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Showing results 845 to 864 of 1292
  • on_islamic_economic_abbas.pdf.jpg
  • Chapter in Book


  • Authors: Mirakhor, Abbas (2015)

  • Most people do not make a connection between the religion of Islam and the vital issues of economic and social development; andd when they do, it is often to disparage Islam as a hindrance, even a retrograde force, in the progress of Muslim societies. The attempts by Muslim social scientists and economists in the past decades to develop a coherent discipline of 'Islamic Economics' have not gone beyond the confines of the academic world, and with the limited exception of Islamic banking, have not had a serious impact on either policy planners or the general public. They have also failed, I believe, to make the case that Islam has something distinctive to offer to the resolution of the...

  • on_sukuk_insolvencies.pdf.jpg
  • Chapter in Book


  • Authors: Zada, Najeeb, Lahsasna, Achene & Saleem, Muhammad Yusuf (2016)

  • An effective and universally acceptable legal, regulatory, and insolvency framework for Islamic finance in general and sukuk in particular is currenly lacking. Of particular concern is the question of how a secular court may protect the rights of sukuk holders. East Cameron Partner (ECP) sukuk is an interesting case where many of issues in sukuk insolvencies have been highlighted. The current study is concerned with the background of ECP sukuk issuance, its insolvency, its filing for bankruptcy under Chapter 11 of the United States' Bankruptcy Code and the behaviour of the US bankruptcy court towards the issue of the ownership of the sukuk holders...

  • dynamic_links_between_commodities_Islamic_equity_adam.pdf.jpg
  • Journal article


  • Authors: Nagayev, Ruslan; Disli, Mustafa; Inghelbrecht, Koen; Ng, Adam Boon Ka (2016)

  • This paper investigates whether commodities offer potential diversification benefits for Islamic equity index investors in light of possible financialization of commodity markets. Using MGARCH-DCC and Wavelet Coherence analyses, our findings reveal that correlations between commodity markets and the Dow Jones Islamic Market World Index are time-varying and highly volatile throughout the January 1999 - April 2015 period. A substantial and persistent increase was observed in the return correlations between commodities and Islamic equity at the onset of the 2008 financial crisis. However, trends in the recent two years suggest that this association is heading towards its pre-crisis level...

  • IFHubEd5_on_the_dynamic_links_between_commodities_and_Islamic_equities_Ruslan_Mustafa_Koen_Adam.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Nagayev, Ruslan; Disli, Mustafa; Inghelbrecht, Koen; Ng, Adam Boon Ka (2017)

  • Have commodities and equity become a "financialized market of one"? Is such oneness persistent? Do diversification benefits still exist? Evidence behind these enquiries offers important insights for policymakers, governments, traders and investors, and constitutes the main motivation for this paper. To assess the viability of commodities as an alternative asset class for Islamic equity investors, we present evidence on the extent to which returns in commodities and Islamic equity markets move in sync in both time and frequency domains. Our findings reveal that, throughout the January 1999-April 2015 period, correlations between commodities and Islamic equity were highly volatile and t...

  • on_stability_Islamic_financial_system_askari_krichene_mirakhor.pdf.jpg
  • Journal Article


  • Authors: Askari, Hossein; Krichene, Noureddine; Mirakhor, Abbas (2014)

  • In an Islamic economy, the financial sector functions to support the real sector. There are no interest rate based debt instruments. Financial assets are based on risk and return sharing and are contingent claims. Real as well as monetary forces determine the rate of return. As in traditional general equilibrium theory, there is a price system comprised of a real rate of return to capital and a price level of commodities that simultaneously clears asset and commodity markets. An Islamic financial system is shown to be stable, namely the economy evolves from short-term equilibrium to a stable long-term equilibrium.

  • PhD_operability_waqfs_Nigeria_Saidu_Sulaiman.pdf.jpg
  • PhD


  • Authors: Sulaiman, Saidu Oluwaseun (2016)

  • Against the backdrop of a comatose or almost non-existent waqf system or institution in the Nigerian state, the thesis was designed with an wholistic objective of enhancing the operability of waqfs in Nigeria by ultimately prescribing policies and writing a waqf law for Nigeria such that will expedite establishing a sound and well-functioning waqf system in the country. Adopting qualitative research; in-country case studies, interviews, legal reasoning, descriptions and narratives, we studied the classical waqfs in Islam as well as the historic and modern experiences of waqf in selected countries of the (Muslim) world ...

