Browsing by Issue Date

Jump to a point in the index:
Showing results 1 to 20 of 1139
  • Waqf_shares_a_fundraising_scheme_for_community_development_projects_and_humanitarian_magda.PDF.jpg
  • Industry Article


  • Authors: Ismail Abdel Mohsin, Magda (2018)

  • The waqf-share scheme is a 21st century Islamic social finance tool that has been used successfully in Muslim and Muslim-minority countries (Cizakca, 2000). It is a fundraising scheme organized by a charitable institution that issues "waqf-shares" for sale to different contributors for various projects. Since a waqf-share is a movable waqf, it has to follow the strict conditions of waqf in terms of its irrevocability, its inalienability, and its perpetuity. This means that contributors cannot sell or transfer their waqf shares; they can only receive and hold a waqf-share certificate as evidence of theircontributions to the project if the created waqf is public waqf.

  • Maldives_hub_Islamic_finance_south_Asia_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2018)

  • Maldives is a hundred percent Muslim country with a population of less than four hundred thousand. The country has a unique geography as it consists of 1,190 islands scattered in the Indian ocean. According to Article 2 of the Constitution of Maldives, Maldives is a sovereign, independent, democratic Republic based on the principles of Islam, and is a unitary State, to be known as the Republic of Maldives. According to Article 9 (d) of the Constitution of Maldives, a non-Muslim will not become a citizen of Maldives even if the person fulfills all the conditions to become a citizen of Maldives as prescribed in the Constitution. Article 10 of the Constitution states that the religion of...

  • establishment_of_Islamic_capital_market_in_jurisdictions_with_limited_Islamic_financial_services_aishath.pdf.jpg
  • Journal Article


  • Authors: Muneeza, Aishath (2018)

  • It is said that to establish an Islamic Capital Market, the first step would be to have a strong Islamic finance industry with numerous institutions offering Islamic financial services. This way it is easy to know that the demand for Islamic capital market would be there and that market will be sophisticated enough to comprehensive the nature of shariah compliant products. Generally, in most of the jurisdictions this is how the Islamic capital market is created. This paper will look at the establishment of Islamic capital market in Maldives, small island nation where the establishment of Islamic capital market happened when at a time there was only one takaful company and one Islamic ...

  • seeking_specific_relies_in_cases_of_Islamic_banking_in_Malaysia_an_analysis _aishath.pdf.jpg
  • Journal Article


  • Authors: Muneeza, Aishath (2018)

  • Islamic Banking is a concept that has a universal meaning to it in the world today. However, though the meaning of it is uniform and the lex loci applicable to it is same, the substantive and the procedural laws operating in the respective jurisdictions where it works is still applicable to it. As such, though in the product offering stage and the documentation signing stage, Shari'ah compliance certainty can be easily assured, in the dispute resolution stage especially in the case of litigation, it is impossible to restrict the courts applying only Shar??ah which is often unwritten laws of the countries.

  • Islamic_economics_and_Islamic_finance_in_the_world_economy_mansor_nafis.pdf.jpg
  • Journal Article


  • Authors: Ibrahim, Mansor H.; Alam, Nafis (2018)

  • This paper places the articles in this special issue in the contexts of Islamic economics and finance research. It highlights the foundations of Islamic economics, which are in practice manifested in Islamic finance. Then, the paper brings up three key issues in Islamic finance today: the Islamicity of Islamic banking, real contributions of Islamic finance, and Islamic finance in the present monetary framework. While there are some promising theoretical and empirical findings pointing to positive contributions of Islamic finance, there is still a need for Islamic finance to distinguish itself from the conventional finance and to further demonstrate its real effect

  • Bonds_with_index_linked_stochastic_coupons_in_quantum_finance_belal.pdf.jpg
  • Journal Article


  • Authors: Baaquie, Belal E. (2018)

  • An index-linked coupon bond is defined that pays coupons whose values are stochastic, depending on a market defined index. This is an asset class distinct from the existing coupon bonds. The index-linked coupon bond is an example of a sukuk, which is an instrument that implements one of the cornerstones of Islamic finance (Askari et al., 2012): that an investor must share in the risk of the issuer in order to earn profits from the investment. The index-linked coupon bond is defined using the mathematical framework of quantum finance (Baaquie, 2004, 2010). The coupons are stochastic, with the quantum of coupon payments depending on a publicly traded index that is chosen to reflect the ...

