Browsing by Author Naeem Azmi, Choudhari Wajahat

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  • IFHubEd6_do_ethics_imply_better_governance_wajahat.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Naeem Azmi, Choudhari Wajahat (2017)

  • There are different ways through which debt exerts pressure on managers to align their interests with those of shareholders. For instance, it does this by reducing free cash flows (Jensen, 1986; Stulz, 1990), by increasing monitoring by debt holders (Ang, Cole, & Lin, 2000) and by increasing takeover threats (Williams, 1987). In this respect, another line of arguments indicates that good corporate governance is associated with lower agency issues (McKnight & Weir, 2009; Rashid, 2016). As per this view advanced by La Porta, Lopezde-Silanes, Shleifer, and Vishny (2000), both debt and governance mitigate agency conflicts and essentially play the same role; therefore, they can be good sub...

  • doing_well_while_doing_good_the_case_of_islamic_and_sustainability_equity_investing_adam.pdf.jpg
  • Academic Presentation


  • Authors: Ng, Adam Boon Ka; Naeem Azmi, Choudhari Wajahat; Dewandaru, Ginanjar; Nagayev, Ruslan (2016)

  • Sustainability trends present risks and opportunities for companies and various stakeholders. Profits can be derived from doing good: Islamic sustainability equity in vesting offers competitive risk-return profiles at the levels of individual asset and portfolio of global assets particularly during economic expansion, equity bullish and subprime crisis periods. Islamic finance industry should proactively drive main stream sustainability investing.

  • financial_development_islamic_finance_shadow_economy.pdf.jpg
  • Academic Presentation


  • Authors: Abdul Hamid, Baharom; Naeem Azmi, Choudhari Wajahat; Habibullah, Muzafar Shah; Din, Badariah H. (2017)

  • The slides highlight the research questions on: 1) would the presence of Islamic finance be associated with lower shadow economy; 2) are Islamic finance and the financial development complementary in reducing the shadow economy sector?

  • 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 ...

  • item.jpg
  • Chapter in Book


  • Authors: Abdul Hamid, Baharom; Ali, Mohsin; Naeem Azmi, Choudhari Wajahat; Anwer, Zaheer (2017)

  • The primary goal of this paper is to explore the viability of initiating Islamic finance (IF) in an unchartered economy. Canada is taken as a case study for this paper. To achieve our objective, we proceed in two stages. The first stage involves the analysis of market opportunities for IF. More precisely, the first stage involves the cost/benefit analysis which would enable the IF industry to see whether it is feasible for them to initiate. Second, the more challenging stage involves the analysis with regard to the barriers in offering IF products. Available in e-book only (Call Number: HG 3368 A6 D489 2017 ebk)

  • IFHubEd6_islamic_finance_benchmark_possible_solution_revisited_mohsin_wajahat.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Ali, Mohsin; Naeem Azmi, Choudhari Wajahat (2017)

  • Benchmarks serve multiple purposes in financial markets and hence play a critical role. They serve as a reference point for pricing instruments, reflect the opportunity cost and also serve as a reference rate for the relative performance of a portfolio. Hence, a benchmark that is transparent, liquid, easy to calculate and non-manipulative is considered critical for the efficiency of financial markets. In this paper, we suggest a model proposed, by Mirakhor (1996) which can well serve the purpose of a potential benchmark for pricing. We also show the feasibility of the model in contemporary financial system. The main motivations behind the paper are, a) to move away from any fixed rate...

  • CIAWM_Issue3_Market_timing_and_selection_skills_of_fund_managers_Wajahat_Shamsher_Eskandar.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Naeem Azmi, Choudhari Wajahat; Ramadili Mohd, Shamsher Mohamad; Mohd Rasid, Mohamed Eskandar Shah (2017)

  • We assess the managerial skills of globally invested 686 ethical funds taking into consideration the macroeconomic efficiency and fund inflows/outflows. It was observed that managers exhibit negative selection and market timing skills but no consistent pattern for style timing. A cursory glance at the literature indicates little support for superior managerial abilities, especially in terms of timing skills. Notwithstanding, some have highlighted the importance of including fund flows in the traditional models and argue that excluding it can lead to spurious timing skills (Bollen and Busse, 2001). The findings indicate that the investors increase their exposure to funds during a bulli...

  • 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...

  • Socially_responsible_or_Shariah_compliant_wajahat_shamsher_eskandar.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Naeem Azmi, Choudhari Wajahat; Ramadili Mohd, Shamsher Mohamad (2016)

  • The mutual fund industry observed a remarkable growth of two distinct types of mutual funds during the last two decades, namely, Shariah-compliant funds (SCFs) and Socially responsible funds (SRFs). These alternative investment avenues were created for investors who are keen on investments that are Shariah-compliant and have better ethical standards than conventional funds. To fulfil these needs, the funds' investment strategies incorporate specific non-financial screening criteria based on ethical and religious guidelines, besides the typical risk-return financial screening.

  • Which_creates_more_value_for_investors_in_equity_funds_wajahat.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Naeem Azmi, Choudhari Wajahat (2016)

  • The mutual fund industry has seen rapid growth in the last two decades or so as an alternative investment scheme. The growth of the mutual fund industry saw a jump of 13% from the year 2012 to 2013 as assets under management (AuM) increased from $60.9 trillion in 2012 to $68.7 trillion in 2013 (Boston Consultancy Group, 2014). As far as regional growth is concerned, it has slowed down in most of the emerging markets but increased steadily in MENA and Asian countries. Its growth has varied in Australia, Asia, Japan, the Middle East and Africa and North America and varied from 14 percent to 20 percent. As far as Europe and Latin America is concerned, the average growth rate has been 8% ...

