Browsing by Author Zulkarnain Muhamad Sori

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Showing results 1 to 19 of 19
  • announcements_effect_corporate_name_change_failed_vs_non-failed_firms_zulkarnain_et_al.pdf.jpg
  • Journal Article


  • Authors: Zulkarnain Muhamad Sori; Shamsher Mohamad Ramadili Mohd; Annuar Md. Nassir; Mohamad Ali Abdul Hamid (2002)

  • The corporate name is the identity and pride of a corporate entity. A name change is an important corporate event and done only if the benefits out weights the costs. This study attempts to investigate whether a corporate name change has a wealth effect on the company's shareholders. It investigates the wealth effects of name change announcement concurrent with announcement of reorganisation and restructuring of the firm. Event study methodology was employed to examine the above issues with respect to failed and non-failed firms for the period from 1980 to 1996 ...

  • audit_committee_reporting_current_practices_companies_listed_KLSE_Zulkarnain_Shamsher.pdf.jpg
  • Journal Article


  • Authors: Zulkarnain Muhamad Sori; Shamsher Mohamad Ramadili Mohd (2007)

  • This study examines the disclosures contained in Audit Committee Reports (ACRs) and the level of compliance of current practices with the amended Kuala Lumpur Stock Exchange listing requirements after the adoption of various recommendations made by the High-Level of Finance Committee on Corporate Governance and the Malaysian Code on Corporate Governance (MCCG) in 1999 and 2000 respectively. All firms listed on the KLSE's main and second board, and MESDAQ counters were sampled. Consistent with the literature in developed markets, the findings reveal that very few companies provide more than what is expected by the ACRs in their listing requirements. Further, companies in finance, techn...

  • audit_committee_some_evidence_from_Malaysia_zulkarnain.pdf.jpg
  • Journal Article


  • Authors: Zulkarnain Muhamad Sori; Mohamad Ali Abdul Hamid; Siti Shaharatulfazzah Mohd Saad; Jonathan Gerard Evans; Annuar Md. Nassir (2006)

  • This study aimed to investigate the perceptions of senior managers of Malaysian publicly listed companies on issues relating to audit committee authority and effectiveness. Questionnaire survey technique was employed to seek the respondents perceptions on five issues, namely audit committee appoints the auditor, audit committee determines and reviews audit fees, audit committee determines and reviews the auditor’s scope and duties, and audit committee’s reports and meetings. The majority of respondents agreed that auditor would be more effective and independent if audit committee assumed the responsibility to appoint the auditor, determine and review the audit fees, and determine and ...

  • Audit_committees_from_the_legal_perspective_the_case_of_Malaysia_Zulkarnain_Shamsher.pdf.jpg
  • Chapter in Book


  • Authors: Zulkarnain Muhamad Sori; Shamsher Mohamad Ramadili Mohd (2008)

  • Good corporate governance practices are a trademark of developed capital markets. Stringent regulation of capital markets is not a consistent way to mitigate financial mishaps in developed market environment. Malaysian government has adopted a market deregulation approach, and delegated the responsibilities of ensuring a fair and proper functioning of financial institutions to the Securities Commission. The commission is required to issue listing requirements for public and listed companies to establish audit committees. This paper discusses the Malaysian audit committees' duties from the legal perspective. The discussion covers audit committee's fiduciary duties, duty to be diligent,...

  • item.jpg
  • Master


  • Authors: Siti Noorbaini Hussain (2018)

  • Amanah Ikhtiar Malaysia or history of AIM is closely linked to the establishment of Grameen Bank. It all began when Prof. Dr Muhammad Yunus, Economic lecturer at Chittagong University of Bangladesh conducted a study in 1976 with a sample of poor community that rarely engage in the banking world. From his study, these poor people are not able to improve their standard of living due to lack of capital. Therefore, Prof. Yunus suggests that capital injection is a basic human right and shall be given to the poor people in helping them to improve their social and economic welfares ...

