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Showing results 805 to 824 of 1292
  • model_uncertainty_asset_return_predictability_application_bayesian_model_averaging_masih_mie.pdf.jpg
  • Journal Article


  • Authors: Masih, Rumi; Mohammed Masih, Abul Mansur; Mie, Killian (2010)

  • We investigate model uncertainty associated with predictive regressions employed in asset return forecasting research. We use simple combination and Bayesian model averaging (BMA) techniques to compare the performance of these forecasting approaches in short-vs. long-run horizons of S&P500 monthly excess returns. Simple averaging involves an equally-weighted averaging of the forecasts from alternative combinations of factors used in the predictive regressions, whereas BMA involves computing the predictive probability that each model is the true model and uses these predictive probabilities as weights in combing the forecasts from different models. From a given set of multiple factors,...

  • monetary dynamics and the gold dinar.pdf.jpg
  • Chapter in Book


  • Authors: Ibrahim, Mansor H. (2009)

  • According to proponents of Gold Dinar particularly Meera and Aziz (2002), termed as Dinarists, the fiat monetary system is inherently unstable. In providing an empirical perspective on this contention, this paper investigates monetary dynamics of a Muslim economy, Malaysia. To this end, the paper adopts a vector autoregressive (VAR) framework to document dynamic interactions between money supply and various macroeconomic variables including real output, price level, interest rate and stock prices. The results seem to provide some support for the Dinarists' contention. First, the results portray clearly an important causal role of money supply for other macroeconomic variables. Second,...

  • item.jpg
  • Academic Proceeding


  • Authors: Mat Sari, Norhanim; Mirakhor, Abbas; Alhabshi, Syed Othman (2013)

  • Monetary policy is an important available tool for governments to pursuit macroeconomic objectives. However, the recent financial crisis has revealed the weaknesses of the conventional monetary policy framework. Monetary policy has been found to be a prominent cause of financial instability. Inability of expansionary monetary policy to induce new lending in many economies is considered as evidence of the impairment of conventional monetary policy transmission mechanism. Additionally, the post-crisis diagnostics have revealed that monetary policy failed to address asset market imbalances. A large number of these studies have focused on the reforms of the conventional system. Some sugge...

  • item.jpg
  • Academic Presentation


  • Authors: Ibrahim, Mansor H. (2016)

  • The slides highlight: 1) an overview of bank lending channel; 2) the importance of bank lending channel to Islamic banks; 3) the results of the study.

  • money_creation_control_islamic_perspective_zubair.pdf.jpg
  • Journal Article


  • Authors: Hasan, Zubair (2011)

  • This paper deals with familiar facts in monetary economics from an unfamiliar angle. It argues that it is not factual to regard the legal tender money and bank credit as of different genus: they work in tandem to the same ends in an economy, conventional or Islamic. Also, it does not matter what serves as money – solid gold or flimsy paper – for keeping its value stable; only the blind would argue that staff is indispensable for walking. Money is just an instrument: it was never nor can ever be classified into Islamic and non-Islamic. What it does – good or bad – depends on how we use it. Money does not generate crises; its mismanagement does. It follows that the refuge the world is s...

  • money_demand_an_interest_free_economy_fatimah_syed_kazem_mohammad.pdf.jpg
  • Journal Article


  • Authors: Esmaeili, Fatemeh; Sadr, Seyed Kazem; Noferesti, Mohammad (2012)

  • The objective of this study is to derive a money demand function compatible with the Islamic Economic Rules, i.e., Prohibition of Reba. This rule, evidently eliminates the loan market from the economy.Therefore, we propose that the Islamic financial markets could link the real and nominal sectors of the economy and provide the information needed by both the financial intermediaries and the Central Bank authorities to allocate financial and liquid assets, respectively. Meanwhile, the nature of speculative activities are discussed. and conditions that facilitate harmful speculative activities are identified and the policies that are required to eliminate those conditions are proposed. B...

