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Showing results 292 to 311 of 1687
  • 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: Mohamed Fairooz Abdul Khir; Mohd Bahroddin Badri; Lokmanulhakim Hussain (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: Aishath Muneeza; Christine Korimbocus; Nik Nurul Atiqah Nik Yusuf; Sooraiya Capery (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...

  • item.jpg
  • Chapter in Book


  • Authors: Cizakca, Murat (2006)

  • The tragic events in our post 9/11 world disguise the fact that Islam and the West have actually been in a symbiotic relationship over the very long period. Cross-cultural institutional borrowing has constituted a major component of this symbiosis. I intend to focus in this paper on the way these civilizations borrowed important economic institutions from each other. The paper will start with a brief theoretical model explaining the process of cross-cultural institutional borrowing. This will then be followed by an account of the economic institutions actually borrowed.

  • crypto_mania_ziyaad_shamsher.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Ziyaad Mahomed; Shamsher Mohamad Ramadili Mohd (2018)

  • The 17th century was witness to the Dutch Golden Age, the leading global economic power at the time. It was also the period of what was soon after referred to as 'Tulip Mania' for what is considered the first recorded speculative bubble that collapsed in 1637. Many analysts find a stark similarity between tulip mania and the dramatic rise of the cryptocurrency value in 2017. Tulip bulbs became fashionable status symbols, and although having weak fundamentals, reached exorbitant prices. Bitcoin's dramatic 1,500% increase in 2017 alone, attracted a significantly large group of speculative investors to benefit from what many see as an unhinged gamble on what has gained popularity, not on...

  • Crypto_a_contagious_disease_or_the_most_useful_system_of_trust_ever_devised_Ziyaad.pdf.jpg
  • Industry Article


  • Authors: Ziyaad Mahomed (2022)

  • Over the last century, few assets can claim a meteoric rise as cryptocurrency ('crypto') has. Crypto has taken several forms, with rapid innovation and uniquely linked value propositions, which include: a) CBDCs (Central Bank Digital Currencies that are digital versions of local currency); b) Stablecoins (that may be fiat-backed, commodity-backed or algorithm-based), c) the more well-known Exchange Coins (e.g. Bitcoin, Ethereum and Cardano), and d) tokens (security tokens that provide rights, utility tokens that can be redeemed for access to products and services and social impact tokens that provide sustainable or social impact). Except for CBDCs, other cryptocurrencies have had limi...

  • culture_income_co2_emission_mustafa_adam_hossein.pdf.jpg
  • Journal Article


  • Authors: Mustafa Disli; Ng Adam Boon Ka; Hossein Askari (2016)

  • Given the devastating effects of global warming, the problem of human-induced climate change, and in particular carbon dioxide emissions, has been high on the global policy agenda. In this study, we examine the relationship between national culture, carbon dioxide emissions, and economic growth in the framework of the Environmental Kuznets Curve (EKC). Applying system GMM panel estimator across 69 developed and developing countries, we confirm the existence of EKC and show that culture significantly affects the income-emission relationship. Moreover, the effects of the six cultural dimensions on EKC can be collapsed into two: (i) masculinity, power distance and indulgence move the EKC...

  • item.jpg
  • PhD


  • Authors: Hishamuddin Abdul Wahab (2013)

  • The study of currency exposure in the context of small open economies such as the ASEAN-4 region is important in view of the higher degree of openness of the economies and the progressive growth of the Islamic finance industry. This study examined the presence of currency exposure in a sample of 405 listed non-financial corporations from Indonesia, Malaysia, Singapore and Thailand over a duration of 18 years from 1993 to 2010. This study is different from previous studies as it combines two assessment methods, i.e., the cash flow (CF) and stock returns (SR) approaches. Furthermore, this study covers two major events of the financial crises ...

  • Current_account_exchange_rate_dynamics_and_the_predictability_mansur.pdf.jpg
  • Journal Article


  • Authors: Baharumshah, Ahmad Zubaidi; Mohammed Masih, Abul Mansur (2004)

  • The East Asian financial crisis indicated that one of the factors that played a critical role in affecting the exchange rate of a country was its current account balance. This paper attempts to investigate this hypothesis. The Singaporean dollar (SD) and the Malaysian ringgit (RM) against the yen are taken as case studies. Our analysis is based on the recent cointegration method and we examine two issues. First, whether the exchange rates are cointegrated with the fundamentals as predicted by economic theory. Our focus was to investigate whether the exchange rate movements are affected by the economic fundamentals, particularly the current account balance. Our findings suggest that t...