  • chapter 2_comparison_MASB_AAOIFI_Zulkarnain_Shamsher.jpg.jpg
  • Chapter in Book


  • Authors: Zulkarnain Muhamad Sori; Shamsher Mohamad Ramadili Mohd (2019)

  • This chapter provides new findings to accounting and finance literature, where, it compares the conceptual framework of both of the MASB- and the AAOIFI- in the context of financial reporting of Islamic financial institutions (IFls). The conceptual framework or some authors referred as "accounting constitution" set the tone for a consistent accounting standards and become a reference point for developing future standards for financial accounting and reporting (Barker et al., 2014; Abela et al., 2014; Holzmann & Munter, 2014 (Sutton et al., 2015; Gebhardt et aI., 2014; Norby, 1977; Gore & Zimmerman, 2007). In this context, more than 120 countries (including major players in Islamic fin...

  • Covid-19_pandemic_the_role_of_Islamic_finance_Shamsher_Zulkarnain.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Shamsher Mohamad Ramadili Mohd; Zulkarnain Muhamad Sori (2020)

  • COVID-19 pandemic is a virus-related natural disaster. The COVID-19 pandemic was detected in 2019 in Wuhan in China and then spread to Hong Kong and then other countries, as it has considerably broader reach in terms of numbers of both countries and people affected than other virus-related disasters (Hassan et al. 2020). The possible reason for this global contagion is the increased integration of the global social and economic supply chain linkages so entrenched in the globalized ecosystem since 1980s. These previous virus-related pandemics including Severe Acute Respiratory Syndrome (SARS) (2002-03), Swine Flu (2009-10), Middle East Respiratory Syndrome (MERS) (2012-13), Ebola (2014...

  • diversification_across_economic_sectors_implication_portfolio_investments_Malaysia_Zulkarnain_Shamsher.pdf.jpg
  • Journal Article


  • Authors: Zulkarnain Muhamad Sori; Shamsher Mohamad Ramadili Mohd; Taufiq Hassan (2006)

  • Due to the increasing efforts towards regional and global economic integration, the effects of "country specific" factors are becoming less important in managing domestic portfolio investments. Consequently the concept of diversification across economic sectors has received attention in literature. This paper analyzes the opportunity for diversification across different economic sectors for long-term investment using sectorial indices. The findings indicate high but unstable correlation of returns between indices. This implies that investment managers should account for potential movements in sector-specific and sub-sector-specific risks. The findings imply that investment in one or t...

  • item.jpg
  • PhD


  • Authors: Syaryanti Hussin (2019)

  • One of important non-financial information to be disclosed by IFIs is the information related to environment, social and governance (ESG) matters. Solid ESG practices result in lower risk and better operational performance of firm. The increasing cases of corporate collapse over non-financial issues during the last decades have highlighted the importance of ESG disclosure. IFIs have been seen left behind in term of providing their stakeholders with enough information to the stakeholders' attached surrounding from environmental aspect. In addition of that , the study examines SC characteristics from SC size, SC meeting and international member on the linkages between governance mechani...

  • An_exploratory_study_musharakah_SRI_sukuk_development_waqf_properties_assets_Malaysia_Zulkarnain.pdf.jpg
  • Journal Article


  • Authors: Nor Syahirah Zain; Zulkarnain Muhamad Sori (2020)

  • This study aims to explore a sustainable and responsible investment (SRI) sukuk model based on musharakah that could be implemented to develop waqf properties and assets under the SRI sukuk framework in Malaysia. This includes proposing and designing a potential SRI sukuk model and seeking the opinion of subject-matter experts and industry practitioners on the model, its attractiveness to investors and its feasibility to implement in Malaysia. The study adopts desk research and semi-structured interview as its methodology. A desk research is where a detailed critical review and analysis of past literature from reports, journals, framework, books and practices are undertaken. To establ...

  • item.jpg
  • Master


  • Authors: Nor Syahirah Mohamad Zain (2017)

  • There is an urgency to explore and structure innovative financial mechanisms like SRI sukuk to develop waqf properties and assets because if this is delayed, many opportunities in enhancing social welfare and economic development will be missed. SRI sukuk can be innovatively structured to support financing the development waqf assets into viable income-generating assets that can help with social programmes, and at the same time, maximise the potential of sukuk in achieving the objectives (maqasid) of Islamic finance. The study aims to explore SRI sukuk models that could be implemented to develop waqf properties and assets under the SRI sukuk framework in Malaysia ...

