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Showing results 272 to 291 of 1655
  • 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...

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


  • Authors: Mohamed Ariff Abdul Kareem (2020)

  • The COVID-19 outbreak hit the fan in December 2019 in Wuhan, China. There is much controversy over the genesis of this new pandemic which is haunting the humanity the world over. Contradictory, if not competing, conspiracy theories have emerged, with China and the US blaming each other. Some have described COVID-19 as a Black Swan which took the world completely unawares, while others contend it was not unforeseen, as people like Bill Gates have been talking about an impending pandemic of Biblical proportions, for nearly five years.

  • Covid-19_impact_in_hajj_and_umrah_and_a_future_direction_Aishath.pdf.jpg
  • Journal Article


  • Authors: Aishath Muneeza; Zakariya Mustapha (2021)

  • There is a misconception that Hajj and Umarah is just a worship matter and the consequences of suspending these religious gathering due to the pandemic is only limited to delay of going Saudi Arabia to perform it. However, the purpose of this paper is to focus on the impact of the pandemic in Hajj and Umrah by exploring its impact on different stakeholders affecting its disruption due to the pandemic. This is a library-based study that uses qualitative method to explore the impact of COVID-19 on Hajj and Umrah. Thus, provisions of Quran and hadith on Hajj and Umrah were examined as primary data for the research to establish the importance of the rituals in Islam. Guidelines set by Haj...

  • credit creation and control_zubair.pdf.jpg
  • Chapter in Book


  • Authors: Hasan, Zubair (2010)

  • Purpose - To reopen for discussion the issue of credit creation and control in the area of Islamic banking. Design/methodology/approach - In view of a rapid expansion of Islamic banking in recent decades, the answer to questions whether Islamic banks can create credit like mainstream banks and, if yes, what methods central banks could use to control it in their case is of paramount importance. An overview of the literature on the subject is provided and credit creation process is explained as background material for the discussion. Findings - The literature on the subject is scanty, controversial and inconclusive. One reason seems to be the mismatch between structural design of Islami...

  • Credit_expansion_and_financial_stability_in_Malaysia_Mansor.pdf.jpg
  • Journal Article


  • Authors: Seow Shin Koong; Siong Hook Law; Mansor H. Ibrahim (2017)

  • This study investigated the degree of synchronization between credit expansion and financial stability in Malaysia at aggregated and disaggregated levels. The dynamic factor model and a broad range of macrofinancial variables are adopted to construct a financial stability index to measure the stability of the Malaysian financial system. The non-parametric method is subsequently employed to gauge the degree of synchronization between credit and financial stability. The empirical findings indicated a negative synchronization between business credit and financial stability in Malaysia, suggesting that an expansion in business credit would lead to financial instability. The results implie...

  • credit_risk_sharing_Islamic_banking_case_Islamic_deposits_investment_accounts_Malaysia_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar (2016-08-04)

  • This paper argues that the introduction of the investment account (IA) in Islamic banking amongst others should reduce potential Shariah non-compliance risk arising from the disproportionate distribution of income to depositors and banks. While impairment expenses are changed to depositors, the returns on mudaraba deposits (ROMD) do not seem to favour depositors as the ROMD has been consistently lower than returns on equity (ROE) despite evidencing some form of credit-risk sharing between banks and mudaraba depositors as outlined by Framework of Rate of Return of Bank Negara Malaysia. When investment accounts are channeled to fund murabaha transactions, the credit risk should be solel...

  • crime_economic_condition_case_united_states_america_baharom_muzafar_jaharudin_yap.pdf.jpg
  • Journal article


  • Authors: Baharom Abdul Hamid; Muzafar Shah Habibullah; Yap Shy Yen; Jaharudin Padli (2009)

  • A normative definition views crime as deviant behavior that violates prevailing norms-cultural standards prescribing how humans ought to behave normally. This approach considers the complex realities surrounding the concept of crime and seeks to understand how changing social, political, psychological, and economic conditions may affect the current definitions of crime and the form of the legal, law enforcement, and penal responses made by society. In the United States since 1930, the Federal Bureau of Investigation (FBI) has tabulated Uniform Crime Reports (UCR) annually from crime data submitted by law enforcement agencies across the United States. Officials compile this data at the...