  • money_supply_interest_rate_liquidity_share_prices_test_their_linkage_ariff.pdf.jpg
  • Journal Article


  • Authors: Ariff, Mohamed; Tin-fah, Chung; Ramadili Mohd, Shamsher Mohamad (2012)

  • The money supply impacts on interest rate and liquidity were first proposed in 1961 by Friedman, the late Nobel laureate. The liquidity effect has yet received unanimous empirical support. Also, research interest on liquidity subsided in the 2000s. Using quarterly data over 1960–2011 and simultaneous solution to a system of equations, this paper reports positive liquidity effect from money supply. By extending the system of equations with a liquidity equation and after controlling the effect of earnings, evidence is found of a significant positive effect from liquidity on share prices. Money supply is found to be endogenous as in post Keynesian theory. These findings, obtained after s...

  • money_capital_Islamic_property_rights_sadr.pdf.jpg
  • Journal Article


  • Authors: Sadr, Seyed Kazem (2016)

  • The purpose of this paper is to highlight the profound transformations that occur in ribawi financial systems when an Islamic conception of property rights is adopted. The nature of financial transactions changes, financial markets undergo structural transformation, and money, capital and financial assets acquire new jurisprudential status. Banks' relationship with their clients and with the Central Bank will be different resulting in different macroeconomic policies and a more effective transmission mechanism. Further, the financial and real sectors of the economy will be integrated, and sustainable.

  • money_price_relation_malaysia_disappeared_strengthened_mansor.pdf.jpg
  • Journal Article


  • Authors: Ibrahim, Mansor H. (2010)

  • The paper analyzes empirically the money-price link for the case of Malaysia using quarterly data from 1978 to 2006. Looking at the correlations between cyclical components of monetary aggregates (M1, M2 and M3) and of the price level, we note that the significant correlations documented between money and price during 1978–1987 tend to disappear or become perverse during late 1980s and 1990s. However, for the case of M2 and M3 monetary aggregates, their significant relations with the price level reemerge during 1998–2006. While time series analyses of cointegration and vector autoregressions (VAR) are uncertain in suggesting the pre-1998 relations between broader monetary aggregates (...

  • item.jpg
  • PhD


  • Authors: Mohd Daud, Mohd Ariff (2019)

  • The provision of shelter is a fundamental human right as implied in the Maqasid al-Shari'ah, hence Islamic finance should provide avenues to facilitate society in buying affordable homes. This challenge covers the funding aspect of affordable housing development albeit other critical challenges associated such as high land cost, compliance and construction cost, and developers' profit margin. The issue is that market forces dictate property prices that many cannot afford; hence lack of affordable housing is a serious issue being faced by major cities around the globe, including Malaysia. As the public resort to government assistance for policy change to support more affordable housing...

  • IFHubEd4_mudarabah_factoring_model_sme.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Abdul Razak, Muhammad Razman; Mohd Hodori, Muhammad 'Arif (2017)

  • The small and medium-sized enterprises (SMEs) is an interesting sector to talk about; defining them may generate dispute as everyone sees "small" and "medium" differently, however, their importance to the economy are unanimously agreed upon. SMEs represent an essential source for economic growth, dynamics, and flexibility for both the developed countries and the developing and emerging economies. Although individually small in size, SMEs justify their crucial presence on the economy through sheer volume alone; in the Malaysian context, the SME Corp Malaysia's annual report stated that SMEs in Malaysia contribute up to 36.3% of its GDP. From that, we can see that SMEs have the potentia...

  • item.jpg
  • PhD


  • Authors: Abdullah, Ahmad Monir (2018)

  • Financially distressed companies always bring about enormous financial and economic losses to many stakeholders, such as management, stockholders, employees and customers together with a substantial social and economic cost to the country. Therefore, a distress prediction model that can predict the event and identify the determinants in advance would serve to reduce such losses by providing a pre-warning signal to stakeholders. Preventive actions can then be taken by stakeholders if they can obtain early warning signal of probable failure that will lead to the efficient allocation of available resources to reduce losses. For these reasons, identifying the financial distress determinan...