  • forecasting_corporate_failure_Malaysian_industrial_sector firms_Zulkarnain et al.pdf.jpg
  • Journal Article


  • Authors: Zulkarnain Muhamad Sori; Mohamad Ali Abdul Hamid; Annuar Md. Nassir; Zainal Abidin Mohamad (2001)

  • Financial ratios have long been used as predictor of important events in financial markets of developed economies. Formulating business failure prediction models utilising financial ratios is no exception. However, there is hardly any evidence on failure prediction in developing markets such as Malaysia. This study develops a failure prediction model for industrial sector listed firms that discriminates between 24 failed and non-failed for the period 1980 to 1996. The findings show that the model correctly and significantly classified 91.1% and 89.3% of the failed and non-failed firms respectively. An alternative prediction model developed based solely on accounting information showed...

  • PhD_Islamic_banking_stability_efficiency and growth_the_market_discipline_Sharezan.pdf.jpg
  • PhD


  • Authors: Sharezan Abd Rahman (2017)

  • This research empirically investigates the role of profit sharing investment accounts in providing market discipline and the extent to which PSIA influences Islamic banks' stability, efficiency and financing growth, thus complementing government supervision and regulation of Islamic banks. Data from 48 Islamic banks from 13 countries in different regions over the period 2007 to 2014 were collected. A two-step system generalized method of moments (GMM) was applied to estimate the equations. The fixed and random effects and the two-step difference GMM were also applied for comparison purposes. The empirical results do support the view that PSIA is able to influence the Islamic banks’ pr...

  • managing_sustainability_issues_education_business_zulkarnain et al.jpg.jpg
  • Book


  • Authors: Rosmurni Abdul Aziz; Zalianah Atan; Sazali Abdul Wahab; Zulkarnain Muhamad Sori (2016)

  • Vital Ed Solutions (VeS) was established in April 2014. It is self-funded business enterprise. The two co-founders agreed to contribute RM20,000.00 each, making the capital a sum of RM40,000.00. As a new start-up in the service industry, VeS relies heavily on part-time employees. These workers work with the mas facilitators and speakers. Since they are part-time workers, it can be difficult for the enterprise to establish the kind of work ethic that they desire among the employees. Nevertheless, the co-founders of VeS also realized the needs for training, although they are unsure of the kind of training that these employees require in order for them to be motivated and at the same tim...

  • CIAWM_Issue3_Practice_of_musharakah_mutanaqisah_at_Malaysian_Islamic_banks_Zulkarnain_Shamsher_Alam.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Zulkarnain Muhamad Sori; Shamsher Mohamad Ramadili Mohd; Alam Asadov (2018)

  • Among many permissible Islamic finance products, Musharakah or the partnership contract was put forward as a true representation of the PLS concept in the late 1970s. However, due to challenges to fully implement this type of contract in practice, practitioners have improvised a more practical version of the partnership contract termed Musharakah Mutanaqisah (MM) (or Diminishing Partnership). Currently, Musharakah Mutanaqisah is applied in home financing by Islamic banks and proposed as a replacement for Bai Bithaman Ajil and Bay al Inah in Malaysia. Despite the increasing popularity of MM in home financing in the Malaysian Islamic banking industry, there are issues in the way the Isl...

  • role_islamic_finance_catalyst_to_sustainable_entrepreneurship_achieving_sustainable_development_goals_agenda_zulkarnain.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Zulkarnain Muhamad Sori (2020)

  • Fairer and healthier planet have been the main agenda of governments around the globe since the last few decades. Global crisis like climate change, global warming, poverty, hunger, inequality and many more, have raised the concern on our planet sustainability. As a result, the United Nations Summit in New York from 25 to 27 September 2015 unveils the 2030 Agenda for Sustainable Development with 17 Sustainable Development Goals (SDGs) and 169 targets which are integrated and indivisible. This agenda promotes transformation of thinking and approaches to be more inclusive, people-centred and to include sustainable development consideration where possible.

