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Showing results 1456 to 1475 of 1488
  • Weapon_to_end_poverty_closing_the_gender_wealth_gap_with_Islamic_wealth_management_aishath.PDF.jpg
  • Industry Article


  • Authors: Aishath Muneeza (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.

  • welfare_implications_interest-free_bank_asset_management_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar (1989)

  • This paper introduces some theoretical aspects of Islamic banking asset management strategies for reducing economic instability. Since public welfare deteriorates during periods of inflation and unemployment, the procyclical behavior of modern interest-based commercial banks is known to aggravate these fluctuations and ipso facto produce an even more severe impact on welfare. The paper will show that equity-based Islamic banks contain some structural features that reduce these procyclical tendencies and therefore shield public welfare from further deterioration.

  • what_can_wavelets_unveil_vulnerabilities_monetary_integration_tale_eurozone_stock_markets_mansur.pdf.jpg
  • Journal Article


  • Authors: Dewandaru, Ginanjar; Masih, Rumi; Mohammed Masih, Abul Mansur (2016)

  • The study has two main objectives: (i) to investigate whether there is pure contagion or fundamental-based contagion/interdependence among the Eurozone equity markets (Germany, France, Italy, Spain and Netherlands), attributable to the shocks stemming from nine major crises around the world (ii) to investigate the evolution of market integration, whether mainly short-run or long-run. Wavelet decompositions, in both its discrete and continuous forms, are employed to unveil the multi-horizon nature of co-movements, volatility and lead–lag relationships. This is to unveil the path of linkages and the behavior underlying the transmission mechanism of financial shocks across major Eurozone...

  • what_drives_carbon-dioxide_emissions_income_electricity_generation_evidence_saudi_arabia_mansur.pdf.jpg
  • Journal Article


  • Authors: Mohammed Masih, Abul Mansur; Al-Sahlawi, Mohammed A.; De Mello, Lurion (2010)

  • Saudi Arabia ranks sixteenth among nations based on 2002 fossil-fuel carbon-dioxide emissions per capita. Even though Saudi Arabia is the world's largest exporter of oil, not suprisingly consumption of petroleum products represents the bulk of the country's fossil-fuel emissions is from electricity generation. Use of natural gas increasingly has become important since the mid-1980s and in 2008 accounts for 31.3 percent of total fossil-fuel carbon-dioxide emissions.

  • what_drives_financial_performance_general_takaful_companies_baharom_et_al.pdf.jpg
  • Journal Article


  • Authors: Kantakji, Mazhar Hallak; Abdul Hamid, Baharom; Alhabshi, Syed Othman (2020)

  • This study aims to identify the internal and external factors affecting the financial performance of general takaful companies operating in Saudi Arabia, Malaysia, UAE, Qatar and Pakistan, using an unbalanced panel data set consisting of 53 companies. Data were hand-collected from the official financial reports of takaful companies. Two performance measures, namely, net investment income and investment yield, are used to capture the different aspects of the takaful investment operations. Based on relevant theory and literature, these measures are related to three economic variables, namely, GDP per capita, equity returns and interest rate, and four company-specific variables, namely, ...

  • what_factors_explain_stock_market_retardation_Islamic_countries_obiyathulla_mansur_ginanjar_aun.pdf.jpg
  • Journal Article


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

  • Stock markets have been recognized in literature as a source of financial development and economic growth. Notwithstanding the recent trend of the stock market development in emerging countries, some argue that Islamic countries' stock exchanges are still infantile. The central aim of this research, therefore, is to investigate factors impeding stock market development (SMD) in Islamic countries. We explore a panel annual data of 11 main Islamic countries vis-à-vis the developed countries for the period of 1996–2011. The findings show that all of our concerned macroeconomic determinants play a major role in the developed countries. On the other hand, financial openness has substantial...

