Dr. Marjan Muhammad
Qualification:Doctor of Philosophy of Islamic Revealed Knowledge and Heritage in Fiqh and Usul al-Fiqh
Fields/Area of Specialization:Islamic law of transaction (Fiqh al-mu'amalat); Intellectual reasoning; and Islamic jurisprudence (Usul al-fiqh)
Dr. Marjan Muhammad is the Head of the Research Quality Office and Senior Researcher at the International Shari’ah Research Academy for Islamic Finance (ISRA). In her current capacity, she oversees the quality of research output for projects undertaken by ISRA. She also coordinates ISRA’s internal audit exercise. She obtained her Bachelor’s degree in Islamic Revealed Knowledge and Heritage (Fiqh and Usul al-Fiqh) from IIUM and graduated from her Master’s and PhD degrees at the same university. Dr. Marjan has published many articles in international and local refereed journals, produced a number of research papers on Islamic finance, written several book chapters, contributed to industry reports, and presented papers in various local and international conferences.

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Showing results 1 to 16 of 16
  • Additional_Tier_1_capital_Instruments_under_Basel_III_Marjan.pdf.jpg
  • Journal Article


  • Authors: Beebee Salma Sairally; Marjan Muhammad; Madaa Munjid Mustafa (2016)

  • This research aims to compare the regulatory capital instruments for Islamic banking institutions (IBIs) - in particular the qualifying Additional Tier 1 (AT1) capital instruments - as defined by Basel III, Bank Negara Malaysia (BNM) and IFSB-15 (issued by the Islamic Financial Services Board). Principally, the research examines the Shari'ah issues, especially related to subordination, arising in equity-based contracts when used for structuring AT1 capital instruments. In particular, it examines the mudarabah sukuk issued by the Abu Dhabi Islamic Bank (ADIB) in 2012. The study finds that the most appropriate Shari'ah contract that would be suitable for structuring AT1 capital instrume...

  • Analisis_Syariah_terhadap_bitcoin_Marjan.jpg.jpg
  • Chapter in Book


  • Authors: Marjan Muhammad; Muhd Rosydi Muhammad (2020)

  • Pada Januari 2009, Satoshi Nakamoto telah menghasilkan mata wang kripto pertama yang dikenali sebagai bitcoin. Pada peringkat awalnya, mata wang kripto ini kurang mendapat sambutan meskipun teknologi yang mendasarinya amat berinovasi dan berdaya maju. Bitcoin (menggunakan simbol BTC) ini hanya mula menarik minat pengguna selepas nilainya melonjak sebanyak 600 peratus bagi BTC1 dalam masa kurang daripada setahun; iaitu BTC1 bersamaan dengan nilai USD1,000 pada 1 Januari 2017 kepada USD7,000 pada 3 November 2017. Kejayaan besar yang dicapai bitcoin ini telah menyumbang kepada penghasilan lebih banyak mata wang kripto seumpamanya dicipta dan dilancarkan. Sehingga 7 Januari 2018, lebih da...

  • Asnaf_Care_a_case_study_of_the_Malaysian-based_charity_crowdfunding_platform_Marjan_Suheyib.pdf.jpg
  • Academic Proceeding


  • Authors: Suheyib Eldersevi; Marjan Muhammad (2022)

  • Ever since the success of GoFundMe, an American charity- or donation-based online crowdfunding launched in 2010, this platform has become popular among not-for-profit organizations to raise funds to support their social activities and projects. However, the use of this online platform within the Islamic social finance domain, particularly by the government bodies is very limited. Hence, this paper provides a case study of Asnaf Care, a charity crowdfunding platform that was launched by a state zakat authority in Malaysia, i.e., Lembaga Zakat Negeri Kedah (LZNK) to specifically assist eligible beneficiaries who are affected by the global pandemic of coronavirus (COVID-19). The case stu...