  • PhD_Sukuk_credit_rating_Mahmoud_alHomsi.pdf.jpg
  • PhD


  • Authors: Mahmoud Al Homsi (2017)

  • This research investigates the determinants of Malaysian Sukuk’ credit rating by studying firm financial characteristic, corporate governance attributes, macroeconomic factors, and Sukuk structures. The sukuk structures determinants examine during the pre- and post-Shariah governance reform period (SG2010) to ascertain the effectiveness of the governance reform. Lastly, this research investigates the wealth effects of change in Sukuk ratings (upgrading or downgrading). Both listed and unlisted firms are analysed, with total 328 sukuk issuances and 1110 sukuk rating announcements from 2009 to 2014. Ordered logit regression and generalized ordered logit regression are used to explain th...

  • item.jpg
  • Master


  • Authors: Mohd Azwar Izet Mohd Ariff (2017)

  • This case study examines the issuance of sukuk ihsan, viewing it as the within the context of the first sustainable and responsible investment in Malaysia rather than simply a plain investment itself. Sustainable and responsible investment have focused primarily on Sustainable Development Goals (SDGs), and in doing so, sukuk is blend with sustainable and responsible investment goals in making sukuk more relevant and competitive in capital market. I examine issuance of sukuk Ihsan with view of ensuring that sustainable and responsible investment sukuk characteristics is able to meet contemporary practice that will make it attractive for prospective buyers, thus improving the affordabil...

  • view_practice_stock_market_reaction_sukuk_credit_rating_changes_Malaysia_zulkarnain_shamsher.pdf.jpg
  • Journal Article


  • Authors: Zulkarnain Muhamad Sori; Shamsher Mohamad Ramadili Mohd; Mahmoud Al Homsi (2019)

  • Documented evidence on conventional bond markets shows negative market reaction to bond credit rating downgrade and no reaction to credit rating upgrade. Despite the fact that sukuk issuances make up more than 58.8% of the value of outstanding bonds in the country and Malaysia issues at least half of the world's sukuk and is widely recognized as a leader in the sukuk space, there is no documented evidence on the stock market reaction to sukuk credit rating changes. This study analyzed the wealth effect of sukuk credit rating changes in Malaysia using 16 sukuk upgrades and 20 sukuk downgrades for the period 2000-2014. The evidence shows negative market reaction to downgrades and positi...

Browsing by Author Zulkarnain Muhamad Sori

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 19 of 19
  • announcements_effect_corporate_name_change_failed_vs_non-failed_firms_zulkarnain_et_al.pdf.jpg
  • Journal Article


  • Authors: Zulkarnain Muhamad Sori; Shamsher Mohamad Ramadili Mohd; Annuar Md. Nassir; Mohamad Ali Abdul Hamid (2002)

  • The corporate name is the identity and pride of a corporate entity. A name change is an important corporate event and done only if the benefits out weights the costs. This study attempts to investigate whether a corporate name change has a wealth effect on the company's shareholders. It investigates the wealth effects of name change announcement concurrent with announcement of reorganisation and restructuring of the firm. Event study methodology was employed to examine the above issues with respect to failed and non-failed firms for the period from 1980 to 1996 ...

  • audit_committee_reporting_current_practices_companies_listed_KLSE_Zulkarnain_Shamsher.pdf.jpg
  • Journal Article


  • Authors: Zulkarnain Muhamad Sori; Shamsher Mohamad Ramadili Mohd (2007)

  • This study examines the disclosures contained in Audit Committee Reports (ACRs) and the level of compliance of current practices with the amended Kuala Lumpur Stock Exchange listing requirements after the adoption of various recommendations made by the High-Level of Finance Committee on Corporate Governance and the Malaysian Code on Corporate Governance (MCCG) in 1999 and 2000 respectively. All firms listed on the KLSE's main and second board, and MESDAQ counters were sampled. Consistent with the literature in developed markets, the findings reveal that very few companies provide more than what is expected by the ACRs in their listing requirements. Further, companies in finance, techn...