  • daily_traders_institutional_investors_wealth_effect_upon_sukuk_conventional_bond_announcements_mansur_obiya.pdf.jpg
  • Journal Article


  • Authors: Hanifa, Mohamed Hisham; Mohammed Masih, Abul Mansur; Bacha, Obiyathulla Ismath (2014)

  • The last decade has witnessed a rapid expansion of Islamic financial instruments with a notable proliferation of Islamic investment certificates called sukuk. In spite of the expansion, research to appraise their growth implications remains limited. This paper investigated the structural differences within sukuk and conventional and their implications on investor return reactions. It also looked at the investors' different decision making time horizon dimensions in response to the respective debt security's announcement. Our sample consisted of 158 conventional bonds and 129 sukuk issuers between 2000 and 2013. Event-study methodology and wavelet analysis were used resulting in three ...

  • damage_assessment_Kelantan_flooding_baharom et al.pdf.jpg
  • Journal Article


  • Authors: Jaharudin Padli; Kamarul Md. Shah; Haslina Musa; Abu Talib Jasmi; Jusuh Ahmad; Muzafar Shah Habibullah; Baharom Abdul Hamid (2020)

  • This study will focus on assessing the total amount of damage and losses that has occurred during the 2014 flood disaster in Kelantan. The phenomenon of heavy rainfall during monsoon season is normal in Malaysia especially for the east coastal state areas between November to March every year. With the rainfall rate of 794mm which is 1.6 times higher than the average rainfall from the previous year, it has destroyed dwelling houses, animals, crops and also agricultural land. By using cross-sectional data analysis with Ordinary Least Square (OLS) method on 686 respondents in Kuala Krai, Kelantan, the results showed that early warning indicators such as Short Message Services (SMS) and o...

  • dawn_Islamic_tourism_there_will_there_way_aishath.pdf.jpg
  • Industry Article


  • Authors: Aishath Muneeza (2016)

  • Tourism is the lifeline and the golden goose of the economy of the Maldives, the number one honeymoon destination in the world. Tourism is a sector that has shown progressive growth in the country and the largest contribution to the GDP of the country comes from this sector, proving that tourism is the most profitable sector in the country to be invested in. However, although the Maldives is a 100% Muslim nation, the country is alien to the concept of Islamic tourism. With the rapid development of the Islamic finance industry in the country, the urge to test the practical applicability of Islamic tourism in the Maldives has grown. The year 2016 has proved that Islamic finance is here ...

  • debt_exchange_rate_vulnerability_obiyathulla.pdf.jpg
  • Newspaper Article


  • Authors: Obiyathulla Ismath Bacha (2019)

  • Muslim-majority nations like Turkey, Indonesia, Egypt and even Malaysia have seen their currencies depreciate and come under pressure in the recent past. Turkey and Egypt have had to increase domestic interest rates substantially to ease the exchange rate pressure. Indonesia, too, had to raise rates, albeit of a much lower magnitude. The choice of an exchange rate policy - whether pegged, free floating or managed - depends on the trade-off preference. Fixed or pegged exchange rates offer stability, but this has to be traded off against the lack of independence in monetary policymaking. A freely floating currency has the advantage of providing full flexibility in policymaking, but has ...

  • debt_debt_even_Shariah-compliant_obiyathulla.pdf.jpg
  • Newspaper Article


  • Authors: Obiyathulla Ismath Bacha (2019)

  • In a book aptly titled 'This Time Is Different', Rogoff and Reinhart, two prominent economists, show that every single financial crisis over the last 800 years has had a single root cause - excessive debt. It appears that what begins as borrowing for the funding of development infrastructure can, as it builds, lead to a spiralling of debt and financial crisis. There is a circular and reciprocal relationship between debt, leverage, vulnerability and financial distress. This applies to all borrowers, governments, corporations or other entities.

  • deciphering_political_economy_Malaysia_Ariff.pdf.jpg
  • Newspaper Article


  • Authors: Mohamed Ariff Abdul Kareem (2018)

  • What is really "new" about New Malaysia? The term "New Malaysia" connotes new thinking, new ideas and new solutions based on a new paradigm. New Malaysia warrants a new mindset, but some pronouncements by politicians, on both sides of the divide, show that they are still unable to delink themselves from the past.

  • item.jpg
  • PhD


  • Authors: Azarahiah Lokman @ Yusop (2018)

  • Bank financing is an important external source of financing for SMEs. However, banks often considered SMEs as riskier than large enterprises and therefore use various tools to mitigate their risks in SME lending / financing such as imposing collateral requirement, higher pricing and credit rationing. This may limit access to finance for the SMEs. By understanding SME default risk better, banks may reduce or eliminate the collateral requirement, lower the pricing or avoid credit rationing thus improving access to finance for the SMEs. Studies have considered various risk factors and their impact on default. However, none, to the best of my knowledge has considered religion as a risk fa...