  • Criteria_for_determining_the_Shai'ah_compliance_of_shares_Marjan_Kinan.pdf.jpg
  • Journal Article


  • Authors: Shamsiah Mohamad; Marjan Muhammad; Farrukh Habib; Kinan Salim (2015)

  • As the Islamic finance industry continues to gain popularity in the financial sphere, the number of faithful investors who are interested in Shari'ah-compliant avenues for their investments also continues to increase. One of the most important of these is the equity market. However, it is evident in today's world that it is hard to find a joint stock company whose activities are completely compliant to Shari'ah principles and rulings. As a share of a company represents all the activities and underlying assets of the company, the Shari'ah noncompliance issue can emerge in the share. While the primary activities of a company are Shari'ah-compliant, its peripheral activities may be imper...

  • Development_Offshore_Financial_Centres_for_Islamic_finance_Gulf_Cooperation_Council_Marjan.pdf.jpg
  • Chapter in Book


  • Authors: Beebee Salma Sairally; Marjan Muhammad; Shabana Hasan (2015)

  • Wealth in the Gulf Cooperation Council (GCC) has mostly been fuelled by oil and gas revenues. These petrodollar flows have been increasing over the long term particularly with the rising oil prices. Based on average crude oil prices of USD 70 per barrel, it is estimated that the amount of oil revenue profits of the six GCC states - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE) - will tripple over the next 14 years (Farrell, 2005). How the GCC deploys this increasing wealth is of high interest to the world. Historically, the GCC has relied on the financial markets of the United States and Europe to manage their investments.

  • Exploring_new_trends_of_waqf_in_the_Islamic_capital_market_Marjan.pdf.jpg
  • Chapter in Book


  • Authors: Beebee Salma Sairally; Marjan Muhammad (2020)

  • The financial re-engineering of old concepts is a new trend in the field of Islamic finance. It has been termed as 'New Horizon 2.0' by Shinsuke (2014) - an approach which aims to revitalize original instruments once practiced in medieval Islam to harness the potential of Islamic finance to better meet the needs of communities. It is also in line with the continuous innovative efforts of the industry to apply existing concepts, contracts, and instruments that are Shari'ah-compliant in the modern context to resolve contemporary socio-economic issues. In light of this background, this chapter examines how the age-old philanthropic concept of waqf has been integrated in the Islamic finan...

  • The_investment_account_platform_practical_application_fintech_in_Malaysia_Noor_Marjan.pdf.jpg
  • Chapter in Book


  • Authors: Noor Suhaida Kasri; Marjan Muhammad (2019)

  • The launching of Malaysia's investment account platform (IAP) in 2016 marked another important milestone in positioning Malaysia as a leader in the Islamic banking industry. For the first time in Malaysian history, six competitive Islamic banks collectively collaborated to initiate and launch the IAP. The multi-bank platform offers multiple ventures or investment avenues for investors to invest in, and financing options and opportunities for ventures to choose from, via the intermediation of the sponsoring banks. The platform that leverages on the advance and innovative financial technology system, or fintech, offers a safe and regulated investment ecosystem with better outreach and e...

  • Islamic_capital_markets.pdf.jpg
  • Book


  • Authors: Marjan Muhammad; Beebee Salma Sairally; Farrukh Habib (2015)

  • The book presents the various aspects of the theory of Islamic capital markets (ICM) and its operations by starting with the simplest ideas and moving on to the complex applied issues. The topics covered include: an overview of ICM and its development; Shari'ah principles, contracts and issues; regulatory and governance frameworks; risk management, accounting and taxation issues; details on different segments of the ICM, including sukuk, Shari'ah-compliant stocks, Islamic fund management, Islamic private equity and venture capital, Islamic derivatives and Islamic structures investment products; and future directions for the ICM.

