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Showing results 660 to 679 of 1193
  • juristic_viewpoints_bay_al_inah_malaysia_a_survey_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar; Che Seman, Azizi (2003)

  • In Malaysia, Sharicah scholars at the supervisory levels have advocated bay' al-'inah as a mode of finance. Under the label of al-bay', the contract of bay' al-'inah contains interest-bearing features, such as earning a contractual return without the implication of risk and value-addition. Seeking a broader consensus on the permissibility of bay' al-'inah is thus critical. This study shows that Malaysian Sharicah scholars outside the supervisory bodies do not fully support bay' al-'inah. The survey indicates that bay' al-'inah can be applied under a state of darurah or when the maslahah of the Muslim people is under threat, which is not the case in Malaysia. Since Sharicah scholars in...

  • 2009_july_22_kewangan_islam_pembiyaan_dan_instrumen_alhabshi.pdf.jpg
  • Academic Presentation


  • Authors: Alhabshi, Syed Othman (2009-07-22)

  • Masalah paling penting: sistem kewangan berdasarkan riba telah menguasai dunia selama lebih lima abad semenjak bermulanya ekonomi perdagangan dan perbankan pada abad ke-16. Hakikatnya ialah ribatelah menjadi tajuk perdebatan selama lebih 3,000 tahun Aristotle, ahli falsafah dan pemikir berbangsa Greek, dalam bukunya "Politics" telah membantah amalan riba sekeras-kerasnya. Aristotle menulis, "Of the two sorts of money-making; one is a part of household management, the other is retail trade: the former necessary and honourable, the latter a kind of exchange which is justly censured; for it is unnatural, and a mode by which men gain from one another."

  • laws_pertinent_to_corporate_governance_of_Islamic_banks_Malaysia_aishath.PDF.jpg
  • Journal Article


  • Authors: Muneeza, Aishath (2012)

  • Malaysia is the cranium of Islamic banking and the most sophisticated laws on the matter could be found in Malaysia. Corporate governance legal infrastructure of Islamic banks is an area that is not explored much. Whenever a person talks about the corporate governance of Islamic banks, people perceive it as Shariah governance or the regulation of the Shariah Advisory Boards established in the Islamic banks. It has been misconceived that Islamic banks only apply Shariah or Islamic law which is not codified as legislations but based on what the Shariah scholars who sit in Shariah Advisory Boards derive. This may be the reason as to why Islamic banks are often considered to be prone to t...

  • 2009_june_14_leadership_for_success_alhabshi.pdf.jpg
  • Academic Presentation


  • Authors: Alhabshi, Syed Othman (2009-06-14)

  • Leaders are needed everywhere. They are at all levels, have different roles at different places and times, always portray their potentials at the right time. They do not have the same style all the time and may or may not be successful.

  • legal_evolution_Shariah_corporate_governance_Islamic_banking_in_Malaysia_aishath.PDF.jpg
  • Journal Article


  • Authors: Muneeza, Aishath (2012)

  • Corporate governance is not an easy term to define and there is no definition for available it. Some authors view corporate governance as an indescribable term like love and happiness; the nature of it is easy to understand, but it is difficult to describe in words. The Organisation for Economic Co-operation and Development's ('OECD') Principles of Corporate Governance of 20043 defines corporate governance as the system through which companies are directed and controlled. Shariah corporate governance on the other hand, simply refers to corporate governance affairs which are in consistent with Islamic law. Shariah governance4 is just one part of the broad principle of Shariah corporate...

  • legal_obstacles_shariah_corporate_governance_Islamic_financial_institutions_Malaysia_aishath_rusni.pdf.jpg
  • Journal Article


  • Authors: Muneeza, Aishath; Rusni, Hassan (2011)

  • This paper was sent to be published in the Journal of King Abdulaziz University for Islamic Economics. Also, it was presented in different title in the Asia Pacific Business Research Conference in Malaysia, February 2011. The researchers highlighted the significant role of the Shari'ah corporate governance in the effectiveness and stability of Islamic financial Institutions in Malaysia. They outline the roles of corporate governance (in both conventional and Islamic corporations) through which it can be directed, administered and controlled. However, they argue that Shari'ah corporate governance has different perspective and methodology. The Shari'ah corporate governance primary is b...