  • Weapon_to_end_poverty_closing_the_gender_wealth_gap_with_Islamic_wealth_management_aishath.PDF.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2018)

  • Women represent more than half of the world's population, and make 40% of the world's labour force. Yet, according to the World Bank, they hold just 1% of the world's wealth. The sizable gender wealth gap is even more stark for women in developing countries, where they are more likely than men to do unpaid work, or be out of the workforce, more likely to work in industries with lower average pay, and less likely to be in high-paid senior positions, according to the World Economic Forum's Global Gender Gap Index 2017.

  • Women_empowerment_in_Islamic_finance_industry_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2018)

  • Women empowerment is often associated with feminism. The moment a woman voices out issues on gender equality, there is a general perception that she is talking about compromising of quality and competency and arguing for undue career development and its progression in favour of women. This is indeed not the case and this is not what women are advocating for.

  • risky_forward_interest_rates_and_swaptions_Belal_Miao_Jitendra.pdf.jpg
  • Journal Article


  • Authors: Baaquie, Belal E.; Miao, Yu; Bhanap, Jitendra (2018)

  • Risk free forward interest rates (Diebold and Li, 2006 [1]; Jamshidian, 1991 [2]) and their realization by US Treasury bonds as the leading exemplar have been studied extensively. In Baaquie (2010), models of risk free bonds and their forward interest rates based on the quantum field theoretic formulation of the risk free forward interest rates have been discussed, including the empirical evidence supporting these models. The quantum finance formulation of risk free forward interest rates is extended to the case of risky forward interest rates. The examples of the Singapore and Malaysian forward interest rates are used as specific cases. The main feature of the quantum finance model i...

  • statistical_field_theory_of_futures_commodity_prices_Belal_Miao.pdf.jpg
  • Journal Article


  • Authors: Baaquie, Belal E.; Miao, Yu (2018)

  • The statistical theory of commodity prices has been formulated by Baaquie (2013). Further empirical studies of single (Baaquie et al., 2015) and multiple commodity prices (Baaquie et al., 2016) have provided strong evidence in support the primary assumptions of the statistical formulation. In this paper, the model for spot prices (Baaquie, 2013) is extended to model futures commodity prices using a statistical field theory of futures commodity prices. The futures prices are modeled as a two dimensional statistical field and a nonlinear Lagrangian is postulated. Empirical studies provide clear evidence in support of the model, with many nontrivial features of the model finding unexpec...

  • Unraveling_the_financial_contagion_in_European_stock_markets_during_financial_crisis_dewandaru_et_al.pdf.jpg
  • Journal Article


  • Authors: Dewandaru, Ginanjar; Masih, Rumi; Mohammed Masih, Abul Mansur (2018)

  • The article investigates the evidence of financial contagion and market integration in selected European equity markets during nine major crises across regions. The focus is to identify whether (i) contagion evidence is pure or fundamental and (ii) dynamic evolution of integration is in the short run or long run. Wavelet decomposition in both its discrete and continuous forms is used. The findings reveal the following: (i) prior to the subprime crisis, contagion effects generated short-term shocks. The most recent US subprime crisis, however, reveals the evidence of fundamental based contagion. (ii) We find increasing short-run and long-run stock market integration, driven by several ...

  • Exploring_portfolio_diversification_opportunities_through_venture_capital_financing_yusuf_et_al.pdf.jpg
  • Journal Article


  • Authors: Jaffar, Yusuf; Dewandaru, Ginanjar; Mohammed Masih, Abul Mansur (2018)

  • Islamic financial institutions are being pressured by critics to offer profit and loss sharing (PLS) financing such as, venture capital financing, for the purpose of entrepreneurial development aligned to the principle of equity risk sharing. Our study aims to link PLS investments with portfolio optimization opportunities for the Islamic asset managers. Using portfolio analysis with dynamic conditional correlation, Markov switching, and maximal overlap discrete wavelet transformation, our findings tend to indicate that there is indeed a portfolio optimization opportunity in investment universe for the fund managers who invested in PLS investments in the context of venture capital asse...