  • audit_committee_some_evidence_from_Malaysia_zulkarnain.pdf.jpg
  • Journal Article


  • Authors: Zulkarnain Muhamad Sori; Mohamad Ali Abdul Hamid; Siti Shaharatulfazzah Mohd Saad; Jonathan Gerard Evans; Annuar Md. Nassir (2006)

  • This study aimed to investigate the perceptions of senior managers of Malaysian publicly listed companies on issues relating to audit committee authority and effectiveness. Questionnaire survey technique was employed to seek the respondents perceptions on five issues, namely audit committee appoints the auditor, audit committee determines and reviews audit fees, audit committee determines and reviews the auditor’s scope and duties, and audit committee’s reports and meetings. The majority of respondents agreed that auditor would be more effective and independent if audit committee assumed the responsibility to appoint the auditor, determine and review the audit fees, and determine and ...

  • Audit_committees_from_the_legal_perspective_the_case_of_Malaysia_Zulkarnain_Shamsher.pdf.jpg
  • Chapter in Book


  • Authors: Zulkarnain Muhamad Sori; Shamsher Mohamad Ramadili Mohd (2008)

  • Good corporate governance practices are a trademark of developed capital markets. Stringent regulation of capital markets is not a consistent way to mitigate financial mishaps in developed market environment. Malaysian government has adopted a market deregulation approach, and delegated the responsibilities of ensuring a fair and proper functioning of financial institutions to the Securities Commission. The commission is required to issue listing requirements for public and listed companies to establish audit committees. This paper discusses the Malaysian audit committees' duties from the legal perspective. The discussion covers audit committee's fiduciary duties, duty to be diligent,...

  • item.jpg
  • Master


  • Authors: Siti Noorbaini Hussain (2018)

  • Amanah Ikhtiar Malaysia or history of AIM is closely linked to the establishment of Grameen Bank. It all began when Prof. Dr Muhammad Yunus, Economic lecturer at Chittagong University of Bangladesh conducted a study in 1976 with a sample of poor community that rarely engage in the banking world. From his study, these poor people are not able to improve their standard of living due to lack of capital. Therefore, Prof. Yunus suggests that capital injection is a basic human right and shall be given to the poor people in helping them to improve their social and economic welfares ...

  • chapter 2_comparison_MASB_AAOIFI_Zulkarnain_Shamsher.jpg.jpg
  • Chapter in Book


  • Authors: Zulkarnain Muhamad Sori; Shamsher Mohamad Ramadili Mohd (2019)

  • This chapter provides new findings to accounting and finance literature, where, it compares the conceptual framework of both of the MASB- and the AAOIFI- in the context of financial reporting of Islamic financial institutions (IFls). The conceptual framework or some authors referred as "accounting constitution" set the tone for a consistent accounting standards and become a reference point for developing future standards for financial accounting and reporting (Barker et al., 2014; Abela et al., 2014; Holzmann & Munter, 2014 (Sutton et al., 2015; Gebhardt et aI., 2014; Norby, 1977; Gore & Zimmerman, 2007). In this context, more than 120 countries (including major players in Islamic fin...

  • Covid-19_pandemic_the_role_of_Islamic_finance_Shamsher_Zulkarnain.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Shamsher Mohamad Ramadili Mohd; Zulkarnain Muhamad Sori (2020)

  • COVID-19 pandemic is a virus-related natural disaster. The COVID-19 pandemic was detected in 2019 in Wuhan in China and then spread to Hong Kong and then other countries, as it has considerably broader reach in terms of numbers of both countries and people affected than other virus-related disasters (Hassan et al. 2020). The possible reason for this global contagion is the increased integration of the global social and economic supply chain linkages so entrenched in the globalized ecosystem since 1980s. These previous virus-related pandemics including Severe Acute Respiratory Syndrome (SARS) (2002-03), Swine Flu (2009-10), Middle East Respiratory Syndrome (MERS) (2012-13), Ebola (2014...

  • diversification_across_economic_sectors_implication_portfolio_investments_Malaysia_Zulkarnain_Shamsher.pdf.jpg
  • Journal Article


  • Authors: Zulkarnain Muhamad Sori; Shamsher Mohamad Ramadili Mohd; Taufiq Hassan (2006)

  • Due to the increasing efforts towards regional and global economic integration, the effects of "country specific" factors are becoming less important in managing domestic portfolio investments. Consequently the concept of diversification across economic sectors has received attention in literature. This paper analyzes the opportunity for diversification across different economic sectors for long-term investment using sectorial indices. The findings indicate high but unstable correlation of returns between indices. This implies that investment managers should account for potential movements in sector-specific and sub-sector-specific risks. The findings imply that investment in one or t...