  • item.jpg
  • Master


  • Authors: Khairetdinova, Kamila (2017)

  • The Russian Federation is emerging and yet, according to some experts, potentially successful marketplace for Islamic financial system development and it is in the stage of choosing the path it should take to achieve this goal. It is essential to determine the best possible option that could be suitable for it to adopt as the reputational risk is very high (and moreover, unfortunately it has already faced the compelled termination of several Islamic finance projects in its history). Should the Russian Federation learn from the experience of other Muslim-minority countries (there is also a misconception revealed in this paper that it is not correct to put Muslim-majority ...

  • Option_price_and_market_instability_Belal_Miao.pdf.jpg
  • Journal Article


  • Authors: Baaquie, Belal E.; Miao, Yu (2017)

  • An option pricing formula, for which the price of an option depends on both the value of the underlying security as well as the velocity of the security, has been proposed in Baaquie and Yang (2014). The FX (foreign exchange) options price was empirically studied in Baaquie et al., (2014), and it was found that the model in general provides an excellent fit for all strike prices with a fixed model parameters; unlike the Black-Scholes option price Hull and White (1987) that requires the empirically determined implied volatility surface to fit the option data. The option price proposed in Baaquie and Cao Yang (2014) did not fit the data during the crisis of 2007 & 2008. We make a hypoth...

  • option_pricing_stock_price_stock_velocity_acceleration_lagrangian_belal.pdf.jpg
  • Journal Article


  • Authors: Baaquie, Belal E.; Xin, Du; Bhanap, Jitendra (2014)

  • The industry standard Black-Scholes option pricing formula is based on the current value of the underlying security and other fixed parameters of the model. The Black-Scholes formula, with a fixed volatility, cannot match the market's option price; instead, it has come to be used as a formula for generating the option price, once the so called implied volatility of the option is provided as additional input. The implied volatility not only is an entire surface, depending on the strike price and maturity of the option, but also depends on calendar time, changing from day to day. The point of view adopted in this paper is that the instantaneous rate of return of the security carries par...

  • option_volatility_acceleration_lagrangian_belal.pdf.jpg
  • Journal Article


  • Authors: Baaquie, Belal E.; Yang, Cao (2014)

  • This paper develops a volatility formula for option on an asset from an acceleration Lagrangian model and the formula is calibrated with market data. The Black-Scholes model is a simpler case that has a velocity dependent Lagrangian. The acceleration Lagrangian is defined, and the classical solution of the system in Euclidean time is solved by choosing proper boundary conditions. The conditional probability distribution of final position given the initial position is obtained from the transition amplitude. The volatility is the standard deviation of the conditional probability distribution. Using the conditional probability and the path integral method, the martingale condition is app...

  • Organizational_form_efficiency_The_coexistence_obiyathulla.pdf.jpg
  • Academic Proceeding


  • Authors: Ismail, Norashikin; Alhabshi, Syed Othman; Bacha, Obiyathulla Ismath (2011)

  • After 25 years in operation, it is time that takaful industry is evaluated in terms of its performance. One of the issues that has impact on efficiency is organization form. There have been two conflicting opinions on this issue. Eling & Luhnen (2010) opined that mutual form is efficient than stock form but Brockett (2005) concluded the opposite. This paper provides an empirical study on the relationship between efficiency and organizational structure for takaful operators in Malaysian dual financial system. A sample of 19 firms is chosen over the period 2004-2009. The selection of inputs and outputs are based on flow approach con...