Browsing by Author Naeem Azmi, Choudhari Wajahat

Jump to: 0-9 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
or enter first few letters:  
Showing results 1 to 12 of 12
  • IFHubEd6_do_ethics_imply_better_governance_wajahat.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Naeem Azmi, Choudhari Wajahat (2017)

  • There are different ways through which debt exerts pressure on managers to align their interests with those of shareholders. For instance, it does this by reducing free cash flows (Jensen, 1986; Stulz, 1990), by increasing monitoring by debt holders (Ang, Cole, & Lin, 2000) and by increasing takeover threats (Williams, 1987). In this respect, another line of arguments indicates that good corporate governance is associated with lower agency issues (McKnight & Weir, 2009; Rashid, 2016). As per this view advanced by La Porta, Lopezde-Silanes, Shleifer, and Vishny (2000), both debt and governance mitigate agency conflicts and essentially play the same role; therefore, they can be good sub...

  • doing_well_while_doing_good_the_case_of_islamic_and_sustainability_equity_investing_adam.pdf.jpg
  • Academic Presentation


  • Authors: Ng, Adam Boon Ka; Naeem Azmi, Choudhari Wajahat; Dewandaru, Ginanjar; Nagayev, Ruslan (2016)

  • Sustainability trends present risks and opportunities for companies and various stakeholders. Profits can be derived from doing good: Islamic sustainability equity in vesting offers competitive risk-return profiles at the levels of individual asset and portfolio of global assets particularly during economic expansion, equity bullish and subprime crisis periods. Islamic finance industry should proactively drive main stream sustainability investing.

  • financial_development_islamic_finance_shadow_economy.pdf.jpg
  • Academic Presentation


  • Authors: Abdul Hamid, Baharom; Naeem Azmi, Choudhari Wajahat; Habibullah, Muzafar Shah; Din, Badariah H. (2017)

  • The slides highlight the research questions on: 1) would the presence of Islamic finance be associated with lower shadow economy; 2) are Islamic finance and the financial development complementary in reducing the shadow economy sector?

  • 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 ...

  • item.jpg
  • Chapter in Book


  • Authors: Abdul Hamid, Baharom; Ali, Mohsin; Naeem Azmi, Choudhari Wajahat; Anwer, Zaheer (2017)

  • The primary goal of this paper is to explore the viability of initiating Islamic finance (IF) in an unchartered economy. Canada is taken as a case study for this paper. To achieve our objective, we proceed in two stages. The first stage involves the analysis of market opportunities for IF. More precisely, the first stage involves the cost/benefit analysis which would enable the IF industry to see whether it is feasible for them to initiate. Second, the more challenging stage involves the analysis with regard to the barriers in offering IF products. Available in e-book only (Call Number: HG 3368 A6 D489 2017 ebk)

  • IFHubEd6_islamic_finance_benchmark_possible_solution_revisited_mohsin_wajahat.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Ali, Mohsin; Naeem Azmi, Choudhari Wajahat (2017)

  • Benchmarks serve multiple purposes in financial markets and hence play a critical role. They serve as a reference point for pricing instruments, reflect the opportunity cost and also serve as a reference rate for the relative performance of a portfolio. Hence, a benchmark that is transparent, liquid, easy to calculate and non-manipulative is considered critical for the efficiency of financial markets. In this paper, we suggest a model proposed, by Mirakhor (1996) which can well serve the purpose of a potential benchmark for pricing. We also show the feasibility of the model in contemporary financial system. The main motivations behind the paper are, a) to move away from any fixed rate...

  • CIAWM_Issue3_Market_timing_and_selection_skills_of_fund_managers_Wajahat_Shamsher_Eskandar.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Naeem Azmi, Choudhari Wajahat; Ramadili Mohd, Shamsher Mohamad; Mohd Rasid, Mohamed Eskandar Shah (2017)

  • We assess the managerial skills of globally invested 686 ethical funds taking into consideration the macroeconomic efficiency and fund inflows/outflows. It was observed that managers exhibit negative selection and market timing skills but no consistent pattern for style timing. A cursory glance at the literature indicates little support for superior managerial abilities, especially in terms of timing skills. Notwithstanding, some have highlighted the importance of including fund flows in the traditional models and argue that excluding it can lead to spurious timing skills (Bollen and Busse, 2001). The findings indicate that the investors increase their exposure to funds during a bulli...

  • 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...

  • Socially_responsible_or_Shariah_compliant_wajahat_shamsher_eskandar.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Naeem Azmi, Choudhari Wajahat; Ramadili Mohd, Shamsher Mohamad (2016)

  • The mutual fund industry observed a remarkable growth of two distinct types of mutual funds during the last two decades, namely, Shariah-compliant funds (SCFs) and Socially responsible funds (SRFs). These alternative investment avenues were created for investors who are keen on investments that are Shariah-compliant and have better ethical standards than conventional funds. To fulfil these needs, the funds' investment strategies incorporate specific non-financial screening criteria based on ethical and religious guidelines, besides the typical risk-return financial screening.

  • Which_creates_more_value_for_investors_in_equity_funds_wajahat.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Naeem Azmi, Choudhari Wajahat (2016)

  • The mutual fund industry has seen rapid growth in the last two decades or so as an alternative investment scheme. The growth of the mutual fund industry saw a jump of 13% from the year 2012 to 2013 as assets under management (AuM) increased from $60.9 trillion in 2012 to $68.7 trillion in 2013 (Boston Consultancy Group, 2014). As far as regional growth is concerned, it has slowed down in most of the emerging markets but increased steadily in MENA and Asian countries. Its growth has varied in Australia, Asia, Japan, the Middle East and Africa and North America and varied from 14 percent to 20 percent. As far as Europe and Latin America is concerned, the average growth rate has been 8% ...