  • multiple_commodities_in_statistical_microeconomics_model and_market_belal_miao_xin.pdf.jpg
  • Journal Article


  • Authors: Baaquie, Belal E.; Miao, Yu; Xin, Du (2016)

  • A statistical generalization of microeconomics has been made in Baaquie (2013). In Baaquie et al. (2015), the market behavior of single commodities was analyzed and it was shown that market data provides strong support for the statistical microeconomic description of commodity prices. The case of multiple commodities is studied and a parsimonious generalization of the single commodity model is made for the multiple commodities case. Market data shows that the generalization can accurately model the simultaneous correlation functions of up to four commodities. To accurately model five or more commodities, further terms have to be included in the model. This study shows that the statist...

  • Multivariate_cointegrated_modelling_approach_in_testing_temporal_causality_between_energy_consumption_mansur.pdf.jpg
  • Journal Article


  • Authors: Mohammed Masih, Abul Mansur; Masih, Rumi (1998)

  • Unlike previous studies on the casual relationship between energy consumption and economic growth, this paper illustrates how the finding of cointegration (i.e. long-term equilibrium relationship) between these variables, may be used in testing Granger causality. Based on the most recent Johansen's multiple cointegration tests preceded by various unit root or nonstationarity tests, we test for cointegration between total energy consumption, real income and price level of two Asian LDCs: Thailand and Sri Lanka. Nonrejection of cointegration between variables rules out Granger noncausality and implies at least one way of Granger-causality either unidirectional or bidirectional. Secondly...

  • item.jpg
  • PhD


  • Authors: Asadov, Alam I. (2018)

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

  • Musharakah Mutanaqisah home financing_alam_zulkarnain_zaher_shinaj_shamsher.pdf.jpg
  • Journal Article


  • Authors: Asadov, Alam; Muhamad Sori, Zulkarnain; Anwer, Zaher; Shamsudheen, Shinaj Valangattil; Ramadili Mohd, Shamsher Mohamad (2018)

  • Musharakah mutanaqisah (MM) mode of Islamic financing purchase of an asset, where the bank and customer enter into a contract of joint property ownership and the customer's ownership of the asset gradually increases throughout the financing period and fully own the asset after the last financial settlement. This mode of financing was introduced to mitigate the issue of unequal risk burden of conventional mortgage financing, where the bank just provide the financing and the customer bears all risk. MM financing reflects a true partnership contract through sharing of risk and reward between both parties. Though the MM mode of financing has the salient features to address the flaws of co...

  • muslim_contribution_in_economics.pdf.jpg
  • Chapter in Book


  • Authors: Mirakhor, Abbas (2014)

  • After discussing the Gracco-Roman economics, Joseph Schumpeter in his Magnum Opus, History of Economic Analysis, states that: "So far as our subject is concerned we may safely leap over 500 years to the epoch of St. Thomas Aquinas (1225-74) whose Summa Theologica is in the history of thought what the south-western spire of the Cathedral of Chartres is in the history of architecture."

  • mutawalli_institutions_management_waqf_properties_yusuf.PDF.jpg
  • Journal Article


  • Authors: Saleem, Muhammad Yusuf (2010)

  • This paper argues that waqf does not play its historical role to support and finance religious, charitable and educational institutions in the Muslim world. It argues that the traditional way of appointing an individual as a mutawalli to manage waqf properties and the modern way of leaving the management of waqf properties in the hands of state institutions need to be revised. In particular, it examines the modern practice of appointing a government institution as a trustee (mutawalli/nazir) for the management of waqf properties. The paper contends that the practice has not contributed to the efficient management and productivity of the waqf properties. The paper subsequently conclude...