  • Issues_and_challenges_in_Islamic_banking_structures_Marjan.pdf.jpg
  • Journal Article


  • Authors: Marjan Muhammad; Beebee Salma Sairally; Najeeb Zada (2016)

  • Islamic finance operates under varied legal and regulatory frameworks in various jurisdictions that reflect differing regulatory approaches to the introduction and supervision of Islamic banks. This seems logical if viewed from the perspective that the countries where Islamic banks operate are not at the same level of development; some are advanced, a few have just embarked on their journey of introducing Islamic banking and finance, while others are somewhere in the middle. Thus, one should naturally expect that reaching a certain level of consensus in regulating and supervising Islamic banks will take considerable time. The current research looks into one area of contention in Islam...

  • Issues_Islamic_estate_planning_Marjan.pdf.jpg
  • Chapter in Book


  • Authors: Ahcene Lahsasna; Marjan Muhammad (2018)

  • Islamic estate planning is an important aspect of wealth management and financial planning. Currently, Islamic estate planning, which makes up a part of Islamic financial planing, is not well-developed and needs further enhancement and improvement for it to flourish so that every Muslim can benefit from it. The important components of Islamic estate planning include hiba, wasiyya, waqf, takaful and fara'id (Islamic law of inheritance), among others. This chapter discusses some of the major issues pertaining to theses components and offers recommendations to resolve them.

  • Istijrar_an_alternative_solution_to_murabahah-based_import_financing_facilities_Marjan_Mezbah.jpg.jpg
  • Research Monograph


  • Authors: Marjan Muhammad; Mezbah Uddin Ahmed; Muhamad Nasir Haron; Aniza Rahaya Zulkifli (2020)

  • Islamic banks provide similar trade finance facilities to those of conventional banks. They intermediate between buyers (i.e., importers) and sellers (i.e., exporters), act as a custodian of documents, and provide means to reduce payment risks via different payment terms (e.g., open account, documentary collection and letter of credit (LC)). They also provide financing - as need be - to help with working capital tied to the trade transactions. This research focuses only on financing by Islamic banks to importers that involve LCs. Different underlying Shari'ah contracts are used for import financing facilities under LC, the most common being the murabahah contract. At the time of sal...

  • Mushrooming_of_gig_workforce_Marjan.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Marjan Muhammad; Hafizzudin Harun (2022)

  • A near three-year protracted COVID-19 pandemic since the 2019 first outbreak in Wuhan, China, has hugely impacted all the basic economic units: the household, the firm and the government. Over the two-year period from 2 January 2020 to 15 January 2022, the following five industries: airlines; hotels, restaurants and leisure; energy equipment and services; automobiles, and specialty retail were most affected by lockdowns and social distancing intended to curtail the spread of COVID-19 (S&P Global Market Intelligence, 2022). Many of these industries are small businesses requiring a longer period to recover and return to their pre-pandemic state. One of these businesses' immediate mea...

  • Saudi Arabia_Marjan et al.jpg.jpg
  • Chapter in Book


  • Authors: Ashraf Gomma Ali; Marjan Muhammad; Beebee Salma Sairally; Safiudin Ahmad Fuad (2020)

  • Saudi Arabia is one of the largest Islamic finance markets in the world and therefore holds a position of special importance in the study of Islamic finance as well as in the study of shari'ah governance in Islamic financial institutions (IFIs). Saudi Arabia is the largest Islamic banking market in the Gulf Cooperation Council (GCC) by market share; its Islamic banking assets accounted for 51.5 per cent of the domestic banking sector as at 2Q2017. Globally, Saudi Arabia ranked second after Iran among twelve jurisdictions where Islamic banking is systematically important. It accounted for 20.4 per cent of global Islamic banking assets in 2017 as compared to Iran, which accounted for 34...

  • The_shariah_perspective_on_sukuk_assets_Marjan.pdf.jpg
  • Chapter in Book


  • Authors: Marjan Muhammad; Beebee Salma Sairally (2017)

  • The sukuk market is one of the fastest growing sectors in Islamic finance, with total sukuk outstanding valued at more than USD330 billion in the first quarter of 2016. The industry has witnessed evolution in the issuance of landmark and innovative structures: ranging from plain vanilla to more complex and hybrid structures such as convertible and exchangeable sukuk that allow investors to tap into the equity of reference companies; from short- to medium- to long-term and perpetual sukuk to meet the funding requirements of issuers; and from sovereign to corporate and retail sukuk to cater to the appetites of different classes of issuers and investors. Recently, more sukuk have been st...