  • Do_Islamic_stock_returns_hedge_against_inflation_norazza_abul_mansur.pdf.jpg
  • Journal Article


  • Authors: M. Haniff, Norazza; Mohammed Masih, Abul Mansur (2018)

  • This article makes an initial attempt to study the hedging effectiveness of Islamic stock returns against inflation for different investment horizons. We applied the wavelet analysis to measure the cross-correlations between the time series as a function of time-scales using data ranging from 2007 to early 2015. The main results tend to indicate the following: First, that for investment horizons not exceeding 3 years, the FTSE Bursa Malaysia Emas Shariah Index constituent returns may potentially hedge against inflation. Additionally, the hedging ability of stock returns was absent from 2008 to 2009 following the global financial crisis. Finally, a buy-and-hold strategy exceeding 3 yea...

  • Issues_in_Islamic_equities_mansur_et_al.pdf.jpg
  • Journal Article


  • Authors: Mohammed Masih, Abul Mansur; Mustaffa Kamil, Nazrol Kamil; Bacha, Obiyathulla Ismath (2018)

  • This article reviews the current literature on Islamic equities. Our survey indicates that the bulk of articles is quantitative or empirical in nature, with a notable dearth of theoretical works. Among the common research themes explored by these articles are comparative performances of Islamic equities visa-vis their conventional counterparts, comparisons of Islamic portfolios with SRI funds, and empirically articulating portfolio diversification benefits associated with Islamic equities. In addition, numerous articles discuss idiosyncrasies of Shari'ah compliant stocks and portfolios under subthemes such as volatility, risk factors, and performance attributes. This survey also inclu...

  • Demystifying_small_and_medium_enterprises_adam_ndieye_et_al.pdf.jpg
  • Journal Article


  • Authors: Ndiaye, Ndeye Djiba; Abdul Razak, Lutfi; Nagayev, Ruslan; Ng, Adam Boon Ka (2018)

  • Applying the General-to-Specific modelling on World Bank Enterprise Survey data for 266 economies, this paper models five performance indicators based on 80 potential factors derived from firm characteristics, finance, informality, infrastructure, innovation, technology, regulation, taxes, trade and workforce concerning small and medium enterprises (SMEs). We find that the factors vary regarding statistical significance and magnitude between small and medium enterprises. For example, the percent of firms using e-mail to interact with clients/suppliers has a positive effect on the annual employment growth of medium enterprises, but not the case of small enterprises. The proportion of i...

  • The_impact_of_delisting_Shariah_compliant_stocks_on_Islamic_investments_Saiful.pdf.jpg
  • Industry Article


  • Authors: Rosly, Saiful Azhar (2018)

  • Islamic investments as a critical component of the Halal supply chain received considerable attention in the global financial market when the Dow Jones Islamic market Index (DJIM) was established in 1999, followed by Financial Times Stock Exchange (FTSE), Standard and Poor (S&P) and others. Malaysia took global leadership in the construction of Shariah Indices in 1999 and launched the FTSE Bursa Malaysia Emas Shariah Index in 2007. One fundamental feature of the Shariah Indices is the screening process before the stock can be identified as Shariah compliant. The screening methodology differs to some degree among the major Shariah stock indices but essentially settle to affirm consensu...

  • item.jpg
  • PhD


  • Authors: Asadov, Alam I. (2018)

  • Following the U.S. Subprime Crises of 2007-08, many developed countries went into deep recession. In the literature, there are many reasons provided as probable causes of the crisis. However, it is undeniable that the flaws of the conventional financial system and home financing methods are among the important sources of the crisis. In this thesis, we argue that the damage caused by the Subprime crisis may have been avoided to a considerable extent if true profit and loss sharing (PLS) based method of financing has been applied. In that regards, we suggest an improved version of Islamic home financing called the Enhanced Musharakah Mutanaqisah (EMM). Available in physical copy on...