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 805 to 824 of 1292
  • model_uncertainty_asset_return_predictability_application_bayesian_model_averaging_masih_mie.pdf.jpg
  • Journal Article


  • Authors: Masih, Rumi; Mohammed Masih, Abul Mansur; Mie, Killian (2010)

  • We investigate model uncertainty associated with predictive regressions employed in asset return forecasting research. We use simple combination and Bayesian model averaging (BMA) techniques to compare the performance of these forecasting approaches in short-vs. long-run horizons of S&P500 monthly excess returns. Simple averaging involves an equally-weighted averaging of the forecasts from alternative combinations of factors used in the predictive regressions, whereas BMA involves computing the predictive probability that each model is the true model and uses these predictive probabilities as weights in combing the forecasts from different models. From a given set of multiple factors,...

  • monetary dynamics and the gold dinar.pdf.jpg
  • Chapter in Book


  • Authors: Ibrahim, Mansor H. (2009)

  • According to proponents of Gold Dinar particularly Meera and Aziz (2002), termed as Dinarists, the fiat monetary system is inherently unstable. In providing an empirical perspective on this contention, this paper investigates monetary dynamics of a Muslim economy, Malaysia. To this end, the paper adopts a vector autoregressive (VAR) framework to document dynamic interactions between money supply and various macroeconomic variables including real output, price level, interest rate and stock prices. The results seem to provide some support for the Dinarists' contention. First, the results portray clearly an important causal role of money supply for other macroeconomic variables. Second,...

  • item.jpg
  • Academic Proceeding


  • Authors: Mat Sari, Norhanim; Mirakhor, Abbas; Alhabshi, Syed Othman (2013)

  • Monetary policy is an important available tool for governments to pursuit macroeconomic objectives. However, the recent financial crisis has revealed the weaknesses of the conventional monetary policy framework. Monetary policy has been found to be a prominent cause of financial instability. Inability of expansionary monetary policy to induce new lending in many economies is considered as evidence of the impairment of conventional monetary policy transmission mechanism. Additionally, the post-crisis diagnostics have revealed that monetary policy failed to address asset market imbalances. A large number of these studies have focused on the reforms of the conventional system. Some sugge...

  • item.jpg
  • Academic Presentation


  • Authors: Ibrahim, Mansor H. (2016)

  • The slides highlight: 1) an overview of bank lending channel; 2) the importance of bank lending channel to Islamic banks; 3) the results of the study.

  • money_creation_control_islamic_perspective_zubair.pdf.jpg
  • Journal Article


  • Authors: Hasan, Zubair (2011)

  • This paper deals with familiar facts in monetary economics from an unfamiliar angle. It argues that it is not factual to regard the legal tender money and bank credit as of different genus: they work in tandem to the same ends in an economy, conventional or Islamic. Also, it does not matter what serves as money – solid gold or flimsy paper – for keeping its value stable; only the blind would argue that staff is indispensable for walking. Money is just an instrument: it was never nor can ever be classified into Islamic and non-Islamic. What it does – good or bad – depends on how we use it. Money does not generate crises; its mismanagement does. It follows that the refuge the world is s...

  • money_demand_an_interest_free_economy_fatimah_syed_kazem_mohammad.pdf.jpg
  • Journal Article


  • Authors: Esmaeili, Fatemeh; Sadr, Seyed Kazem; Noferesti, Mohammad (2012)

  • The objective of this study is to derive a money demand function compatible with the Islamic Economic Rules, i.e., Prohibition of Reba. This rule, evidently eliminates the loan market from the economy.Therefore, we propose that the Islamic financial markets could link the real and nominal sectors of the economy and provide the information needed by both the financial intermediaries and the Central Bank authorities to allocate financial and liquid assets, respectively. Meanwhile, the nature of speculative activities are discussed. and conditions that facilitate harmful speculative activities are identified and the policies that are required to eliminate those conditions are proposed. B...