  • Structuring_innovative_tier_2_(T2)_capital_instruments_under_Basel_III_Marjan.pdf.jpg
  • Journal Article


  • Authors: Beebee Salma Sairally; Marjan Muhammad; Madaa Munjid Mustafa (2015)

  • Basel III has redefined the criteria for qualifying regulatory capital instruments. Banks have to maintain Common Equity Tier 1 (CET1) capital of at least 4.5% of Risk-Weighted Assets (RWA) and Tier 1 (T1) capital should be at least 6% of RWA at all times, while total capital (i.e., Tier 1 plus Tier 2) must be at least 8% of RWA at all times. T1 capital will absorb losses during going-concern - a situation where the bank is still solvent and continuing operation. Tier 2 (T2), on the other hand, refers to gone-concern capital, which will absorb further losses when the bank is facing financial distress and reaches the point of non-viability.

  • Tier_2_capital_instruments_under_Basel_III_Marjan.pdf.jpg
  • Journal Article


  • Authors: Madaa Munjid Mustafa; Beebee Salma Sairally; Marjan Muhammad (2018)

  • Basel III has redefined the criteria for regulatory capital instruments. Accordingly, Islamic banking institutions (IBIs) have to consider the issuance of instruments that would meet both the objectives of Basel III and Shari'ah requirements. This research particularly aims to compare the regulatory requirements for issuing Tier-2 (T2) capital instruments as defined by Basel III, Bank Negara Malaysia (BNM) and IFSB-15. In this regard, the research examines the Shari'ah issues related to subordination and conversion arising in exchange-based contracts (such as murabahah and ijarah sukuk) and equity-based contracts (such as mudarabah and wakalah sukuk). The study relies on library resea...

Dr. Marjan Muhammad
author picture
Qualification: Doctor of Philosophy of Islamic Revealed Knowledge and Heritage in Fiqh and Usul al-Fiqh
Fields/Area of Specialization: Islamic law of transaction (Fiqh al-mu'amalat); Intellectual reasoning; and Islamic jurisprudence (Usul al-fiqh)
Dr. Marjan Muhammad is the Head of the Research Quality Office and Senior Researcher at the International Shari’ah Research Academy for Islamic Finance (ISRA). In her current capacity, she oversees the quality of research output for projects undertaken by ISRA. She also coordinates ISRA’s internal audit exercise. She obtained her Bachelor’s degree in Islamic Revealed Knowledge and Heritage (Fiqh and Usul al-Fiqh) from IIUM and graduated from her Master’s and PhD degrees at the same university. Dr. Marjan has published many articles in international and local refereed journals, produced a number of research papers on Islamic finance, written several book chapters, contributed to industry reports, and presented papers in various local and international conferences.
Showing results 1 to 16 of 16
  • Additional_Tier_1_capital_Instruments_under_Basel_III_Marjan.pdf.jpg
  • Journal Article


  • Authors: Beebee Salma Sairally; Marjan Muhammad; Madaa Munjid Mustafa (2016)

  • This research aims to compare the regulatory capital instruments for Islamic banking institutions (IBIs) - in particular the qualifying Additional Tier 1 (AT1) capital instruments - as defined by Basel III, Bank Negara Malaysia (BNM) and IFSB-15 (issued by the Islamic Financial Services Board). Principally, the research examines the Shari'ah issues, especially related to subordination, arising in equity-based contracts when used for structuring AT1 capital instruments. In particular, it examines the mudarabah sukuk issued by the Abu Dhabi Islamic Bank (ADIB) in 2012. The study finds that the most appropriate Shari'ah contract that would be suitable for structuring AT1 capital instrume...