  • what_happens_islamic_capital_markets_move_away_tax_neutrality_look_oman_saudi arabia_mansur.pdf.jpg
  • Journal Article


  • Authors: Selamat, Aslam; Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad (2015)

  • This article evaluates how tax reforms affect stock prices of local and foreign firms in Oman and Saudi Arabia. Both countries introduced corporate tax on foreign firms, exempting local firms from corporate tax, when they moved away from a pre-existing Islamic tax neutrality policy. These reforms were implemented in 2009 in Oman and in 2004 in Saudi Arabia. These tax reform events – applying to foreign firms and not applying to local firms in the same markets – offer ideal experimental situations in two economies to test the taxation theories on how stock prices must react. We find that the results support the Modigliani- Miller and Elton-Gruber tax theories in two ways. Firstly, fore...

  • 2010_aug_5_what_it_takes_to_embrace_islamic_finance_bandung_alhabshi.pdf.jpg
  • Academic Presentation


  • Authors: Alhabshi, Syed Othman (2010-08-05)

  • The question we hope to answer is what are the preconditions needed to embrace Islamic Finance? The term Islamic Finance must be underlined by Shariah, otherwise there is no Islamic Finance. It encompasses banking, insurance (takaful) wealth planning, capital and money markets. In fact, it includes also the personal, public and corporate finance. In fact, it also includes international finance. Shariah is essentially the Islamic law that covers all aspects of life for Muslims. Its main objective is to provide what is good and beneficial to society and prevents what is harmful and bad for society. This is only achievable by commanding what is good and forbidding what is evil. It is to ...

  • what_retirement_Ariff.pdf.jpg
  • Chapter in Book


  • Authors: Abdul Kareem, Mohamed Ariff (2018)

  • Technically, I have "retired" twice and am still working fulltime before "retiring" again sometime in the future for the third time. It has always been a busy life for me since my graduation in 1966 when I received my Bachelor of Arts (First Class Honours) degree in Economics from the University of Malaya. My working life began as a research assistant after my final year examinations and then as a tutor in the newly established Faculty of Economics and Administration (FEA) at the University of Malaya while working at the same time on my Master's degree. After receiving my Master of Economics degree in 1968 from the University of Malaya, I was appointed as Assistant Lecturer at FEA. I ...

  • PhD_which_creates_more_value_investors_equity_funds_Choudary Wajahat.pdf.jpg
  • PhD


  • Authors: Naeem Azmi, Choudhary Wajahat (2016)

  • This thesis is structured into three essays. The first essay provides evidence on the comparative risk-return profile and investment style of SCFs and the SRFs. As the long list of literature claims the superiority of these funds during the crisis period, the validity of this claim is also examined using a larger sample and a longer analysis period. The findings of this research can be summarized as follows; first, both types of funds underperform the market suggesting there is cost attached to ethical and religious based investment but SCFs, to some extent, manage to do better than the SRFs. Second, in terms of investment style, SRFs investments are biased towards small capitalized s...

  • Which_creates_more_value_for_investors_in_equity_funds_wajahat.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Choudhary Wajahat Naeem Azmi (-)

  • 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% ...

  • whither_Islamic_banking_ariff.pdf.jpg
  • Journal Article


  • Authors: Abdul Kareem, Mohamed Ariff (2014)

  • Islamic banking is visibly on the rise across the globe, supported by a growing clientele, both Muslim and non-Muslim, although it has yet to demonstrate that it is a viable alternative to conventional banking. Islamic banking is still under the shadow of conventional banking, not only with products that are strikingly similar to those offered by conventional banks, but also with conventional banks having a strong presence as stakeholders in the Islamic banking industry. Islamic banking is still in the early phase of a presumably long evolutionary process, apparently stuck in the initial phase of product differentiation. Islamic banks are competing with conventional banks rather than ...

  • who_drives_whom_sukuk_bond_mansur.pdf.jpg
  • Journal Article


  • Authors: Haque, Md. Mahmudul; Chowdhury, Mohammad Ashraful Ferdous; Buriev, Abdul Aziz; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur (2017)

  • Sukuk is a highly appealing alternative instrument of conventional bond in the financial market over the last two decades. To a certain extent, the market players assume sukuk as the same as bond. However, sukuk has its own fundamental asset backed principles, whereas bond is backed by debt. The objective of the study is to examine the Granger-causality and lead-lag relationship between sukuk and bond by using the data of the Malaysian Government securities return for both conventional and Islamic instruments. The data for every working day of 7 years covering the period from January 31, 2007 to December 31, 2013 were collected from Bloomberg database. The yield returns of both securi...