  • legal_regulatory_governance_issues_islamic_finance_cover.jpg.jpg
  • Book


  • Authors: Wilson, Rodney (2012)

  • This book presents a detailed examination of the use of common and civil law to license and govern Islamic financial institutions. Making international comparisons, it discusses specific laws from Iran, where all banking is Shari'ah compliant, to Malaysia and the Gulf, where Islamic financial institutions compete with conventional banks. As most Islamic banks operate under national banking laws, consideration is given as to how - and indeed whether - these need to be amended. Available in physical copy and ebook (Call Number: KBP 940.2 W753)

  • lending_structure_3-factor_capm_risk_exposures_case_malaysia_aisyah_mansor_kameel.pdf.jpg
  • Journal Article


  • Authors: A. Rahman, Aisyah; Ibrahim, Mansor H.; Mydin Meera, Ahamed Kameel (2010)

  • This study addresses the linkages between lending structure and bank risk exposures via the Capital Asset Pricing Model (CAPM). Based on the 3-factor CAPM, five risk measures are examined; namely, the market, interest rate, exchange rate, total and unsystematic risk exposure. The influence of lending structure is analysed via four measures, the real estate lending, the specialisation index, the short-term lending stability, and the medium-term lending stability. Our findings show that the lending structure affects the market, interest rate, and unsystematic risk exposures. The stability of lending structure in both the short-term and medium-term period positively influence the market ...

  • item.jpg
  • Journal Article


  • Authors: A. Rahman, Aisyah; Ibrahim, Mansor H.; Mydin Meera, Ahamed Kameel (2009)

  • This study investigates the impact of lending structure on the insolvency risk exposure. A comparative analysis between the insolvency risk behavior between the Islamic and conventional banks is made. Our findings show that real estate lending is positively related to the conventional banks’ risk, but inversely related to the Islamic banks’ risk exposure. Thus, the policy makers as well as the banks should react accordingly in the decision making process.

  • the_less_developed_states_converging_richer_state_malaysia_baharom et al.pdf.jpg
  • Journal Article


  • Authors: Habibullah, Muzafar Shah; Din, Badariah H.; Sanusi, Nur Azura; Abdul Hamid, Baharom (2018)

  • The present paper addresses the question whether the less developed states, namely; Kedah, Kelantan, Pahang, Perlis, Sabah, Sarawak and Terengganu are converging with the richer state of Selangor, using unit root test and cointegration approach to test for income convergence for the period 1970-2013. We tested convergence on per capita real GDP for the states involved and the results suggest that the less developed states have been converging to the state of Selangor for the period under study. We also identify two convergence clubs among the states. In this respect, the state government has an important role to play in enhancing growth by continuously providing stable economic enviro...

  • level_volatility_stock_prices_aggregate_investment_case_thailand_ibrahim.pdf.jpg
  • Journal Article


  • Authors: Ibrahim, Mansor H. (2011)

  • The present paper analyzes the aggregate investment behaviour for Thailand and its relations to real stock prices and stock market volatility. In the analysis, we focus on their long run relations as well as their dynamic causal interactions by means of time series techniques of cointegration and vector autoregression (VAR). Our basic framework consists of real aggregate investment, real output, lending rate, real stock prices and stock market volatility. We obtain evidence for their long run relation and that, in the long run, real aggregate investment is positively related to real stock prices and negatively related to the stock market volatility.The generalized impulse-response fun...

  • PhD_leverage_decision_firms_comparative_analysis_Shariah_compliant_Shariah_non_compliant_firms_Ramazan_Yildirim.pdf.jpg
  • PhD


  • Authors: Yildirim, Ramazan (2017)

  • Capital structure which is the mixture of debt and equity capital of a company is very important since it is related to the ability of the company to fulfil the needs of its stakeholders. The main competing theories, which attempts to understand how financing decisions are made, that have emerged and developed over the last decades are the Trade-Off Theory and the Pecking Order Theory. Trade-Off Theory predicts that firms should balance the tax benefits of debt against the cost of debt, therefore firms should have an optimal capital structure. In contrast, Pecking Order Theory does not imply that firms capital structure decision is driven by the notion of optimal ... Available in ...

  • Leverage_versus_volatility_abdelkader_obiyathulla_mansur.pdf.jpg
  • Journal Article


  • Authors: El Alaoui, AbdelKader Ouatik; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur; Asutay, Mehmet (2017)

  • The impact of leverage on financial market stability and the relationship with the real economy is a key concern among researchers. This paper makes an initial attempt to investigate the relationship between a firm's leverage, return and share price volatility from an Islamic finance perspective and capital structure theory. A multicountry dynamic panel framework and the mean-variance efficient frontier are applied to 320 sample firms from eight European countries, divided into portfolios of low and high debt using the shari'ah screening threshold of 33%. We find that the firm's return and volatility change with changes in the capital structure. Islamic compliant stocks show, in most ...