  • Bank_lending_deposits_and_risk_taking_in_times_of_crisis_mansor.pdf.jpg
  • Journal Article


  • Authors: Ibrahim, Mansor H.; Rizvi, Syed Aun Raza (2018)

  • In this study, we conduct a panel analysis of Islamic and conventional banks to ascertain whether Islamic banks are able to sustain financing supply and whether its growth is higher than conventional bank lending growth in times of stress. For concreteness, we also assess whether the sustained financing supply of Islamic banks is justified by a concomitant increase in Islamic deposit growth and is not linked to excessive risk taking. Utilizing a panel sample of 25 Islamic banks and 114 conventional banks from 10 dual-banking countries, we observe sustained financing supply by Islamic banks but significant reduction in the lending growth by conventional banks during the crisis period. ...

  • Does_prospectus_information_matter_in_IPO_pricing_mansur_etal.pdf.jpg
  • Journal Article


  • Authors: Mohd-Rashid, Rasidah; Mohammed Masih, Abul Mansur; Abdul-Rahim, Ruzita; Che-Yahya, Norliza (2018)

  • The purpose of this study is to identify selected information from the prospectus that might signal the initial public offering (IPO) offer price. The results tend to provide support for the argument that firms with Shariah-compliant status reflect lower uncertainty and project better signalling of quality due to greater scrutiny by the government and thus are able to offer IPOs at higher prices. Similarly, firms with a higher proportion of shareholder retention indicate lower risks as insiders forego their options to diversify their portfolio, and hence could price their IPOs higher. Finally, the involvement of institutional investors and higher underwriter ranking could be used by f...

  • Enhancing_application_of_musharakah_through_blockchain_Aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath; Jin, Zichu; Abdul Razak, Iman Najwa (2018)

  • Islamic banks are still relying on debt-like modes of financing since most equity based finances need long term commitment. The basic principle of Islamic banking is the sharing of profit and loss and the prohibition of riba (interest).Additionally, PLS arrangements have been specifically acknowledged as ideal modes of financing in Islamic finance. But to date, the actual practice of Islamic banking has been far removed from these models. Nearly all Islamic banks, investment companies, and investment funds offer trade and project finance based on mark-up, commissioned manufacturing, or on leasing bases. There is not much difference in substance between IFIs and conventional financial ...

Browsing by Issue Date

Jump to a point in the index:
Showing results 1 to 20 of 1139
  • Waqf_shares_a_fundraising_scheme_for_community_development_projects_and_humanitarian_magda.PDF.jpg
  • Industry Article


  • Authors: Ismail Abdel Mohsin, Magda (2018)

  • The waqf-share scheme is a 21st century Islamic social finance tool that has been used successfully in Muslim and Muslim-minority countries (Cizakca, 2000). It is a fundraising scheme organized by a charitable institution that issues "waqf-shares" for sale to different contributors for various projects. Since a waqf-share is a movable waqf, it has to follow the strict conditions of waqf in terms of its irrevocability, its inalienability, and its perpetuity. This means that contributors cannot sell or transfer their waqf shares; they can only receive and hold a waqf-share certificate as evidence of theircontributions to the project if the created waqf is public waqf.

  • Maldives_hub_Islamic_finance_south_Asia_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2018)

  • Maldives is a hundred percent Muslim country with a population of less than four hundred thousand. The country has a unique geography as it consists of 1,190 islands scattered in the Indian ocean. According to Article 2 of the Constitution of Maldives, Maldives is a sovereign, independent, democratic Republic based on the principles of Islam, and is a unitary State, to be known as the Republic of Maldives. According to Article 9 (d) of the Constitution of Maldives, a non-Muslim will not become a citizen of Maldives even if the person fulfills all the conditions to become a citizen of Maldives as prescribed in the Constitution. Article 10 of the Constitution states that the religion of...

  • establishment_of_Islamic_capital_market_in_jurisdictions_with_limited_Islamic_financial_services_aishath.pdf.jpg
  • Journal Article


  • Authors: Muneeza, Aishath (2018)

  • It is said that to establish an Islamic Capital Market, the first step would be to have a strong Islamic finance industry with numerous institutions offering Islamic financial services. This way it is easy to know that the demand for Islamic capital market would be there and that market will be sophisticated enough to comprehensive the nature of shariah compliant products. Generally, in most of the jurisdictions this is how the Islamic capital market is created. This paper will look at the establishment of Islamic capital market in Maldives, small island nation where the establishment of Islamic capital market happened when at a time there was only one takaful company and one Islamic ...