  • money_supply_interest_rate_liquidity_share_prices_test_their_linkage_ariff.pdf.jpg
  • Journal Article


  • Authors: Ariff, Mohamed; Tin-fah, Chung; Ramadili Mohd, Shamsher Mohamad (2012)

  • The money supply impacts on interest rate and liquidity were first proposed in 1961 by Friedman, the late Nobel laureate. The liquidity effect has yet received unanimous empirical support. Also, research interest on liquidity subsided in the 2000s. Using quarterly data over 1960–2011 and simultaneous solution to a system of equations, this paper reports positive liquidity effect from money supply. By extending the system of equations with a liquidity equation and after controlling the effect of earnings, evidence is found of a significant positive effect from liquidity on share prices. Money supply is found to be endogenous as in post Keynesian theory. These findings, obtained after s...

  • money_capital_Islamic_property_rights_sadr.pdf.jpg
  • Journal Article


  • Authors: Sadr, Seyed Kazem (2016)

  • The purpose of this paper is to highlight the profound transformations that occur in ribawi financial systems when an Islamic conception of property rights is adopted. The nature of financial transactions changes, financial markets undergo structural transformation, and money, capital and financial assets acquire new jurisprudential status. Banks' relationship with their clients and with the Central Bank will be different resulting in different macroeconomic policies and a more effective transmission mechanism. Further, the financial and real sectors of the economy will be integrated, and sustainable.

  • money_price_relation_malaysia_disappeared_strengthened_mansor.pdf.jpg
  • Journal Article


  • Authors: Ibrahim, Mansor H. (2010)

  • The paper analyzes empirically the money-price link for the case of Malaysia using quarterly data from 1978 to 2006. Looking at the correlations between cyclical components of monetary aggregates (M1, M2 and M3) and of the price level, we note that the significant correlations documented between money and price during 1978–1987 tend to disappear or become perverse during late 1980s and 1990s. However, for the case of M2 and M3 monetary aggregates, their significant relations with the price level reemerge during 1998–2006. While time series analyses of cointegration and vector autoregressions (VAR) are uncertain in suggesting the pre-1998 relations between broader monetary aggregates (...

  • item.jpg
  • PhD


  • Authors: Mohd Daud, Mohd Ariff (2019)

  • The provision of shelter is a fundamental human right as implied in the Maqasid al-Shari'ah, hence Islamic finance should provide avenues to facilitate society in buying affordable homes. This challenge covers the funding aspect of affordable housing development albeit other critical challenges associated such as high land cost, compliance and construction cost, and developers' profit margin. The issue is that market forces dictate property prices that many cannot afford; hence lack of affordable housing is a serious issue being faced by major cities around the globe, including Malaysia. As the public resort to government assistance for policy change to support more affordable housing...

  • IFHubEd4_mudarabah_factoring_model_sme.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Abdul Razak, Muhammad Razman; Mohd Hodori, Muhammad 'Arif (2017)

  • The small and medium-sized enterprises (SMEs) is an interesting sector to talk about; defining them may generate dispute as everyone sees "small" and "medium" differently, however, their importance to the economy are unanimously agreed upon. SMEs represent an essential source for economic growth, dynamics, and flexibility for both the developed countries and the developing and emerging economies. Although individually small in size, SMEs justify their crucial presence on the economy through sheer volume alone; in the Malaysian context, the SME Corp Malaysia's annual report stated that SMEs in Malaysia contribute up to 36.3% of its GDP. From that, we can see that SMEs have the potentia...

  • item.jpg
  • PhD


  • Authors: Abdullah, Ahmad Monir (2018)

  • Financially distressed companies always bring about enormous financial and economic losses to many stakeholders, such as management, stockholders, employees and customers together with a substantial social and economic cost to the country. Therefore, a distress prediction model that can predict the event and identify the determinants in advance would serve to reduce such losses by providing a pre-warning signal to stakeholders. Preventive actions can then be taken by stakeholders if they can obtain early warning signal of probable failure that will lead to the efficient allocation of available resources to reduce losses. For these reasons, identifying the financial distress determinan...