  • Analisis_Syariah_terhadap_bitcoin_Marjan.jpg.jpg
  • Chapter in Book


  • Authors: Marjan Muhammad; Muhd Rosydi Muhammad (2020)

  • Pada Januari 2009, Satoshi Nakamoto telah menghasilkan mata wang kripto pertama yang dikenali sebagai bitcoin. Pada peringkat awalnya, mata wang kripto ini kurang mendapat sambutan meskipun teknologi yang mendasarinya amat berinovasi dan berdaya maju. Bitcoin (menggunakan simbol BTC) ini hanya mula menarik minat pengguna selepas nilainya melonjak sebanyak 600 peratus bagi BTC1 dalam masa kurang daripada setahun; iaitu BTC1 bersamaan dengan nilai USD1,000 pada 1 Januari 2017 kepada USD7,000 pada 3 November 2017. Kejayaan besar yang dicapai bitcoin ini telah menyumbang kepada penghasilan lebih banyak mata wang kripto seumpamanya dicipta dan dilancarkan. Sehingga 7 Januari 2018, lebih da...

  • Asnaf_Care_a_case_study_of_the_Malaysian-based_charity_crowdfunding_platform_Marjan_Suheyib.pdf.jpg
  • Academic Proceeding


  • Authors: Suheyib Eldersevi; Marjan Muhammad (2022)

  • Ever since the success of GoFundMe, an American charity- or donation-based online crowdfunding launched in 2010, this platform has become popular among not-for-profit organizations to raise funds to support their social activities and projects. However, the use of this online platform within the Islamic social finance domain, particularly by the government bodies is very limited. Hence, this paper provides a case study of Asnaf Care, a charity crowdfunding platform that was launched by a state zakat authority in Malaysia, i.e., Lembaga Zakat Negeri Kedah (LZNK) to specifically assist eligible beneficiaries who are affected by the global pandemic of coronavirus (COVID-19). The case stu...

  • Criteria_for_determining_the_Shai'ah_compliance_of_shares_Marjan_Kinan.pdf.jpg
  • Journal Article


  • Authors: Shamsiah Mohamad; Marjan Muhammad; Farrukh Habib; Kinan Salim (2015)

  • As the Islamic finance industry continues to gain popularity in the financial sphere, the number of faithful investors who are interested in Shari'ah-compliant avenues for their investments also continues to increase. One of the most important of these is the equity market. However, it is evident in today's world that it is hard to find a joint stock company whose activities are completely compliant to Shari'ah principles and rulings. As a share of a company represents all the activities and underlying assets of the company, the Shari'ah noncompliance issue can emerge in the share. While the primary activities of a company are Shari'ah-compliant, its peripheral activities may be imper...

  • Development_Offshore_Financial_Centres_for_Islamic_finance_Gulf_Cooperation_Council_Marjan.pdf.jpg
  • Chapter in Book


  • Authors: Beebee Salma Sairally; Marjan Muhammad; Shabana Hasan (2015)

  • Wealth in the Gulf Cooperation Council (GCC) has mostly been fuelled by oil and gas revenues. These petrodollar flows have been increasing over the long term particularly with the rising oil prices. Based on average crude oil prices of USD 70 per barrel, it is estimated that the amount of oil revenue profits of the six GCC states - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE) - will tripple over the next 14 years (Farrell, 2005). How the GCC deploys this increasing wealth is of high interest to the world. Historically, the GCC has relied on the financial markets of the United States and Europe to manage their investments.

  • Exploring_new_trends_of_waqf_in_the_Islamic_capital_market_Marjan.pdf.jpg
  • Chapter in Book


  • Authors: Beebee Salma Sairally; Marjan Muhammad (2020)

  • The financial re-engineering of old concepts is a new trend in the field of Islamic finance. It has been termed as 'New Horizon 2.0' by Shinsuke (2014) - an approach which aims to revitalize original instruments once practiced in medieval Islam to harness the potential of Islamic finance to better meet the needs of communities. It is also in line with the continuous innovative efforts of the industry to apply existing concepts, contracts, and instruments that are Shari'ah-compliant in the modern context to resolve contemporary socio-economic issues. In light of this background, this chapter examines how the age-old philanthropic concept of waqf has been integrated in the Islamic finan...