  • seeking_specific_relies_in_cases_of_Islamic_banking_in_Malaysia_an_analysis _aishath.pdf.jpg
  • Journal Article


  • Authors: Muneeza, Aishath (2018)

  • Islamic Banking is a concept that has a universal meaning to it in the world today. However, though the meaning of it is uniform and the lex loci applicable to it is same, the substantive and the procedural laws operating in the respective jurisdictions where it works is still applicable to it. As such, though in the product offering stage and the documentation signing stage, Shari'ah compliance certainty can be easily assured, in the dispute resolution stage especially in the case of litigation, it is impossible to restrict the courts applying only Shar??ah which is often unwritten laws of the countries.

  • Islamic_economics_and_Islamic_finance_in_the_world_economy_mansor_nafis.pdf.jpg
  • Journal Article


  • Authors: Ibrahim, Mansor H.; Alam, Nafis (2018)

  • This paper places the articles in this special issue in the contexts of Islamic economics and finance research. It highlights the foundations of Islamic economics, which are in practice manifested in Islamic finance. Then, the paper brings up three key issues in Islamic finance today: the Islamicity of Islamic banking, real contributions of Islamic finance, and Islamic finance in the present monetary framework. While there are some promising theoretical and empirical findings pointing to positive contributions of Islamic finance, there is still a need for Islamic finance to distinguish itself from the conventional finance and to further demonstrate its real effect

  • Bonds_with_index_linked_stochastic_coupons_in_quantum_finance_belal.pdf.jpg
  • Journal Article


  • Authors: Baaquie, Belal E. (2018)

  • An index-linked coupon bond is defined that pays coupons whose values are stochastic, depending on a market defined index. This is an asset class distinct from the existing coupon bonds. The index-linked coupon bond is an example of a sukuk, which is an instrument that implements one of the cornerstones of Islamic finance (Askari et al., 2012): that an investor must share in the risk of the issuer in order to earn profits from the investment. The index-linked coupon bond is defined using the mathematical framework of quantum finance (Baaquie, 2004, 2010). The coupons are stochastic, with the quantum of coupon payments depending on a publicly traded index that is chosen to reflect the ...

  • Weapon_to_end_poverty_closing_the_gender_wealth_gap_with_Islamic_wealth_management_aishath.PDF.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2018)

  • Women represent more than half of the world's population, and make 40% of the world's labour force. Yet, according to the World Bank, they hold just 1% of the world's wealth. The sizable gender wealth gap is even more stark for women in developing countries, where they are more likely than men to do unpaid work, or be out of the workforce, more likely to work in industries with lower average pay, and less likely to be in high-paid senior positions, according to the World Economic Forum's Global Gender Gap Index 2017.

  • Women_empowerment_in_Islamic_finance_industry_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2018)

  • Women empowerment is often associated with feminism. The moment a woman voices out issues on gender equality, there is a general perception that she is talking about compromising of quality and competency and arguing for undue career development and its progression in favour of women. This is indeed not the case and this is not what women are advocating for.

  • risky_forward_interest_rates_and_swaptions_Belal_Miao_Jitendra.pdf.jpg
  • Journal Article


  • Authors: Baaquie, Belal E.; Miao, Yu; Bhanap, Jitendra (2018)

  • Risk free forward interest rates (Diebold and Li, 2006 [1]; Jamshidian, 1991 [2]) and their realization by US Treasury bonds as the leading exemplar have been studied extensively. In Baaquie (2010), models of risk free bonds and their forward interest rates based on the quantum field theoretic formulation of the risk free forward interest rates have been discussed, including the empirical evidence supporting these models. The quantum finance formulation of risk free forward interest rates is extended to the case of risky forward interest rates. The examples of the Singapore and Malaysian forward interest rates are used as specific cases. The main feature of the quantum finance model i...