  • organizational_form_efficiency_coexistence_family_takaful_life_insurance_malaysia_ismail_etal.pdf.jpg
  • Journal Article


  • Authors: Ismail, Norashikin; Alhabshi, Syed Othman; Bacha, Obiyathulla Ismath (2011)

  • This study analyzes the coexistence of two different organizational forms of insurance, namely Takaful and conventional insurance. We analyze the efficiency of different organizational forms in 13 countries for the period 2007-2011. Technical, allocative, cost, and revenue frontiers are estimated using data envelopment analysis. We test the expense preference hypothesis and efficient structure hypothesis. We find evidence for the efficient structure hypothesis and expense preference hypothesis in selected market segments. The results provide insight into the competitiveness of conventional and Takaful insurers from different countries.

  • origination_issuance_marketing.pdf.jpg
  • Chapter in Book


  • Authors: Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad (2012)

  • The first Malaysia sukuk as a new Islamic financial debt security was issued as a private sector issue by Shell Company (M) Bhd, and raised RM125 million (US$45 million) in 1990. However, sukuk had been introduced earlier in Saudi Arabia and Pakistan back in the 1980s, but the debut of the 1990 issue was after the institutional development of the market for sukuk in several locations in the Middle East and Southeast Asia, and which is now in major financial centres such as in London and Zurich.

  • chapter 9_other sectors of Islamic finance_ginanjar.jpg.jpg
  • Chapter in Book


  • Authors: Dewandaru, Ginanjar (2017)

  • This chapter presents the general overview of the concept, market development, and industry practices of the other sectors in Islamic finance, focusing on waqf, Islamic wealth management and Islamic microfinance. The key challenges are deliberated for each sector to provide some insights as to which areas the stakeholders of Islamic finance may address in order to sustain the industry development. Available in physical copy only (Call Number: HG 3368 A6 I82Ba)

  • ottoman merchants and the jurisprudential shift hypothesis.pdf.jpg
  • Chapter in Book


  • Authors: Cizakca, Murat (2008)

  • Merchants in every civilization operate within specific institutional frameworks, which determine their relative efficiency and their transaction costs. It can be argued that a more advanced and efficient institutional framework leads to lower transaction costs and lower transaction costs, in turn, lead to higher competitiveness. Merchant privileged to operate within an institutional environment allowing lower transaction costs simply can compete better and drive their competitors, operating at higher transaction costs, out of international markets.

  • output_employment_generated_Malaysian_manufacturing_sector_input-output_analysis_baharom.pdf.jpg
  • Journal Article


  • Authors: Hassan, Mohd Khairul Hisyam; Abdul Hamid, Baharom; Abd Azis, Khairunnisa (2010)

  • This study was conducted to examine the effects of export changes on the output and employment in the manufacturing sector. Specifically, this study aimed to (1) measure the level of output generated due to changes in export to ASEAN 4;(2) estimate the level of employment generated due to changes in export to ASEAN 4.(3) analyze which country among ASEAN 4, namely Indonesia, Philippines, Thailand and Singapore is the most important destination of Malaysian manufacturing exports.The period of study covers the time period 2000-2004. We employed the Input Output (IO) method since structural analysis deals with economic systems as defined by the set of industries and the relationships bet...

  • 2008_oct_20_an_overview_of_islamic_finance_from_a_regulator_perspective_alhabshi.pdf.jpg
  • Academic Presentation


  • Authors: Alhabshi, Syed Othman (2008-10-20)

  • The slides "An overview of Islamic finance from a regulator perspective" presented by Prof. Datuk Dr. Syed Othman Alhabshi at a Special Presentation to Board of Directors & Top Management of Qatar Financial Centre Regulatory Authority, Doha, Qatar.

  • ownership_structures_productivity_Indonesia_Malaysia.pdf.jpg
  • Journal Article


  • Authors: Sukmadilaga, Citra; Ramadili Mohd, Shamsher Mohamad; Hassan, Taufiq (2017)

  • The relationship between ownership structures and company performance has been issue of interest among academics, investors and policy-makers. So far, there are still inconclusive findings that family and state ownership giving positive or negative impact on firm performance. This study employed technical efficiency and Malmquist productivity index to measure firm performance. Period of this study will be conduct from 1992 to 2007. Result of this study revealed that Technical efficiency study in Indonesia showed that state owned enterprises (SOEs) had better performance than family owned enterprises (FOEs) since SOEs' performance increased more stably during research period. Meanwhile...