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 292 to 311 of 1687
  • 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: Mohamed Fairooz Abdul Khir; Mohd Bahroddin Badri; Lokmanulhakim Hussain (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: Aishath Muneeza; Christine Korimbocus; Nik Nurul Atiqah Nik Yusuf; Sooraiya Capery (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...

  • item.jpg
  • Chapter in Book


  • Authors: Cizakca, Murat (2006)

  • The tragic events in our post 9/11 world disguise the fact that Islam and the West have actually been in a symbiotic relationship over the very long period. Cross-cultural institutional borrowing has constituted a major component of this symbiosis. I intend to focus in this paper on the way these civilizations borrowed important economic institutions from each other. The paper will start with a brief theoretical model explaining the process of cross-cultural institutional borrowing. This will then be followed by an account of the economic institutions actually borrowed.

  • crypto_mania_ziyaad_shamsher.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Ziyaad Mahomed; Shamsher Mohamad Ramadili Mohd (2018)

  • The 17th century was witness to the Dutch Golden Age, the leading global economic power at the time. It was also the period of what was soon after referred to as 'Tulip Mania' for what is considered the first recorded speculative bubble that collapsed in 1637. Many analysts find a stark similarity between tulip mania and the dramatic rise of the cryptocurrency value in 2017. Tulip bulbs became fashionable status symbols, and although having weak fundamentals, reached exorbitant prices. Bitcoin's dramatic 1,500% increase in 2017 alone, attracted a significantly large group of speculative investors to benefit from what many see as an unhinged gamble on what has gained popularity, not on...

  • Crypto_a_contagious_disease_or_the_most_useful_system_of_trust_ever_devised_Ziyaad.pdf.jpg
  • Industry Article


  • Authors: Ziyaad Mahomed (2022)

  • Over the last century, few assets can claim a meteoric rise as cryptocurrency ('crypto') has. Crypto has taken several forms, with rapid innovation and uniquely linked value propositions, which include: a) CBDCs (Central Bank Digital Currencies that are digital versions of local currency); b) Stablecoins (that may be fiat-backed, commodity-backed or algorithm-based), c) the more well-known Exchange Coins (e.g. Bitcoin, Ethereum and Cardano), and d) tokens (security tokens that provide rights, utility tokens that can be redeemed for access to products and services and social impact tokens that provide sustainable or social impact). Except for CBDCs, other cryptocurrencies have had limi...

  • culture_income_co2_emission_mustafa_adam_hossein.pdf.jpg
  • Journal Article


  • Authors: Mustafa Disli; Ng Adam Boon Ka; Hossein Askari (2016)

  • Given the devastating effects of global warming, the problem of human-induced climate change, and in particular carbon dioxide emissions, has been high on the global policy agenda. In this study, we examine the relationship between national culture, carbon dioxide emissions, and economic growth in the framework of the Environmental Kuznets Curve (EKC). Applying system GMM panel estimator across 69 developed and developing countries, we confirm the existence of EKC and show that culture significantly affects the income-emission relationship. Moreover, the effects of the six cultural dimensions on EKC can be collapsed into two: (i) masculinity, power distance and indulgence move the EKC...

  • item.jpg
  • PhD


  • Authors: Hishamuddin Abdul Wahab (2013)

  • The study of currency exposure in the context of small open economies such as the ASEAN-4 region is important in view of the higher degree of openness of the economies and the progressive growth of the Islamic finance industry. This study examined the presence of currency exposure in a sample of 405 listed non-financial corporations from Indonesia, Malaysia, Singapore and Thailand over a duration of 18 years from 1993 to 2010. This study is different from previous studies as it combines two assessment methods, i.e., the cash flow (CF) and stock returns (SR) approaches. Furthermore, this study covers two major events of the financial crises ...

  • Current_account_exchange_rate_dynamics_and_the_predictability_mansur.pdf.jpg
  • Journal Article


  • Authors: Baharumshah, Ahmad Zubaidi; Mohammed Masih, Abul Mansur (2004)

  • The East Asian financial crisis indicated that one of the factors that played a critical role in affecting the exchange rate of a country was its current account balance. This paper attempts to investigate this hypothesis. The Singaporean dollar (SD) and the Malaysian ringgit (RM) against the yen are taken as case studies. Our analysis is based on the recent cointegration method and we examine two issues. First, whether the exchange rates are cointegrated with the fundamentals as predicted by economic theory. Our focus was to investigate whether the exchange rate movements are affected by the economic fundamentals, particularly the current account balance. Our findings suggest that t...