  • statistical_field_theory_of_futures_commodity_prices_Belal_Miao.pdf.jpg
  • Journal Article


  • Authors: Baaquie, Belal E.; Miao, Yu (2018)

  • The statistical theory of commodity prices has been formulated by Baaquie (2013). Further empirical studies of single (Baaquie et al., 2015) and multiple commodity prices (Baaquie et al., 2016) have provided strong evidence in support the primary assumptions of the statistical formulation. In this paper, the model for spot prices (Baaquie, 2013) is extended to model futures commodity prices using a statistical field theory of futures commodity prices. The futures prices are modeled as a two dimensional statistical field and a nonlinear Lagrangian is postulated. Empirical studies provide clear evidence in support of the model, with many nontrivial features of the model finding unexpec...

  • Unraveling_the_financial_contagion_in_European_stock_markets_during_financial_crisis_dewandaru_et_al.pdf.jpg
  • Journal Article


  • Authors: Dewandaru, Ginanjar; Masih, Rumi; Mohammed Masih, Abul Mansur (2018)

  • The article investigates the evidence of financial contagion and market integration in selected European equity markets during nine major crises across regions. The focus is to identify whether (i) contagion evidence is pure or fundamental and (ii) dynamic evolution of integration is in the short run or long run. Wavelet decomposition in both its discrete and continuous forms is used. The findings reveal the following: (i) prior to the subprime crisis, contagion effects generated short-term shocks. The most recent US subprime crisis, however, reveals the evidence of fundamental based contagion. (ii) We find increasing short-run and long-run stock market integration, driven by several ...

  • Exploring_portfolio_diversification_opportunities_through_venture_capital_financing_yusuf_et_al.pdf.jpg
  • Journal Article


  • Authors: Jaffar, Yusuf; Dewandaru, Ginanjar; Mohammed Masih, Abul Mansur (2018)

  • Islamic financial institutions are being pressured by critics to offer profit and loss sharing (PLS) financing such as, venture capital financing, for the purpose of entrepreneurial development aligned to the principle of equity risk sharing. Our study aims to link PLS investments with portfolio optimization opportunities for the Islamic asset managers. Using portfolio analysis with dynamic conditional correlation, Markov switching, and maximal overlap discrete wavelet transformation, our findings tend to indicate that there is indeed a portfolio optimization opportunity in investment universe for the fund managers who invested in PLS investments in the context of venture capital asse...

  • Do_Islamic_stock_returns_hedge_against_inflation_norazza_abul_mansur.pdf.jpg
  • Journal Article


  • Authors: M. Haniff, Norazza; Mohammed Masih, Abul Mansur (2018)

  • This article makes an initial attempt to study the hedging effectiveness of Islamic stock returns against inflation for different investment horizons. We applied the wavelet analysis to measure the cross-correlations between the time series as a function of time-scales using data ranging from 2007 to early 2015. The main results tend to indicate the following: First, that for investment horizons not exceeding 3 years, the FTSE Bursa Malaysia Emas Shariah Index constituent returns may potentially hedge against inflation. Additionally, the hedging ability of stock returns was absent from 2008 to 2009 following the global financial crisis. Finally, a buy-and-hold strategy exceeding 3 yea...

  • Issues_in_Islamic_equities_mansur_et_al.pdf.jpg
  • Journal Article


  • Authors: Mohammed Masih, Abul Mansur; Mustaffa Kamil, Nazrol Kamil; Bacha, Obiyathulla Ismath (2018)

  • This article reviews the current literature on Islamic equities. Our survey indicates that the bulk of articles is quantitative or empirical in nature, with a notable dearth of theoretical works. Among the common research themes explored by these articles are comparative performances of Islamic equities visa-vis their conventional counterparts, comparisons of Islamic portfolios with SRI funds, and empirically articulating portfolio diversification benefits associated with Islamic equities. In addition, numerous articles discuss idiosyncrasies of Shari'ah compliant stocks and portfolios under subthemes such as volatility, risk factors, and performance attributes. This survey also inclu...