  • Crime_economic_conditions_Malaysia_baharom.pdf.jpg
  • Journal Article


  • Authors: Muzafar Shah Habibullah; Baharom Abdul Hamid (2009)

  • The purpose of this paper is to analyze the impact of economic conditions on various categories of criminal activities in Malaysia for the period 1973‐2003. The autoregressive distributed lag bounds testing procedure was employed as the main tool. Dynamic ordinary least squares was also used to check the robustness of the results. The results indicate that murder, armed robbery, rape, assault, daylight burglary, and motorcycle theft exhibit long‐run relationships with economic conditions, and the causal effect in all cases runs from economic conditions to crime rates and not vice versa. In the long‐run, strong economic performances have a positive impact on murder, rape, assault, dayl...

  • crime _socio-macroeconomics_determinants_panel-error-correction_cointegration_analysis_baharom.pdf.jpg
  • Journal Article


  • Authors: Baharom Abdul Hamid; Muzafar Shah Habibullah; Zaleha Mohd Noor (2013)

  • This study investigates the relationship between crime and socio and macro economic variables such as income, unemployment, inflation, interest rate, and also the political violence, both domestic and regional. The main motivation of the study is to have a better understanding of crime as well as finding and suggesting alternative ways of approaching crime. We analyzed 21 countries, with data spanning from 1960 to 2001.We adopted the model and framework introduced by Viren (2001) based on Becker (1968), Block and Heineke (1975). However, we slightly modified by rephrasing it in order not to only capture the long run relationship but also the short run adjustment. We employed the panel...

  • crime_police_personnel_Malaysia_empirical_investigation_baharom.pdf.jpg
  • Journal Article


  • Authors: Muzafar Shah Habibullah; Baharom Abdul Hamid; Suriyani Muhamad (2014)

  • The economic theory on crime behavior proposed by Becker (1968) suggests that an increase in the number of policemen can deter crimes. However, recent studies found a positive relationship between police personnel and crime rates. The purpose of the present study is to investigate the effect of police personnel on 15 categories of crime rates in Malaysia for the period of 1973 to 2005 by using the vector error-correction model. Our results suggest that 8 categories of crime rates support Becker’s crime economic theory, while 6 categories of crime support the ‘long-run natural rate of crime’ hypothesis.

  • item.jpg
  • Academic Proceeding


  • Authors: Muzafar Shah Habibullah; Baharom Abdul Hamid; Suriyani Muhamad (2013)

  • The economic theory on crime behavior proposed by Becker (1968) suggests that an increase in the number of policemen can deter crimes. However, recent studies found a positive relationship between police personnel and crime rates. The purpose of the present study is to investigate the effect of police personnel on 15 categories of crime rates in Malaysia for the period of 1973 to 2005 by using the vector error-correction model. Our results suggest that 8 categories of crime rates support Becker’s crime economic theory, while 6 categories of crime support the ‘long-run natural rate of crime’ hypothesis

  • crime_unemployment_baharom.pdf.jpg
  • Journal Article


  • Authors: Muzafar Shah Habibullah; Baharom Abdul Hamid; Badariah H. Din; Suriyani Muhamad; Suryati Ishak (2014)

  • The purpose of the present study is to determine whether there is long-run relationship between crime rates and unemployment rate in Malaysia for the period 1973 to 2003. The autoregressive distributed lag bounds testing procedure was employed as the main tool to infer cointegration or the long-run relationship between unemployment and the crime rates. The results indicate that the unemployment rate, and crime rates: total crime rate, violent crime (murder, robbery, and assault), and property crime (daylight burglary, night burglary, and motorcycle theft) are cointegrated. The estimated long-run coeffi cients suggest that unemployment rate has negative effect on violent crime, murder,...

  • Crime_United_States_America_testing_Broken_Window_hypothesis_Baharom.pdf.jpg
  • Journal Article


  • Authors: Baharom Abdul Hamid; Muzafar Shah Habibullah (2014)

  • This study wishes to examine and validate the ‘broken window’ hypothesis among the fifty one states in the United States. The chosen method for this analysis is Johansen cointegration test to test for cointegration, and if any cointegrating vector is found, we proceed to test for Granger causality based on VECM. We test whether property crime (proxy for minor crime) leads to violent crime (proxy for major crime) in the fifty one states with respect to the period 1960 to 2007. Result of the study indicates that violent crime and property crime are cointegrated in forty eight states out of fifty one states. Further analysis to test for the validity of the broken window hypothesis provid...