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 845 to 864 of 1292
  • on_islamic_economic_abbas.pdf.jpg
  • Chapter in Book


  • Authors: Mirakhor, Abbas (2015)

  • Most people do not make a connection between the religion of Islam and the vital issues of economic and social development; andd when they do, it is often to disparage Islam as a hindrance, even a retrograde force, in the progress of Muslim societies. The attempts by Muslim social scientists and economists in the past decades to develop a coherent discipline of 'Islamic Economics' have not gone beyond the confines of the academic world, and with the limited exception of Islamic banking, have not had a serious impact on either policy planners or the general public. They have also failed, I believe, to make the case that Islam has something distinctive to offer to the resolution of the...

  • on_sukuk_insolvencies.pdf.jpg
  • Chapter in Book


  • Authors: Zada, Najeeb, Lahsasna, Achene & Saleem, Muhammad Yusuf (2016)

  • An effective and universally acceptable legal, regulatory, and insolvency framework for Islamic finance in general and sukuk in particular is currenly lacking. Of particular concern is the question of how a secular court may protect the rights of sukuk holders. East Cameron Partner (ECP) sukuk is an interesting case where many of issues in sukuk insolvencies have been highlighted. The current study is concerned with the background of ECP sukuk issuance, its insolvency, its filing for bankruptcy under Chapter 11 of the United States' Bankruptcy Code and the behaviour of the US bankruptcy court towards the issue of the ownership of the sukuk holders...

  • dynamic_links_between_commodities_Islamic_equity_adam.pdf.jpg
  • Journal article


  • Authors: Nagayev, Ruslan; Disli, Mustafa; Inghelbrecht, Koen; Ng, Adam Boon Ka (2016)

  • This paper investigates whether commodities offer potential diversification benefits for Islamic equity index investors in light of possible financialization of commodity markets. Using MGARCH-DCC and Wavelet Coherence analyses, our findings reveal that correlations between commodity markets and the Dow Jones Islamic Market World Index are time-varying and highly volatile throughout the January 1999 - April 2015 period. A substantial and persistent increase was observed in the return correlations between commodities and Islamic equity at the onset of the 2008 financial crisis. However, trends in the recent two years suggest that this association is heading towards its pre-crisis level...

  • IFHubEd5_on_the_dynamic_links_between_commodities_and_Islamic_equities_Ruslan_Mustafa_Koen_Adam.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Nagayev, Ruslan; Disli, Mustafa; Inghelbrecht, Koen; Ng, Adam Boon Ka (2017)

  • Have commodities and equity become a "financialized market of one"? Is such oneness persistent? Do diversification benefits still exist? Evidence behind these enquiries offers important insights for policymakers, governments, traders and investors, and constitutes the main motivation for this paper. To assess the viability of commodities as an alternative asset class for Islamic equity investors, we present evidence on the extent to which returns in commodities and Islamic equity markets move in sync in both time and frequency domains. Our findings reveal that, throughout the January 1999-April 2015 period, correlations between commodities and Islamic equity were highly volatile and t...

  • on_stability_Islamic_financial_system_askari_krichene_mirakhor.pdf.jpg
  • Journal Article


  • Authors: Askari, Hossein; Krichene, Noureddine; Mirakhor, Abbas (2014)

  • In an Islamic economy, the financial sector functions to support the real sector. There are no interest rate based debt instruments. Financial assets are based on risk and return sharing and are contingent claims. Real as well as monetary forces determine the rate of return. As in traditional general equilibrium theory, there is a price system comprised of a real rate of return to capital and a price level of commodities that simultaneously clears asset and commodity markets. An Islamic financial system is shown to be stable, namely the economy evolves from short-term equilibrium to a stable long-term equilibrium.

  • PhD_operability_waqfs_Nigeria_Saidu_Sulaiman.pdf.jpg
  • PhD


  • Authors: Sulaiman, Saidu Oluwaseun (2016)

  • Against the backdrop of a comatose or almost non-existent waqf system or institution in the Nigerian state, the thesis was designed with an wholistic objective of enhancing the operability of waqfs in Nigeria by ultimately prescribing policies and writing a waqf law for Nigeria such that will expedite establishing a sound and well-functioning waqf system in the country. Adopting qualitative research; in-country case studies, interviews, legal reasoning, descriptions and narratives, we studied the classical waqfs in Islam as well as the historic and modern experiences of waqf in selected countries of the (Muslim) world ...