  • who leads the Australian interest rates_mansur masih.pdf.jpg
  • Journal Article


  • Authors: Mohammed Masih, Abul Mansur; Winduss, Trent (2006)

  • The focus of this paper is to test the cointegrating and Granger-causal relationships between Australian short-run interest rate securities and those of the UK, US, Japan, Hong Kong, Singapore and New Zealand. A relatively new methodology known as Long Run Structural Model (LRSM) (Pesaran and Shin, 2002) followed by vector error-correction model, generalized variance decompositions, generalized impulse response, and persistence profile have been used. The findings tend to suggest that Australia's short-term interest rates are cointegrated with those of its major trading partners. The results of this paper indicate that the ability of Australian policy makers to target and manipulate d...

  • item.jpg
  • Journal Article


  • Authors: Anwer, Zaheer; Naeem Azmi, Choudhary Wajahat; Ramadili Mohd, Shamsher Mohamad; Paltrinieri, Andrea (2020)

  • The aim of this article is to investigate the motivation of CEOs to invest in Corporate Social Responsibility (CSR) activities. To carry out this analysis, we assess a sample of US conventional and Shariah Compliant (SC) firms, from Dow Jones Indices. As SC firms undergo business and financial screening, they are expected to follow different managerial styles and capital structures as compared to conventional firms. This comparison is important in view of the growing size of the Islamic Financial Services Industry that has surpassed total asset values of USD 2.00 Trillion. Existing literature argues that, for conventional firms, CEOs spend on CSR either to promote their private benefi...

  • why_issuers_issue_sukuk_conventional_bond_evidence_malaysian_listed_firms_partial_adjustment_models_obiyathulla.pdf.jpg
  • Journal Article


  • Authors: Mohamed, Hisham Hanifa; Mohammed Masih, Abul Mansur; Bacha, Obiyathulla Ismath (2015)

  • Although sukuk has been dominating the Malaysian capital market, the motivations of the firms issuing sukuk or conventional bonds remained largely unexplored. Using the partial adjustment model, we make the initial attempt, to test a firm's target debt optimizing behavior and secondly, to find the firm specific determinants of target debt ratio using a sukuk or conventional bond issuance 3 dataset. Our sample consists of 120 conventional bonds and 80 sukuk issuers from 2000 to 2012. We employ two recent dynamic panel data estimators, 4 which resulted in three major findings. Firstly, our results provide stronger support for trade-off view based on a firm's optimizing behavior among su...

  • why_no_financial_crisis_dress_rehearsal_next_exploring_contagious_heterogeneities_across_major_asian_stock_markets_mm.pdf.jpg
  • Journal Article


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

  • Our study attempts to discover pure contagion or interdependence amongst the Asian equity markets (China, India, Taiwan and South Korea) due to the shocks stemming from eleven major crises around the world. We apply wavelet decomposition in both its discrete and continuous forms to unveil the multi-horizon nature of co-movement, volatility and lead–lag relationship. We find that most of the earlier shocks were transmitted via excessive linkages or pure contagion, while the recent subprime crisis appears to have resulted mostly in fundamentals-based contagion or interdependence. This assertion is based mainly on the deepening fundamental integration particularly after the Asian financi...

  • item.jpg
  • Industry Article


  • Authors: Vicary Abdullah, Daud (2017)

  • As many of you will have heard, I shall be retiring from INCEIF shortly. This does not mean that I am retiring from Islamic Finance and Life in general. It does mean I shall be able to spend some more time with family and to reflect and act on some key focus areas with which I will still continue to be engaged. Make no mistake, I shall remain involved at INCEIF, but just in a different role.