  • Demystifying_small_and_medium_enterprises_adam_ndieye_et_al.pdf.jpg
  • Journal Article


  • Authors: Ndiaye, Ndeye Djiba; Abdul Razak, Lutfi; Nagayev, Ruslan; Ng, Adam Boon Ka (2018)

  • Applying the General-to-Specific modelling on World Bank Enterprise Survey data for 266 economies, this paper models five performance indicators based on 80 potential factors derived from firm characteristics, finance, informality, infrastructure, innovation, technology, regulation, taxes, trade and workforce concerning small and medium enterprises (SMEs). We find that the factors vary regarding statistical significance and magnitude between small and medium enterprises. For example, the percent of firms using e-mail to interact with clients/suppliers has a positive effect on the annual employment growth of medium enterprises, but not the case of small enterprises. The proportion of i...

  • The_impact_of_delisting_Shariah_compliant_stocks_on_Islamic_investments_Saiful.pdf.jpg
  • Industry Article


  • Authors: Rosly, Saiful Azhar (2018)

  • Islamic investments as a critical component of the Halal supply chain received considerable attention in the global financial market when the Dow Jones Islamic market Index (DJIM) was established in 1999, followed by Financial Times Stock Exchange (FTSE), Standard and Poor (S&P) and others. Malaysia took global leadership in the construction of Shariah Indices in 1999 and launched the FTSE Bursa Malaysia Emas Shariah Index in 2007. One fundamental feature of the Shariah Indices is the screening process before the stock can be identified as Shariah compliant. The screening methodology differs to some degree among the major Shariah stock indices but essentially settle to affirm consensu...

  • item.jpg
  • PhD


  • Authors: Asadov, Alam I. (2018)

  • Following the U.S. Subprime Crises of 2007-08, many developed countries went into deep recession. In the literature, there are many reasons provided as probable causes of the crisis. However, it is undeniable that the flaws of the conventional financial system and home financing methods are among the important sources of the crisis. In this thesis, we argue that the damage caused by the Subprime crisis may have been avoided to a considerable extent if true profit and loss sharing (PLS) based method of financing has been applied. In that regards, we suggest an improved version of Islamic home financing called the Enhanced Musharakah Mutanaqisah (EMM). Available in physical copy on...

  • Bank_lending_deposits_and_risk_taking_in_times_of_crisis_mansor.pdf.jpg
  • Journal Article


  • Authors: Ibrahim, Mansor H.; Rizvi, Syed Aun Raza (2018)

  • In this study, we conduct a panel analysis of Islamic and conventional banks to ascertain whether Islamic banks are able to sustain financing supply and whether its growth is higher than conventional bank lending growth in times of stress. For concreteness, we also assess whether the sustained financing supply of Islamic banks is justified by a concomitant increase in Islamic deposit growth and is not linked to excessive risk taking. Utilizing a panel sample of 25 Islamic banks and 114 conventional banks from 10 dual-banking countries, we observe sustained financing supply by Islamic banks but significant reduction in the lending growth by conventional banks during the crisis period. ...

  • Does_prospectus_information_matter_in_IPO_pricing_mansur_etal.pdf.jpg
  • Journal Article


  • Authors: Mohd-Rashid, Rasidah; Mohammed Masih, Abul Mansur; Abdul-Rahim, Ruzita; Che-Yahya, Norliza (2018)

  • The purpose of this study is to identify selected information from the prospectus that might signal the initial public offering (IPO) offer price. The results tend to provide support for the argument that firms with Shariah-compliant status reflect lower uncertainty and project better signalling of quality due to greater scrutiny by the government and thus are able to offer IPOs at higher prices. Similarly, firms with a higher proportion of shareholder retention indicate lower risks as insiders forego their options to diversify their portfolio, and hence could price their IPOs higher. Finally, the involvement of institutional investors and higher underwriter ranking could be used by f...

  • Enhancing_application_of_musharakah_through_blockchain_Aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath; Jin, Zichu; Abdul Razak, Iman Najwa (2018)

  • Islamic banks are still relying on debt-like modes of financing since most equity based finances need long term commitment. The basic principle of Islamic banking is the sharing of profit and loss and the prohibition of riba (interest).Additionally, PLS arrangements have been specifically acknowledged as ideal modes of financing in Islamic finance. But to date, the actual practice of Islamic banking has been far removed from these models. Nearly all Islamic banks, investment companies, and investment funds offer trade and project finance based on mark-up, commissioned manufacturing, or on leasing bases. There is not much difference in substance between IFIs and conventional financial ...