  • Criteria_for_determining_the_Shai'ah_compliance_of_shares_Marjan_Kinan.pdf.jpg
  • Journal Article


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

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

  • criteria for determining the Shariah compliance_kinan et al.jpg.jpg
  • Research Monograph


  • Authors: Shamsiah Mohamad; Farrukh Habib; Kinan Salim (2018)

  • Shari'ah has specific rules for dealing in each class of assets and activities; i.e., cash, debt, goods, usufruct, and those classified as either halal (permissible) or haram (impermissible). These rulings can be easily applied when such an asset or activity is an independent subject matter of a transaction. However, the issue becomes complicated when an asset or activity is mixed with others and the combination is represented as a single subject matter. A fine example of this situation is shares of a joint stock company. A company share represents all the activities and underlying assets of that company. Some of the activities and assets of that company may be Shari'ah non-compliant ...

  • Critical_appraisal of rahn-based Islamic microcredit facility from Shari’ah_perspective_Fairooz.pdf.jpg
  • Journal Article


  • Authors: Abdul Khir, Mohamed Fairooz; Badri, Mohd Bahroddin; Hussain, Lokmanulhakim (2013)

  • The rahn-based Islamic microcredit facility is currently popular among Islamic financial institutions in Malaysia, essentially because of its commercial features, which make it attractive and competitive with conventional pawnbroking. However, the substance of this product triggers some Shari`ah issues, which are mainly centred on the safekeeping fee the bank charges the customer under the principle of ijarah al-hifz (safekeeping fee) and wadi`ah yad al-damanah (guaranteed safe custody). This paper is primarily intended to examine the key Shari`ah issues associated with the structure that is widely accepted at present. It undertakes a case study of two selected Islamic banks that offe...

  • critical_issues_islamic_banking_financial_markets_cover.gif.jpg
  • Book


  • Authors: Rosly, Saiful Azhar (2008)

  • This book provides the underlying principles of Shariah financial instruments and presented them in actual and practical form. Since 1983, Malaysia has been making significant inroads into the Islamic financials landscape. Today Islamic financial transactions have made their presence felt in almost all financial institutions including banks, unit trusts, insurance, discount houses, fund management, factoring, pawn broking and project financing. And with more than USD200 billion Islamic funds available in global finance today, it is logical that the business of Islamic banking, insurance and fund management is fast expanding and encroaching into non-traditional financing.

  • A_critical_study_on_Shariah_compliant_and_Shariah_based_products_in_Islamic_banking_Said Adekunle_Mahamad.pdf.jpg
  • Journal Article


  • Authors: Sa'id Adekunle Mikail; Mahamad Arifin (2013)

  • This paper aims at analyzing the concept of Shari'ah compliant and Shari'ah based products in existing Islamic banking Institutions. The paper would shed more lights on the differences between both concepts. The main argument which is premised on the notion that the products may be Shari'ah compliant but not fully Islamic is vehemently deficient due to the fact that if the product is Shari'ah compliant and is less Islamic, then it is basically contrary to proper and true concept of Shari'ah. It is incontrovertible that Shari'ah is the system of law based on the commandment of Allah and the submission to such law would permit someone to be recognized as "Muslim" A believer in Islam. Ho...

  • cross-border_banking_transactions_is_there_aishath.PDF.jpg
  • Journal Article


  • Authors: Muneeza, Aishath; Korimbocus, Christine; Nik Yusuf, Nik Nurul Atiqah; Capery, Sooraiya (2011)

  • Islamic stock screening bodies are vital due to the increase in the numbers of mixed companies in the world. This creates a dilemma as there is no uniform Islamic stock screening procedure followed by the screening bodies. This has created confusion among the investors to some extent. The objective of this paper is to provide an overview of the criteria used in the screening process and also to examine the different methods and approach used by the different providers of stock screening solutions. The questions addressed in this paper are; whether the different procedures and yardsticks used to screen stocks are acceptable; whether the procedures inhibit the growth of Islamic equities...

  • cross_country_evidence_Islamic_portfolio_diversification_mansur.pdf.jpg
  • Journal Article


  • Authors: Ali, Md Hakim; Uddin, Md Akther; Chowdhury, Mohammad Ashraful Ferdous; Mohammed Masih, Abul Mansur (2018)

  • On the backdrop of growing importance of Shariah compliant equity markets, the purpose of this paper is to study cross-country portfolio diversification benefits for investors with major trading partners of Saudi Arabia, namely, USA, China, Japan, Germany and India, who have already invested or tend to invest in Saudi Arabian stock market. The authors have investigated time invariant, dynamic correlations at different investments horizons of the investors among Islamic asset classes by applying relevant econometric techniques like multivariate generalized autoregressive conditional heteroscedastic - DCC and continuous wavelet transforms. For robustness, this study also applied maximal...