  • multiple_commodities_in_statistical_microeconomics_model and_market_belal_miao_xin.pdf.jpg
  • Journal Article


  • Authors: Baaquie, Belal E.; Miao, Yu; Xin, Du (2016)

  • A statistical generalization of microeconomics has been made in Baaquie (2013). In Baaquie et al. (2015), the market behavior of single commodities was analyzed and it was shown that market data provides strong support for the statistical microeconomic description of commodity prices. The case of multiple commodities is studied and a parsimonious generalization of the single commodity model is made for the multiple commodities case. Market data shows that the generalization can accurately model the simultaneous correlation functions of up to four commodities. To accurately model five or more commodities, further terms have to be included in the model. This study shows that the statist...

  • Multivariate_cointegrated_modelling_approach_in_testing_temporal_causality_between_energy_consumption_mansur.pdf.jpg
  • Journal Article


  • Authors: Mohammed Masih, Abul Mansur; Masih, Rumi (1998)

  • Unlike previous studies on the casual relationship between energy consumption and economic growth, this paper illustrates how the finding of cointegration (i.e. long-term equilibrium relationship) between these variables, may be used in testing Granger causality. Based on the most recent Johansen's multiple cointegration tests preceded by various unit root or nonstationarity tests, we test for cointegration between total energy consumption, real income and price level of two Asian LDCs: Thailand and Sri Lanka. Nonrejection of cointegration between variables rules out Granger noncausality and implies at least one way of Granger-causality either unidirectional or bidirectional. Secondly...

  • item.jpg
  • PhD


  • Authors: Asadov, Alam I. (2018)

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

  • Musharakah Mutanaqisah home financing_alam_zulkarnain_zaher_shinaj_shamsher.pdf.jpg
  • Journal Article


  • Authors: Asadov, Alam; Muhamad Sori, Zulkarnain; Anwer, Zaher; Shamsudheen, Shinaj Valangattil; Ramadili Mohd, Shamsher Mohamad (2018)

  • Musharakah mutanaqisah (MM) mode of Islamic financing purchase of an asset, where the bank and customer enter into a contract of joint property ownership and the customer's ownership of the asset gradually increases throughout the financing period and fully own the asset after the last financial settlement. This mode of financing was introduced to mitigate the issue of unequal risk burden of conventional mortgage financing, where the bank just provide the financing and the customer bears all risk. MM financing reflects a true partnership contract through sharing of risk and reward between both parties. Though the MM mode of financing has the salient features to address the flaws of co...

  • muslim_contribution_in_economics.pdf.jpg
  • Chapter in Book


  • Authors: Mirakhor, Abbas (2014)

  • After discussing the Gracco-Roman economics, Joseph Schumpeter in his Magnum Opus, History of Economic Analysis, states that: "So far as our subject is concerned we may safely leap over 500 years to the epoch of St. Thomas Aquinas (1225-74) whose Summa Theologica is in the history of thought what the south-western spire of the Cathedral of Chartres is in the history of architecture."

  • mutawalli_institutions_management_waqf_properties_yusuf.PDF.jpg
  • Journal Article


  • Authors: Saleem, Muhammad Yusuf (2010)

  • This paper argues that waqf does not play its historical role to support and finance religious, charitable and educational institutions in the Muslim world. It argues that the traditional way of appointing an individual as a mutawalli to manage waqf properties and the modern way of leaving the management of waqf properties in the hands of state institutions need to be revised. In particular, it examines the modern practice of appointing a government institution as a trustee (mutawalli/nazir) for the management of waqf properties. The paper contends that the practice has not contributed to the efficient management and productivity of the waqf properties. The paper subsequently conclude...