Browsing by Title

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 1456 to 1475 of 1488
  • Weapon_to_end_poverty_closing_the_gender_wealth_gap_with_Islamic_wealth_management_aishath.PDF.jpg
  • Industry Article


  • Authors: Aishath Muneeza (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.

  • welfare_implications_interest-free_bank_asset_management_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar (1989)

  • This paper introduces some theoretical aspects of Islamic banking asset management strategies for reducing economic instability. Since public welfare deteriorates during periods of inflation and unemployment, the procyclical behavior of modern interest-based commercial banks is known to aggravate these fluctuations and ipso facto produce an even more severe impact on welfare. The paper will show that equity-based Islamic banks contain some structural features that reduce these procyclical tendencies and therefore shield public welfare from further deterioration.

  • what_can_wavelets_unveil_vulnerabilities_monetary_integration_tale_eurozone_stock_markets_mansur.pdf.jpg
  • Journal Article


  • Authors: Dewandaru, Ginanjar; Masih, Rumi; Mohammed Masih, Abul Mansur (2016)

  • The study has two main objectives: (i) to investigate whether there is pure contagion or fundamental-based contagion/interdependence among the Eurozone equity markets (Germany, France, Italy, Spain and Netherlands), attributable to the shocks stemming from nine major crises around the world (ii) to investigate the evolution of market integration, whether mainly short-run or long-run. Wavelet decompositions, in both its discrete and continuous forms, are employed to unveil the multi-horizon nature of co-movements, volatility and lead–lag relationships. This is to unveil the path of linkages and the behavior underlying the transmission mechanism of financial shocks across major Eurozone...

  • what_drives_carbon-dioxide_emissions_income_electricity_generation_evidence_saudi_arabia_mansur.pdf.jpg
  • Journal Article


  • Authors: Mohammed Masih, Abul Mansur; Al-Sahlawi, Mohammed A.; De Mello, Lurion (2010)

  • Saudi Arabia ranks sixteenth among nations based on 2002 fossil-fuel carbon-dioxide emissions per capita. Even though Saudi Arabia is the world's largest exporter of oil, not suprisingly consumption of petroleum products represents the bulk of the country's fossil-fuel emissions is from electricity generation. Use of natural gas increasingly has become important since the mid-1980s and in 2008 accounts for 31.3 percent of total fossil-fuel carbon-dioxide emissions.

  • what_drives_financial_performance_general_takaful_companies_baharom_et_al.pdf.jpg
  • Journal Article


  • Authors: Kantakji, Mazhar Hallak; Abdul Hamid, Baharom; Alhabshi, Syed Othman (2020)

  • This study aims to identify the internal and external factors affecting the financial performance of general takaful companies operating in Saudi Arabia, Malaysia, UAE, Qatar and Pakistan, using an unbalanced panel data set consisting of 53 companies. Data were hand-collected from the official financial reports of takaful companies. Two performance measures, namely, net investment income and investment yield, are used to capture the different aspects of the takaful investment operations. Based on relevant theory and literature, these measures are related to three economic variables, namely, GDP per capita, equity returns and interest rate, and four company-specific variables, namely, ...

  • what_factors_explain_stock_market_retardation_Islamic_countries_obiyathulla_mansur_ginanjar_aun.pdf.jpg
  • Journal Article


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

  • Stock markets have been recognized in literature as a source of financial development and economic growth. Notwithstanding the recent trend of the stock market development in emerging countries, some argue that Islamic countries' stock exchanges are still infantile. The central aim of this research, therefore, is to investigate factors impeding stock market development (SMD) in Islamic countries. We explore a panel annual data of 11 main Islamic countries vis-à-vis the developed countries for the period of 1996–2011. The findings show that all of our concerned macroeconomic determinants play a major role in the developed countries. On the other hand, financial openness has substantial...