  • item.jpg
  • PhD


  • Authors: Syaryanti Hussin (2019)

  • One of important non-financial information to be disclosed by IFIs is the information related to environment, social and governance (ESG) matters. Solid ESG practices result in lower risk and better operational performance of firm. The increasing cases of corporate collapse over non-financial issues during the last decades have highlighted the importance of ESG disclosure. IFIs have been seen left behind in term of providing their stakeholders with enough information to the stakeholders' attached surrounding from environmental aspect. In addition of that , the study examines SC characteristics from SC size, SC meeting and international member on the linkages between governance mechani...

  • An_exploratory_study_musharakah_SRI_sukuk_development_waqf_properties_assets_Malaysia_Zulkarnain.pdf.jpg
  • Journal Article


  • Authors: Nor Syahirah Zain; Zulkarnain Muhamad Sori (2020)

  • This study aims to explore a sustainable and responsible investment (SRI) sukuk model based on musharakah that could be implemented to develop waqf properties and assets under the SRI sukuk framework in Malaysia. This includes proposing and designing a potential SRI sukuk model and seeking the opinion of subject-matter experts and industry practitioners on the model, its attractiveness to investors and its feasibility to implement in Malaysia. The study adopts desk research and semi-structured interview as its methodology. A desk research is where a detailed critical review and analysis of past literature from reports, journals, framework, books and practices are undertaken. To establ...

  • item.jpg
  • Master


  • Authors: Nor Syahirah Mohamad Zain (2017)

  • There is an urgency to explore and structure innovative financial mechanisms like SRI sukuk to develop waqf properties and assets because if this is delayed, many opportunities in enhancing social welfare and economic development will be missed. SRI sukuk can be innovatively structured to support financing the development waqf assets into viable income-generating assets that can help with social programmes, and at the same time, maximise the potential of sukuk in achieving the objectives (maqasid) of Islamic finance. The study aims to explore SRI sukuk models that could be implemented to develop waqf properties and assets under the SRI sukuk framework in Malaysia ...

  • forecasting_corporate_failure_Malaysian_industrial_sector firms_Zulkarnain et al.pdf.jpg
  • Journal Article


  • Authors: Zulkarnain Muhamad Sori; Mohamad Ali Abdul Hamid; Annuar Md. Nassir; Zainal Abidin Mohamad (2001)

  • Financial ratios have long been used as predictor of important events in financial markets of developed economies. Formulating business failure prediction models utilising financial ratios is no exception. However, there is hardly any evidence on failure prediction in developing markets such as Malaysia. This study develops a failure prediction model for industrial sector listed firms that discriminates between 24 failed and non-failed for the period 1980 to 1996. The findings show that the model correctly and significantly classified 91.1% and 89.3% of the failed and non-failed firms respectively. An alternative prediction model developed based solely on accounting information showed...

  • PhD_Islamic_banking_stability_efficiency and growth_the_market_discipline_Sharezan.pdf.jpg
  • PhD


  • Authors: Sharezan Abd Rahman (2017)

  • This research empirically investigates the role of profit sharing investment accounts in providing market discipline and the extent to which PSIA influences Islamic banks' stability, efficiency and financing growth, thus complementing government supervision and regulation of Islamic banks. Data from 48 Islamic banks from 13 countries in different regions over the period 2007 to 2014 were collected. A two-step system generalized method of moments (GMM) was applied to estimate the equations. The fixed and random effects and the two-step difference GMM were also applied for comparison purposes. The empirical results do support the view that PSIA is able to influence the Islamic banks’ pr...

  • managing_sustainability_issues_education_business_zulkarnain et al.jpg.jpg
  • Book


  • Authors: Rosmurni Abdul Aziz; Zalianah Atan; Sazali Abdul Wahab; Zulkarnain Muhamad Sori (2016)

  • Vital Ed Solutions (VeS) was established in April 2014. It is self-funded business enterprise. The two co-founders agreed to contribute RM20,000.00 each, making the capital a sum of RM40,000.00. As a new start-up in the service industry, VeS relies heavily on part-time employees. These workers work with the mas facilitators and speakers. Since they are part-time workers, it can be difficult for the enterprise to establish the kind of work ethic that they desire among the employees. Nevertheless, the co-founders of VeS also realized the needs for training, although they are unsure of the kind of training that these employees require in order for them to be motivated and at the same tim...