  • item.jpg
  • Master


  • Authors: Khairetdinova, Kamila (2017)

  • The Russian Federation is emerging and yet, according to some experts, potentially successful marketplace for Islamic financial system development and it is in the stage of choosing the path it should take to achieve this goal. It is essential to determine the best possible option that could be suitable for it to adopt as the reputational risk is very high (and moreover, unfortunately it has already faced the compelled termination of several Islamic finance projects in its history). Should the Russian Federation learn from the experience of other Muslim-minority countries (there is also a misconception revealed in this paper that it is not correct to put Muslim-majority ...

  • Option_price_and_market_instability_Belal_Miao.pdf.jpg
  • Journal Article


  • Authors: Baaquie, Belal E.; Miao, Yu (2017)

  • An option pricing formula, for which the price of an option depends on both the value of the underlying security as well as the velocity of the security, has been proposed in Baaquie and Yang (2014). The FX (foreign exchange) options price was empirically studied in Baaquie et al., (2014), and it was found that the model in general provides an excellent fit for all strike prices with a fixed model parameters; unlike the Black-Scholes option price Hull and White (1987) that requires the empirically determined implied volatility surface to fit the option data. The option price proposed in Baaquie and Cao Yang (2014) did not fit the data during the crisis of 2007 & 2008. We make a hypoth...

  • option_pricing_stock_price_stock_velocity_acceleration_lagrangian_belal.pdf.jpg
  • Journal Article


  • Authors: Baaquie, Belal E.; Xin, Du; Bhanap, Jitendra (2014)

  • The industry standard Black-Scholes option pricing formula is based on the current value of the underlying security and other fixed parameters of the model. The Black-Scholes formula, with a fixed volatility, cannot match the market's option price; instead, it has come to be used as a formula for generating the option price, once the so called implied volatility of the option is provided as additional input. The implied volatility not only is an entire surface, depending on the strike price and maturity of the option, but also depends on calendar time, changing from day to day. The point of view adopted in this paper is that the instantaneous rate of return of the security carries par...

  • option_volatility_acceleration_lagrangian_belal.pdf.jpg
  • Journal Article


  • Authors: Baaquie, Belal E.; Yang, Cao (2014)

  • This paper develops a volatility formula for option on an asset from an acceleration Lagrangian model and the formula is calibrated with market data. The Black-Scholes model is a simpler case that has a velocity dependent Lagrangian. The acceleration Lagrangian is defined, and the classical solution of the system in Euclidean time is solved by choosing proper boundary conditions. The conditional probability distribution of final position given the initial position is obtained from the transition amplitude. The volatility is the standard deviation of the conditional probability distribution. Using the conditional probability and the path integral method, the martingale condition is app...

  • Organizational_form_efficiency_The_coexistence_obiyathulla.pdf.jpg
  • Academic Proceeding


  • Authors: Ismail, Norashikin; Alhabshi, Syed Othman; Bacha, Obiyathulla Ismath (2011)

  • After 25 years in operation, it is time that takaful industry is evaluated in terms of its performance. One of the issues that has impact on efficiency is organization form. There have been two conflicting opinions on this issue. Eling & Luhnen (2010) opined that mutual form is efficient than stock form but Brockett (2005) concluded the opposite. This paper provides an empirical study on the relationship between efficiency and organizational structure for takaful operators in Malaysian dual financial system. A sample of 19 firms is chosen over the period 2004-2009. The selection of inputs and outputs are based on flow approach con...

