. It also looked at the investors' different decision making time horizon dimensions in response to the respective debt security's announcement. Our sample consisted of 158 conventional bonds and 129 sukuk issuers between 2000 and 2013. Event-study methodology and wavelet analysis were used resulting in three ...

  • debt_exchange_rate_vulnerability_obiyathulla.pdf.jpg
  • Newspaper Article


  • Authors: Bacha, Obiyathulla Ismath (2019)

  • Muslim-majority nations like Turkey, Indonesia, Egypt and even Malaysia have seen their currencies depreciate and come under pressure in the recent past. Turkey and Egypt have had to increase domestic interest rates substantially to ease the exchange rate pressure. Indonesia, too, had to raise rates, albeit of a much lower magnitude. The choice of an exchange rate policy - whether pegged, free floating or managed - depends on the trade-off preference. Fixed or pegged exchange rates offer stability, but this has to be traded off against the lack of independence in monetary policymaking. A freely floating currency has the advantage of providing full flexibility in policymaking, but has ...

  • debt_debt_even_Shariah-compliant_obiyathulla.pdf.jpg
  • Newspaper Article


  • Authors: Bacha, Obiyathulla Ismath (2019)

  • In a book aptly titled 'This Time Is Different', Rogoff and Reinhart, two prominent economists, show that every single financial crisis over the last 800 years has had a single root cause - excessive debt. It appears that what begins as borrowing for the funding of development infrastructure can, as it builds, lead to a spiralling of debt and financial crisis. There is a circular and reciprocal relationship between debt, leverage, vulnerability and financial distress. This applies to all borrowers, governments, corporations or other entities.

  • 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...

  • 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...

  • item.jpg
  • PhD


  • Authors: Hanifa, Mohamed Hisham (2015)

  • Sukuk is dominating the Malaysian capital market with strong support from the government, mega-conglomerates and firms. As an important source of firms' financing, sukuk is increasingly catching up with existing conventional debt in terms of transaction volume and the number of deals. In spite of the rising interest among issuers in sukuk offers, research to appraise firm's issuance motives and the subsequent effects on shareholders' wealth upon sukuk and conventional bond announcement remains limited. Hence, through this initial study, firstly, we examine the association of firm specific characteristics with the respective debt security principles offers ... Available in physical ...

  • PhD_Determinants_of_wellbeing_Maznita_Mokhtar.pdf.jpg
  • PhD


  • Authors: Mokhtar, Maznita (2017)

  • GDP, often the proxy to measure progress in policy implementations, does not fully reflect the wellbeing of a nation, although it may be one of the contributing factors. Applying an estimation model based on panel data of 22 sample countries, we illustrate that wellbeing in general can be improved with intrinsic growth, influenced by economic stability, demand composition and sectoral composition. Additionally, key economic and quality of life factors - such as, broader income distribution, lower housing prices, lower infant mortality, effective health expenditure, higher education attainment and broadband access - are significant to households ...