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 272 to 291 of 1655
  • 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...

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


  • Authors: Mohamed Ariff Abdul Kareem (2020)

  • The COVID-19 outbreak hit the fan in December 2019 in Wuhan, China. There is much controversy over the genesis of this new pandemic which is haunting the humanity the world over. Contradictory, if not competing, conspiracy theories have emerged, with China and the US blaming each other. Some have described COVID-19 as a Black Swan which took the world completely unawares, while others contend it was not unforeseen, as people like Bill Gates have been talking about an impending pandemic of Biblical proportions, for nearly five years.

  • Covid-19_impact_in_hajj_and_umrah_and_a_future_direction_Aishath.pdf.jpg
  • Journal Article


  • Authors: Aishath Muneeza; Zakariya Mustapha (2021)

  • There is a misconception that Hajj and Umarah is just a worship matter and the consequences of suspending these religious gathering due to the pandemic is only limited to delay of going Saudi Arabia to perform it. However, the purpose of this paper is to focus on the impact of the pandemic in Hajj and Umrah by exploring its impact on different stakeholders affecting its disruption due to the pandemic. This is a library-based study that uses qualitative method to explore the impact of COVID-19 on Hajj and Umrah. Thus, provisions of Quran and hadith on Hajj and Umrah were examined as primary data for the research to establish the importance of the rituals in Islam. Guidelines set by Haj...

  • credit creation and control_zubair.pdf.jpg
  • Chapter in Book


  • Authors: Hasan, Zubair (2010)

  • Purpose - To reopen for discussion the issue of credit creation and control in the area of Islamic banking. Design/methodology/approach - In view of a rapid expansion of Islamic banking in recent decades, the answer to questions whether Islamic banks can create credit like mainstream banks and, if yes, what methods central banks could use to control it in their case is of paramount importance. An overview of the literature on the subject is provided and credit creation process is explained as background material for the discussion. Findings - The literature on the subject is scanty, controversial and inconclusive. One reason seems to be the mismatch between structural design of Islami...

  • Credit_expansion_and_financial_stability_in_Malaysia_Mansor.pdf.jpg
  • Journal Article


  • Authors: Seow Shin Koong; Siong Hook Law; Mansor H. Ibrahim (2017)

  • This study investigated the degree of synchronization between credit expansion and financial stability in Malaysia at aggregated and disaggregated levels. The dynamic factor model and a broad range of macrofinancial variables are adopted to construct a financial stability index to measure the stability of the Malaysian financial system. The non-parametric method is subsequently employed to gauge the degree of synchronization between credit and financial stability. The empirical findings indicated a negative synchronization between business credit and financial stability in Malaysia, suggesting that an expansion in business credit would lead to financial instability. The results implie...

  • credit_risk_sharing_Islamic_banking_case_Islamic_deposits_investment_accounts_Malaysia_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar (2016-08-04)

  • This paper argues that the introduction of the investment account (IA) in Islamic banking amongst others should reduce potential Shariah non-compliance risk arising from the disproportionate distribution of income to depositors and banks. While impairment expenses are changed to depositors, the returns on mudaraba deposits (ROMD) do not seem to favour depositors as the ROMD has been consistently lower than returns on equity (ROE) despite evidencing some form of credit-risk sharing between banks and mudaraba depositors as outlined by Framework of Rate of Return of Bank Negara Malaysia. When investment accounts are channeled to fund murabaha transactions, the credit risk should be solel...

  • crime_economic_condition_case_united_states_america_baharom_muzafar_jaharudin_yap.pdf.jpg
  • Journal article


  • Authors: Baharom Abdul Hamid; Muzafar Shah Habibullah; Yap Shy Yen; Jaharudin Padli (2009)

  • A normative definition views crime as deviant behavior that violates prevailing norms-cultural standards prescribing how humans ought to behave normally. This approach considers the complex realities surrounding the concept of crime and seeks to understand how changing social, political, psychological, and economic conditions may affect the current definitions of crime and the form of the legal, law enforcement, and penal responses made by society. In the United States since 1930, the Federal Bureau of Investigation (FBI) has tabulated Uniform Crime Reports (UCR) annually from crime data submitted by law enforcement agencies across the United States. Officials compile this data at the...