  • organizational_form_efficiency_coexistence_family_takaful_life_insurance_malaysia_ismail_etal.pdf.jpg
  • Journal Article


  • Authors: Ismail, Norashikin; Alhabshi, Syed Othman; Bacha, Obiyathulla Ismath (2011)

  • This study analyzes the coexistence of two different organizational forms of insurance, namely Takaful and conventional insurance. We analyze the efficiency of different organizational forms in 13 countries for the period 2007-2011. Technical, allocative, cost, and revenue frontiers are estimated using data envelopment analysis. We test the expense preference hypothesis and efficient structure hypothesis. We find evidence for the efficient structure hypothesis and expense preference hypothesis in selected market segments. The results provide insight into the competitiveness of conventional and Takaful insurers from different countries.

  • origination_issuance_marketing.pdf.jpg
  • Chapter in Book


  • Authors: Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad (2012)

  • The first Malaysia sukuk as a new Islamic financial debt security was issued as a private sector issue by Shell Company (M) Bhd, and raised RM125 million (US$45 million) in 1990. However, sukuk had been introduced earlier in Saudi Arabia and Pakistan back in the 1980s, but the debut of the 1990 issue was after the institutional development of the market for sukuk in several locations in the Middle East and Southeast Asia, and which is now in major financial centres such as in London and Zurich.

  • chapter 9_other sectors of Islamic finance_ginanjar.jpg.jpg
  • Chapter in Book


  • Authors: Dewandaru, Ginanjar (2017)

  • This chapter presents the general overview of the concept, market development, and industry practices of the other sectors in Islamic finance, focusing on waqf, Islamic wealth management and Islamic microfinance. The key challenges are deliberated for each sector to provide some insights as to which areas the stakeholders of Islamic finance may address in order to sustain the industry development. Available in physical copy only (Call Number: HG 3368 A6 I82Ba)

  • ottoman merchants and the jurisprudential shift hypothesis.pdf.jpg
  • Chapter in Book


  • Authors: Cizakca, Murat (2008)

  • Merchants in every civilization operate within specific institutional frameworks, which determine their relative efficiency and their transaction costs. It can be argued that a more advanced and efficient institutional framework leads to lower transaction costs and lower transaction costs, in turn, lead to higher competitiveness. Merchant privileged to operate within an institutional environment allowing lower transaction costs simply can compete better and drive their competitors, operating at higher transaction costs, out of international markets.

  • output_employment_generated_Malaysian_manufacturing_sector_input-output_analysis_baharom.pdf.jpg
  • Journal Article


  • Authors: Hassan, Mohd Khairul Hisyam; Abdul Hamid, Baharom; Abd Azis, Khairunnisa (2010)

  • This study was conducted to examine the effects of export changes on the output and employment in the manufacturing sector. Specifically, this study aimed to (1) measure the level of output generated due to changes in export to ASEAN 4;(2) estimate the level of employment generated due to changes in export to ASEAN 4.(3) analyze which country among ASEAN 4, namely Indonesia, Philippines, Thailand and Singapore is the most important destination of Malaysian manufacturing exports.The period of study covers the time period 2000-2004. We employed the Input Output (IO) method since structural analysis deals with economic systems as defined by the set of industries and the relationships bet...

  • 2008_oct_20_an_overview_of_islamic_finance_from_a_regulator_perspective_alhabshi.pdf.jpg
  • Academic Presentation


  • Authors: Alhabshi, Syed Othman (2008-10-20)

  • The slides "An overview of Islamic finance from a regulator perspective" presented by Prof. Datuk Dr. Syed Othman Alhabshi at a Special Presentation to Board of Directors & Top Management of Qatar Financial Centre Regulatory Authority, Doha, Qatar.

  • ownership_structures_productivity_Indonesia_Malaysia.pdf.jpg
  • Journal Article


  • Authors: Sukmadilaga, Citra; Ramadili Mohd, Shamsher Mohamad; Hassan, Taufiq (2017)

  • The relationship between ownership structures and company performance has been issue of interest among academics, investors and policy-makers. So far, there are still inconclusive findings that family and state ownership giving positive or negative impact on firm performance. This study employed technical efficiency and Malmquist productivity index to measure firm performance. Period of this study will be conduct from 1992 to 2007. Result of this study revealed that Technical efficiency study in Indonesia showed that state owned enterprises (SOEs) had better performance than family owned enterprises (FOEs) since SOEs' performance increased more stably during research period. Meanwhile...