  • The_investment_account_platform_practical_application_fintech_in_Malaysia_Noor_Marjan.pdf.jpg
  • Chapter in Book


  • Authors: Noor Suhaida Kasri; Marjan Muhammad (2019)

  • The launching of Malaysia's investment account platform (IAP) in 2016 marked another important milestone in positioning Malaysia as a leader in the Islamic banking industry. For the first time in Malaysian history, six competitive Islamic banks collectively collaborated to initiate and launch the IAP. The multi-bank platform offers multiple ventures or investment avenues for investors to invest in, and financing options and opportunities for ventures to choose from, via the intermediation of the sponsoring banks. The platform that leverages on the advance and innovative financial technology system, or fintech, offers a safe and regulated investment ecosystem with better outreach and e...

  • Islamic_capital_markets.pdf.jpg
  • Book


  • Authors: Marjan Muhammad; Beebee Salma Sairally; Farrukh Habib (2015)

  • The book presents the various aspects of the theory of Islamic capital markets (ICM) and its operations by starting with the simplest ideas and moving on to the complex applied issues. The topics covered include: an overview of ICM and its development; Shari'ah principles, contracts and issues; regulatory and governance frameworks; risk management, accounting and taxation issues; details on different segments of the ICM, including sukuk, Shari'ah-compliant stocks, Islamic fund management, Islamic private equity and venture capital, Islamic derivatives and Islamic structures investment products; and future directions for the ICM.

  • Issues_and_challenges_in_Islamic_banking_structures_Marjan.pdf.jpg
  • Journal Article


  • Authors: Marjan Muhammad; Beebee Salma Sairally; Najeeb Zada (2016)

  • Islamic finance operates under varied legal and regulatory frameworks in various jurisdictions that reflect differing regulatory approaches to the introduction and supervision of Islamic banks. This seems logical if viewed from the perspective that the countries where Islamic banks operate are not at the same level of development; some are advanced, a few have just embarked on their journey of introducing Islamic banking and finance, while others are somewhere in the middle. Thus, one should naturally expect that reaching a certain level of consensus in regulating and supervising Islamic banks will take considerable time. The current research looks into one area of contention in Islam...

  • Issues_Islamic_estate_planning_Marjan.pdf.jpg
  • Chapter in Book


  • Authors: Ahcene Lahsasna; Marjan Muhammad (2018)

  • Islamic estate planning is an important aspect of wealth management and financial planning. Currently, Islamic estate planning, which makes up a part of Islamic financial planing, is not well-developed and needs further enhancement and improvement for it to flourish so that every Muslim can benefit from it. The important components of Islamic estate planning include hiba, wasiyya, waqf, takaful and fara'id (Islamic law of inheritance), among others. This chapter discusses some of the major issues pertaining to theses components and offers recommendations to resolve them.

  • Istijrar_an_alternative_solution_to_murabahah-based_import_financing_facilities_Marjan_Mezbah.jpg.jpg
  • Research Monograph


  • Authors: Marjan Muhammad; Mezbah Uddin Ahmed; Muhamad Nasir Haron; Aniza Rahaya Zulkifli (2020)

  • Islamic banks provide similar trade finance facilities to those of conventional banks. They intermediate between buyers (i.e., importers) and sellers (i.e., exporters), act as a custodian of documents, and provide means to reduce payment risks via different payment terms (e.g., open account, documentary collection and letter of credit (LC)). They also provide financing - as need be - to help with working capital tied to the trade transactions. This research focuses only on financing by Islamic banks to importers that involve LCs. Different underlying Shari'ah contracts are used for import financing facilities under LC, the most common being the murabahah contract. At the time of sal...