  • Crime_economic_conditions_Malaysia_baharom.pdf.jpg
  • Journal Article


  • Authors: Muzafar Shah Habibullah; Baharom Abdul Hamid (2009)

  • The purpose of this paper is to analyze the impact of economic conditions on various categories of criminal activities in Malaysia for the period 1973‐2003. The autoregressive distributed lag bounds testing procedure was employed as the main tool. Dynamic ordinary least squares was also used to check the robustness of the results. The results indicate that murder, armed robbery, rape, assault, daylight burglary, and motorcycle theft exhibit long‐run relationships with economic conditions, and the causal effect in all cases runs from economic conditions to crime rates and not vice versa. In the long‐run, strong economic performances have a positive impact on murder, rape, assault, dayl...

  • crime _socio-macroeconomics_determinants_panel-error-correction_cointegration_analysis_baharom.pdf.jpg
  • Journal Article


  • Authors: Baharom Abdul Hamid; Muzafar Shah Habibullah; Zaleha Mohd Noor (2013)

  • This study investigates the relationship between crime and socio and macro economic variables such as income, unemployment, inflation, interest rate, and also the political violence, both domestic and regional. The main motivation of the study is to have a better understanding of crime as well as finding and suggesting alternative ways of approaching crime. We analyzed 21 countries, with data spanning from 1960 to 2001.We adopted the model and framework introduced by Viren (2001) based on Becker (1968), Block and Heineke (1975). However, we slightly modified by rephrasing it in order not to only capture the long run relationship but also the short run adjustment. We employed the panel...

  • crime_police_personnel_Malaysia_empirical_investigation_baharom.pdf.jpg
  • Journal Article


  • Authors: Muzafar Shah Habibullah; Baharom Abdul Hamid; Suriyani Muhamad (2014)

  • The economic theory on crime behavior proposed by Becker (1968) suggests that an increase in the number of policemen can deter crimes. However, recent studies found a positive relationship between police personnel and crime rates. The purpose of the present study is to investigate the effect of police personnel on 15 categories of crime rates in Malaysia for the period of 1973 to 2005 by using the vector error-correction model. Our results suggest that 8 categories of crime rates support Becker’s crime economic theory, while 6 categories of crime support the ‘long-run natural rate of crime’ hypothesis.

  • item.jpg
  • Academic Proceeding


  • Authors: Muzafar Shah Habibullah; Baharom Abdul Hamid; Suriyani Muhamad (2013)

  • The economic theory on crime behavior proposed by Becker (1968) suggests that an increase in the number of policemen can deter crimes. However, recent studies found a positive relationship between police personnel and crime rates. The purpose of the present study is to investigate the effect of police personnel on 15 categories of crime rates in Malaysia for the period of 1973 to 2005 by using the vector error-correction model. Our results suggest that 8 categories of crime rates support Becker’s crime economic theory, while 6 categories of crime support the ‘long-run natural rate of crime’ hypothesis

  • crime_unemployment_baharom.pdf.jpg
  • Journal Article


  • Authors: Muzafar Shah Habibullah; Baharom Abdul Hamid; Badariah H. Din; Suriyani Muhamad; Suryati Ishak (2014)

  • The purpose of the present study is to determine whether there is long-run relationship between crime rates and unemployment rate in Malaysia for the period 1973 to 2003. The autoregressive distributed lag bounds testing procedure was employed as the main tool to infer cointegration or the long-run relationship between unemployment and the crime rates. The results indicate that the unemployment rate, and crime rates: total crime rate, violent crime (murder, robbery, and assault), and property crime (daylight burglary, night burglary, and motorcycle theft) are cointegrated. The estimated long-run coeffi cients suggest that unemployment rate has negative effect on violent crime, murder,...

  • Crime_United_States_America_testing_Broken_Window_hypothesis_Baharom.pdf.jpg
  • Journal Article


  • Authors: Baharom Abdul Hamid; Muzafar Shah Habibullah (2014)

  • This study wishes to examine and validate the ‘broken window’ hypothesis among the fifty one states in the United States. The chosen method for this analysis is Johansen cointegration test to test for cointegration, and if any cointegrating vector is found, we proceed to test for Granger causality based on VECM. We test whether property crime (proxy for minor crime) leads to violent crime (proxy for major crime) in the fifty one states with respect to the period 1960 to 2007. Result of the study indicates that violent crime and property crime are cointegrated in forty eight states out of fifty one states. Further analysis to test for the validity of the broken window hypothesis provid...