  • what_happens_islamic_capital_markets_move_away_tax_neutrality_look_oman_saudi arabia_mansur.pdf.jpg
  • Journal Article


  • Authors: Selamat, Aslam; Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad (2015)

  • This article evaluates how tax reforms affect stock prices of local and foreign firms in Oman and Saudi Arabia. Both countries introduced corporate tax on foreign firms, exempting local firms from corporate tax, when they moved away from a pre-existing Islamic tax neutrality policy. These reforms were implemented in 2009 in Oman and in 2004 in Saudi Arabia. These tax reform events – applying to foreign firms and not applying to local firms in the same markets – offer ideal experimental situations in two economies to test the taxation theories on how stock prices must react. We find that the results support the Modigliani- Miller and Elton-Gruber tax theories in two ways. Firstly, fore...

  • 2010_aug_5_what_it_takes_to_embrace_islamic_finance_bandung_alhabshi.pdf.jpg
  • Academic Presentation


  • Authors: Alhabshi, Syed Othman (2010-08-05)

  • The question we hope to answer is what are the preconditions needed to embrace Islamic Finance? The term Islamic Finance must be underlined by Shariah, otherwise there is no Islamic Finance. It encompasses banking, insurance (takaful) wealth planning, capital and money markets. In fact, it includes also the personal, public and corporate finance. In fact, it also includes international finance. Shariah is essentially the Islamic law that covers all aspects of life for Muslims. Its main objective is to provide what is good and beneficial to society and prevents what is harmful and bad for society. This is only achievable by commanding what is good and forbidding what is evil. It is to ...

  • what_retirement_Ariff.pdf.jpg
  • Chapter in Book


  • Authors: Abdul Kareem, Mohamed Ariff (2018)

  • Technically, I have "retired" twice and am still working fulltime before "retiring" again sometime in the future for the third time. It has always been a busy life for me since my graduation in 1966 when I received my Bachelor of Arts (First Class Honours) degree in Economics from the University of Malaya. My working life began as a research assistant after my final year examinations and then as a tutor in the newly established Faculty of Economics and Administration (FEA) at the University of Malaya while working at the same time on my Master's degree. After receiving my Master of Economics degree in 1968 from the University of Malaya, I was appointed as Assistant Lecturer at FEA. I ...

  • PhD_which_creates_more_value_investors_equity_funds_Choudary Wajahat.pdf.jpg
  • PhD


  • Authors: Naeem Azmi, Choudhary Wajahat (2016)

  • This thesis is structured into three essays. The first essay provides evidence on the comparative risk-return profile and investment style of SCFs and the SRFs. As the long list of literature claims the superiority of these funds during the crisis period, the validity of this claim is also examined using a larger sample and a longer analysis period. The findings of this research can be summarized as follows; first, both types of funds underperform the market suggesting there is cost attached to ethical and religious based investment but SCFs, to some extent, manage to do better than the SRFs. Second, in terms of investment style, SRFs investments are biased towards small capitalized s...

  • Which_creates_more_value_for_investors_in_equity_funds_wajahat.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Choudhary Wajahat Naeem Azmi (-)

  • 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% ...

  • whither_Islamic_banking_ariff.pdf.jpg
  • Journal Article


  • Authors: Abdul Kareem, Mohamed Ariff (2014)

  • Islamic banking is visibly on the rise across the globe, supported by a growing clientele, both Muslim and non-Muslim, although it has yet to demonstrate that it is a viable alternative to conventional banking. Islamic banking is still under the shadow of conventional banking, not only with products that are strikingly similar to those offered by conventional banks, but also with conventional banks having a strong presence as stakeholders in the Islamic banking industry. Islamic banking is still in the early phase of a presumably long evolutionary process, apparently stuck in the initial phase of product differentiation. Islamic banks are competing with conventional banks rather than ...

  • who_drives_whom_sukuk_bond_mansur.pdf.jpg
  • Journal Article


  • Authors: Haque, Md. Mahmudul; Chowdhury, Mohammad Ashraful Ferdous; Buriev, Abdul Aziz; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur (2017)

  • Sukuk is a highly appealing alternative instrument of conventional bond in the financial market over the last two decades. To a certain extent, the market players assume sukuk as the same as bond. However, sukuk has its own fundamental asset backed principles, whereas bond is backed by debt. The objective of the study is to examine the Granger-causality and lead-lag relationship between sukuk and bond by using the data of the Malaysian Government securities return for both conventional and Islamic instruments. The data for every working day of 7 years covering the period from January 31, 2007 to December 31, 2013 were collected from Bloomberg database. The yield returns of both securi...