  • daily_traders_institutional_investors_wealth_effect_upon_sukuk_conventional_bond_announcements_mansur_obiya.pdf.jpg
  • Journal Article


  • Authors: Hanifa, Mohamed Hisham; Mohammed Masih, Abul Mansur; Bacha, Obiyathulla Ismath (2014)

  • The last decade has witnessed a rapid expansion of Islamic financial instruments with a notable proliferation of Islamic investment certificates called sukuk. In spite of the expansion, research to appraise their growth implications remains limited. This paper investigated the structural differences within sukuk and conventional and their implications on investor return reactions. It also looked at the investors' different decision making time horizon dimensions in response to the respective debt security's announcement. Our sample consisted of 158 conventional bonds and 129 sukuk issuers between 2000 and 2013. Event-study methodology and wavelet analysis were used resulting in three ...

  • damage_assessment_Kelantan_flooding_baharom et al.pdf.jpg
  • Journal Article


  • Authors: Jaharudin Padli; Kamarul Md. Shah; Haslina Musa; Abu Talib Jasmi; Jusuh Ahmad; Muzafar Shah Habibullah; Baharom Abdul Hamid (2020)

  • This study will focus on assessing the total amount of damage and losses that has occurred during the 2014 flood disaster in Kelantan. The phenomenon of heavy rainfall during monsoon season is normal in Malaysia especially for the east coastal state areas between November to March every year. With the rainfall rate of 794mm which is 1.6 times higher than the average rainfall from the previous year, it has destroyed dwelling houses, animals, crops and also agricultural land. By using cross-sectional data analysis with Ordinary Least Square (OLS) method on 686 respondents in Kuala Krai, Kelantan, the results showed that early warning indicators such as Short Message Services (SMS) and o...

  • dawn_Islamic_tourism_there_will_there_way_aishath.pdf.jpg
  • Industry Article


  • Authors: Aishath Muneeza (2016)

  • Tourism is the lifeline and the golden goose of the economy of the Maldives, the number one honeymoon destination in the world. Tourism is a sector that has shown progressive growth in the country and the largest contribution to the GDP of the country comes from this sector, proving that tourism is the most profitable sector in the country to be invested in. However, although the Maldives is a 100% Muslim nation, the country is alien to the concept of Islamic tourism. With the rapid development of the Islamic finance industry in the country, the urge to test the practical applicability of Islamic tourism in the Maldives has grown. The year 2016 has proved that Islamic finance is here ...

  • debt_exchange_rate_vulnerability_obiyathulla.pdf.jpg
  • Newspaper Article


  • Authors: Obiyathulla Ismath Bacha (2019)

  • Muslim-majority nations like Turkey, Indonesia, Egypt and even Malaysia have seen their currencies depreciate and come under pressure in the recent past. Turkey and Egypt have had to increase domestic interest rates substantially to ease the exchange rate pressure. Indonesia, too, had to raise rates, albeit of a much lower magnitude. The choice of an exchange rate policy - whether pegged, free floating or managed - depends on the trade-off preference. Fixed or pegged exchange rates offer stability, but this has to be traded off against the lack of independence in monetary policymaking. A freely floating currency has the advantage of providing full flexibility in policymaking, but has ...

  • debt_debt_even_Shariah-compliant_obiyathulla.pdf.jpg
  • Newspaper Article


  • Authors: Obiyathulla Ismath Bacha (2019)

  • In a book aptly titled 'This Time Is Different', Rogoff and Reinhart, two prominent economists, show that every single financial crisis over the last 800 years has had a single root cause - excessive debt. It appears that what begins as borrowing for the funding of development infrastructure can, as it builds, lead to a spiralling of debt and financial crisis. There is a circular and reciprocal relationship between debt, leverage, vulnerability and financial distress. This applies to all borrowers, governments, corporations or other entities.

  • deciphering_political_economy_Malaysia_Ariff.pdf.jpg
  • Newspaper Article


  • Authors: Mohamed Ariff Abdul Kareem (2018)

  • What is really "new" about New Malaysia? The term "New Malaysia" connotes new thinking, new ideas and new solutions based on a new paradigm. New Malaysia warrants a new mindset, but some pronouncements by politicians, on both sides of the divide, show that they are still unable to delink themselves from the past.

  • item.jpg
  • PhD


  • Authors: Azarahiah Lokman @ Yusop (2018)

  • Bank financing is an important external source of financing for SMEs. However, banks often considered SMEs as riskier than large enterprises and therefore use various tools to mitigate their risks in SME lending / financing such as imposing collateral requirement, higher pricing and credit rationing. This may limit access to finance for the SMEs. By understanding SME default risk better, banks may reduce or eliminate the collateral requirement, lower the pricing or avoid credit rationing thus improving access to finance for the SMEs. Studies have considered various risk factors and their impact on default. However, none, to the best of my knowledge has considered religion as a risk fa...