  • Criteria_for_determining_the_Shai'ah_compliance_of_shares_Marjan_Kinan.pdf.jpg
  • Journal Article


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

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

  • criteria for determining the Shariah compliance_kinan et al.jpg.jpg
  • Research Monograph


  • Authors: Shamsiah Mohamad; Farrukh Habib; Kinan Salim (2018)

  • Shari'ah has specific rules for dealing in each class of assets and activities; i.e., cash, debt, goods, usufruct, and those classified as either halal (permissible) or haram (impermissible). These rulings can be easily applied when such an asset or activity is an independent subject matter of a transaction. However, the issue becomes complicated when an asset or activity is mixed with others and the combination is represented as a single subject matter. A fine example of this situation is shares of a joint stock company. A company share represents all the activities and underlying assets of that company. Some of the activities and assets of that company may be Shari'ah non-compliant ...

  • Critical_appraisal of rahn-based Islamic microcredit facility from Shari’ah_perspective_Fairooz.pdf.jpg
  • Journal Article


  • Authors: Abdul Khir, Mohamed Fairooz; Badri, Mohd Bahroddin; Hussain, Lokmanulhakim (2013)

  • The rahn-based Islamic microcredit facility is currently popular among Islamic financial institutions in Malaysia, essentially because of its commercial features, which make it attractive and competitive with conventional pawnbroking. However, the substance of this product triggers some Shari`ah issues, which are mainly centred on the safekeeping fee the bank charges the customer under the principle of ijarah al-hifz (safekeeping fee) and wadi`ah yad al-damanah (guaranteed safe custody). This paper is primarily intended to examine the key Shari`ah issues associated with the structure that is widely accepted at present. It undertakes a case study of two selected Islamic banks that offe...

  • critical_issues_islamic_banking_financial_markets_cover.gif.jpg
  • Book


  • Authors: Rosly, Saiful Azhar (2008)

  • This book provides the underlying principles of Shariah financial instruments and presented them in actual and practical form. Since 1983, Malaysia has been making significant inroads into the Islamic financials landscape. Today Islamic financial transactions have made their presence felt in almost all financial institutions including banks, unit trusts, insurance, discount houses, fund management, factoring, pawn broking and project financing. And with more than USD200 billion Islamic funds available in global finance today, it is logical that the business of Islamic banking, insurance and fund management is fast expanding and encroaching into non-traditional financing.

  • A_critical_study_on_Shariah_compliant_and_Shariah_based_products_in_Islamic_banking_Said Adekunle_Mahamad.pdf.jpg
  • Journal Article


  • Authors: Sa'id Adekunle Mikail; Mahamad Arifin (2013)

  • This paper aims at analyzing the concept of Shari'ah compliant and Shari'ah based products in existing Islamic banking Institutions. The paper would shed more lights on the differences between both concepts. The main argument which is premised on the notion that the products may be Shari'ah compliant but not fully Islamic is vehemently deficient due to the fact that if the product is Shari'ah compliant and is less Islamic, then it is basically contrary to proper and true concept of Shari'ah. It is incontrovertible that Shari'ah is the system of law based on the commandment of Allah and the submission to such law would permit someone to be recognized as "Muslim" A believer in Islam. Ho...

  • cross-border_banking_transactions_is_there_aishath.PDF.jpg
  • Journal Article


  • Authors: Muneeza, Aishath; Korimbocus, Christine; Nik Yusuf, Nik Nurul Atiqah; Capery, Sooraiya (2011)

  • Islamic stock screening bodies are vital due to the increase in the numbers of mixed companies in the world. This creates a dilemma as there is no uniform Islamic stock screening procedure followed by the screening bodies. This has created confusion among the investors to some extent. The objective of this paper is to provide an overview of the criteria used in the screening process and also to examine the different methods and approach used by the different providers of stock screening solutions. The questions addressed in this paper are; whether the different procedures and yardsticks used to screen stocks are acceptable; whether the procedures inhibit the growth of Islamic equities...

  • cross_country_evidence_Islamic_portfolio_diversification_mansur.pdf.jpg
  • Journal Article


  • Authors: Ali, Md Hakim; Uddin, Md Akther; Chowdhury, Mohammad Ashraful Ferdous; Mohammed Masih, Abul Mansur (2018)

  • On the backdrop of growing importance of Shariah compliant equity markets, the purpose of this paper is to study cross-country portfolio diversification benefits for investors with major trading partners of Saudi Arabia, namely, USA, China, Japan, Germany and India, who have already invested or tend to invest in Saudi Arabian stock market. The authors have investigated time invariant, dynamic correlations at different investments horizons of the investors among Islamic asset classes by applying relevant econometric techniques like multivariate generalized autoregressive conditional heteroscedastic - DCC and continuous wavelet transforms. For robustness, this study also applied maximal...