  • Mushrooming_of_gig_workforce_Marjan.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Marjan Muhammad; Hafizzudin Harun (2022)

  • A near three-year protracted COVID-19 pandemic since the 2019 first outbreak in Wuhan, China, has hugely impacted all the basic economic units: the household, the firm and the government. Over the two-year period from 2 January 2020 to 15 January 2022, the following five industries: airlines; hotels, restaurants and leisure; energy equipment and services; automobiles, and specialty retail were most affected by lockdowns and social distancing intended to curtail the spread of COVID-19 (S&P Global Market Intelligence, 2022). Many of these industries are small businesses requiring a longer period to recover and return to their pre-pandemic state. One of these businesses' immediate mea...

  • Saudi Arabia_Marjan et al.jpg.jpg
  • Chapter in Book


  • Authors: Ashraf Gomma Ali; Marjan Muhammad; Beebee Salma Sairally; Safiudin Ahmad Fuad (2020)

  • Saudi Arabia is one of the largest Islamic finance markets in the world and therefore holds a position of special importance in the study of Islamic finance as well as in the study of shari'ah governance in Islamic financial institutions (IFIs). Saudi Arabia is the largest Islamic banking market in the Gulf Cooperation Council (GCC) by market share; its Islamic banking assets accounted for 51.5 per cent of the domestic banking sector as at 2Q2017. Globally, Saudi Arabia ranked second after Iran among twelve jurisdictions where Islamic banking is systematically important. It accounted for 20.4 per cent of global Islamic banking assets in 2017 as compared to Iran, which accounted for 34...

  • The_shariah_perspective_on_sukuk_assets_Marjan.pdf.jpg
  • Chapter in Book


  • Authors: Marjan Muhammad; Beebee Salma Sairally (2017)

  • The sukuk market is one of the fastest growing sectors in Islamic finance, with total sukuk outstanding valued at more than USD330 billion in the first quarter of 2016. The industry has witnessed evolution in the issuance of landmark and innovative structures: ranging from plain vanilla to more complex and hybrid structures such as convertible and exchangeable sukuk that allow investors to tap into the equity of reference companies; from short- to medium- to long-term and perpetual sukuk to meet the funding requirements of issuers; and from sovereign to corporate and retail sukuk to cater to the appetites of different classes of issuers and investors. Recently, more sukuk have been st...

  • Structuring_innovative_tier_2_(T2)_capital_instruments_under_Basel_III_Marjan.pdf.jpg
  • Journal Article


  • Authors: Beebee Salma Sairally; Marjan Muhammad; Madaa Munjid Mustafa (2015)

  • Basel III has redefined the criteria for qualifying regulatory capital instruments. Banks have to maintain Common Equity Tier 1 (CET1) capital of at least 4.5% of Risk-Weighted Assets (RWA) and Tier 1 (T1) capital should be at least 6% of RWA at all times, while total capital (i.e., Tier 1 plus Tier 2) must be at least 8% of RWA at all times. T1 capital will absorb losses during going-concern - a situation where the bank is still solvent and continuing operation. Tier 2 (T2), on the other hand, refers to gone-concern capital, which will absorb further losses when the bank is facing financial distress and reaches the point of non-viability.

  • Tier_2_capital_instruments_under_Basel_III_Marjan.pdf.jpg
  • Journal Article


  • Authors: Madaa Munjid Mustafa; Beebee Salma Sairally; Marjan Muhammad (2018)

  • Basel III has redefined the criteria for regulatory capital instruments. Accordingly, Islamic banking institutions (IBIs) have to consider the issuance of instruments that would meet both the objectives of Basel III and Shari'ah requirements. This research particularly aims to compare the regulatory requirements for issuing Tier-2 (T2) capital instruments as defined by Basel III, Bank Negara Malaysia (BNM) and IFSB-15. In this regard, the research examines the Shari'ah issues related to subordination and conversion arising in exchange-based contracts (such as murabahah and ijarah sukuk) and equity-based contracts (such as mudarabah and wakalah sukuk). The study relies on library resea...