  • CIAWM_Issue3_Practice_of_musharakah_mutanaqisah_at_Malaysian_Islamic_banks_Zulkarnain_Shamsher_Alam.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Zulkarnain Muhamad Sori; Shamsher Mohamad Ramadili Mohd; Alam Asadov (2018)

  • Among many permissible Islamic finance products, Musharakah or the partnership contract was put forward as a true representation of the PLS concept in the late 1970s. However, due to challenges to fully implement this type of contract in practice, practitioners have improvised a more practical version of the partnership contract termed Musharakah Mutanaqisah (MM) (or Diminishing Partnership). Currently, Musharakah Mutanaqisah is applied in home financing by Islamic banks and proposed as a replacement for Bai Bithaman Ajil and Bay al Inah in Malaysia. Despite the increasing popularity of MM in home financing in the Malaysian Islamic banking industry, there are issues in the way the Isl...

  • role_islamic_finance_catalyst_to_sustainable_entrepreneurship_achieving_sustainable_development_goals_agenda_zulkarnain.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Zulkarnain Muhamad Sori (2020)

  • Fairer and healthier planet have been the main agenda of governments around the globe since the last few decades. Global crisis like climate change, global warming, poverty, hunger, inequality and many more, have raised the concern on our planet sustainability. As a result, the United Nations Summit in New York from 25 to 27 September 2015 unveils the 2030 Agenda for Sustainable Development with 17 Sustainable Development Goals (SDGs) and 169 targets which are integrated and indivisible. This agenda promotes transformation of thinking and approaches to be more inclusive, people-centred and to include sustainable development consideration where possible.

  • PhD_Sukuk_credit_rating_Mahmoud_alHomsi.pdf.jpg
  • PhD


  • Authors: Mahmoud Al Homsi (2017)

  • This research investigates the determinants of Malaysian Sukuk’ credit rating by studying firm financial characteristic, corporate governance attributes, macroeconomic factors, and Sukuk structures. The sukuk structures determinants examine during the pre- and post-Shariah governance reform period (SG2010) to ascertain the effectiveness of the governance reform. Lastly, this research investigates the wealth effects of change in Sukuk ratings (upgrading or downgrading). Both listed and unlisted firms are analysed, with total 328 sukuk issuances and 1110 sukuk rating announcements from 2009 to 2014. Ordered logit regression and generalized ordered logit regression are used to explain th...

  • item.jpg
  • Master


  • Authors: Mohd Azwar Izet Mohd Ariff (2017)

  • This case study examines the issuance of sukuk ihsan, viewing it as the within the context of the first sustainable and responsible investment in Malaysia rather than simply a plain investment itself. Sustainable and responsible investment have focused primarily on Sustainable Development Goals (SDGs), and in doing so, sukuk is blend with sustainable and responsible investment goals in making sukuk more relevant and competitive in capital market. I examine issuance of sukuk Ihsan with view of ensuring that sustainable and responsible investment sukuk characteristics is able to meet contemporary practice that will make it attractive for prospective buyers, thus improving the affordabil...

  • view_practice_stock_market_reaction_sukuk_credit_rating_changes_Malaysia_zulkarnain_shamsher.pdf.jpg
  • Journal Article


  • Authors: Zulkarnain Muhamad Sori; Shamsher Mohamad Ramadili Mohd; Mahmoud Al Homsi (2019)

  • Documented evidence on conventional bond markets shows negative market reaction to bond credit rating downgrade and no reaction to credit rating upgrade. Despite the fact that sukuk issuances make up more than 58.8% of the value of outstanding bonds in the country and Malaysia issues at least half of the world's sukuk and is widely recognized as a leader in the sukuk space, there is no documented evidence on the stock market reaction to sukuk credit rating changes. This study analyzed the wealth effect of sukuk credit rating changes in Malaysia using 16 sukuk upgrades and 20 sukuk downgrades for the period 2000-2014. The evidence shows negative market reaction to downgrades and positi...