  • who leads the Australian interest rates_mansur masih.pdf.jpg
  • Journal Article


  • Authors: Mohammed Masih, Abul Mansur; Winduss, Trent (2006)

  • The focus of this paper is to test the cointegrating and Granger-causal relationships between Australian short-run interest rate securities and those of the UK, US, Japan, Hong Kong, Singapore and New Zealand. A relatively new methodology known as Long Run Structural Model (LRSM) (Pesaran and Shin, 2002) followed by vector error-correction model, generalized variance decompositions, generalized impulse response, and persistence profile have been used. The findings tend to suggest that Australia's short-term interest rates are cointegrated with those of its major trading partners. The results of this paper indicate that the ability of Australian policy makers to target and manipulate d...

  • item.jpg
  • Journal Article


  • Authors: Anwer, Zaheer; Naeem Azmi, Choudhary Wajahat; Ramadili Mohd, Shamsher Mohamad; Paltrinieri, Andrea (2020)

  • The aim of this article is to investigate the motivation of CEOs to invest in Corporate Social Responsibility (CSR) activities. To carry out this analysis, we assess a sample of US conventional and Shariah Compliant (SC) firms, from Dow Jones Indices. As SC firms undergo business and financial screening, they are expected to follow different managerial styles and capital structures as compared to conventional firms. This comparison is important in view of the growing size of the Islamic Financial Services Industry that has surpassed total asset values of USD 2.00 Trillion. Existing literature argues that, for conventional firms, CEOs spend on CSR either to promote their private benefi...

  • why_issuers_issue_sukuk_conventional_bond_evidence_malaysian_listed_firms_partial_adjustment_models_obiyathulla.pdf.jpg
  • Journal Article


  • Authors: Mohamed, Hisham Hanifa; Mohammed Masih, Abul Mansur; Bacha, Obiyathulla Ismath (2015)

  • Although sukuk has been dominating the Malaysian capital market, the motivations of the firms issuing sukuk or conventional bonds remained largely unexplored. Using the partial adjustment model, we make the initial attempt, to test a firm's target debt optimizing behavior and secondly, to find the firm specific determinants of target debt ratio using a sukuk or conventional bond issuance 3 dataset. Our sample consists of 120 conventional bonds and 80 sukuk issuers from 2000 to 2012. We employ two recent dynamic panel data estimators, 4 which resulted in three major findings. Firstly, our results provide stronger support for trade-off view based on a firm's optimizing behavior among su...

  • why_no_financial_crisis_dress_rehearsal_next_exploring_contagious_heterogeneities_across_major_asian_stock_markets_mm.pdf.jpg
  • Journal Article


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

  • Our study attempts to discover pure contagion or interdependence amongst the Asian equity markets (China, India, Taiwan and South Korea) due to the shocks stemming from eleven major crises around the world. We apply wavelet decomposition in both its discrete and continuous forms to unveil the multi-horizon nature of co-movement, volatility and lead–lag relationship. We find that most of the earlier shocks were transmitted via excessive linkages or pure contagion, while the recent subprime crisis appears to have resulted mostly in fundamentals-based contagion or interdependence. This assertion is based mainly on the deepening fundamental integration particularly after the Asian financi...

  • item.jpg
  • Industry Article


  • Authors: Vicary Abdullah, Daud (2017)

  • As many of you will have heard, I shall be retiring from INCEIF shortly. This does not mean that I am retiring from Islamic Finance and Life in general. It does mean I shall be able to spend some more time with family and to reflect and act on some key focus areas with which I will still continue to be engaged. Make no mistake, I shall remain involved at INCEIF, but just in a different role.