  • PhD_leverage_sensitivity_market_risk_volatility_contagion_Abdelkader_Ouatik.pdf.jpg
  • PhD


  • Authors: El Alaoui, AbdelKader Ouatik (2016)

  • Constructing a portfolio or investing in the stock market, without taking into account the firms' debt level is likely to render the control of returns, volatility and systematic risk ineffective. This study focuses on the European stock market which has suffered badly during the 2008 global financial crisis. It is within this context that the role of firm leverage and its relationship to risk and returns are explored. This innovative empirical study tests the leverage effect (on volatility, systematic risk, value at risk and returns) in terms of Shari'ah stock screening, and evaluates it applying random portfolio analysis, wavelet coherency and panel dynamic GMM techniques ... Ava...

  • limited_purpose_banking_Islamic_finance_could_LPB_model_applied_Islamic_finance_edib_abbas.pdf.jpg
  • Journal Article


  • Authors: Smolo, Edib; Mirakhor, Abbas (2014)

  • This paper primarily aims to review and analyze a new model for Islamic finance based on Laurence J. Kotlikoff's idea of limited purpose banking (LPB). In addition, this paper aims to highlight, explain and discuss various aspects of LPB and how it suits the original aspirations of pioneer writers in Islamic finance. Based on an extensive literature review, this paper aims to highlight, explain and discuss the reform of the Islamic finance industry based on Kotlikoff's model of LPB. Based on a modified LPB model, Islamic financial institutions could be established to provide specific services with clear aims and objectives. These LPB Islamic financial institutions would operate in a s...

  • linear_non_linear_granger_causality_between_oil_spot_futures_prices_wavelet_based.pdf.jpg
  • Journal Article


  • Authors: Alzahrani, Mohammed; Mohammed Masih, Abul Mansur; Al-Titi, Omar (2014)

  • This study is the first attempt to investigate both the linear and non-linear Granger causality between wavelet transformed spot and futures oil prices. Our findings consistently indicate bidirectional causality between the spot and futures oil markets at different time scales, under linear and non-linear causality assumptions, and also during the recent financial crisis. Our results tend to shed further light on the ongoing controversy over the relative price discovery role played by spot market as opposed to futures market in oil price fluctuations, especially during periods of high uncertainty.

  • linearized_Hamiltonian_LIBOR_market_model_pang_belal.pdf.jpg
  • Journal Article


  • Authors: Pan, Tang; Baaquie, Belal E.; Xin, Du; Ying, Zhang (2015)

  • The linearized Hamiltonian model is proposed to extend the London Interbank Offered Rate (LIBOR) Market Model (LMM). Firstly, we studied the Hamiltonian of LMM in the framework of quantum finance, and the nontrivial upper triangle form of LIBOR drift is derived. The linearized Hamiltonian is derived to improve the explanatory capability of the model for market data. Our approach uses one more parameter to explain the initial condition and the model can be used to calibrate LIBORs with extremely high accuracy. Furthermore, the market time index is required for applying the model to multi-LIBOR, and the results imply that the LIBOR future time lattice becomes shorter as one goes from ne...

  • linkages_co-movement_between_international_stockmarket_returns_Case_Dow_Jones_Islamic_Dubai_FinancialMarket_index_mm.pdf.jpg
  • Journal Article


  • Authors: El Alaoui, AbdelKader Ouatik; Dewandaru, Ginanjar; Rosly, Saiful Azhar; Mohammed Masih, Abul Mansur (2015)

  • Using wavelet techniques (discrete and continuous), this paper is the first attempt to investigate the co-movement dynamics at different time scales or horizons of Islamic Dubai Financial Market (DFM-UAE) index returns with their counterpart regional Islamic indices returns such as GCC index, ASEAN index, Developing Countries index, Emerging Countries Index, and the Global Sukuk. Finally, we examine the impact of the LIBOR on the Islamic DFM-UAE return. Our first finding is that the two markets DFM_UAE, and (GCC and Saudi) are converging, in the long run, to the same level of risk and volatility with the Global Sukuk index. The wavelet analysis based on betas indicates a strong non-ho...

  • linkages_between_education_expenditure_economic_growth_evidence_CHINDIA_baharom.pdf.jpg
  • Journal Article


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

  • This paper examines the relationship between education expenditure and economic growth in China and India by employing annual data from 1970 to 2005. This study utilizes multi econometric tools such as the Johansen-Juselius (1990) co-integration test, Ordinary Least Square (OLS) method, Dynamic Ordinary Least Square (DOLS), Vector Error Correction Model (VECM) as well as variance decomposition to obtain a robust and consistent result. The findings indicate that there exists a long run trending relationship between income level (Gross Domestic Product per capita (GDPpc) and education expenditure in both China and India. In the long run, a unidirectional causal relationship could be det...

  • liquidity_management_institutions_offering_islamic_financial_services_daud_2010.pdf.jpg
  • Academic Proceeding


  • Authors: Vicary Abdullah, Daud (2010)

  • This paper discusses a global overview of liquidity management in institutions offering Islamic financial services. It also investigates the challenges and issues which impact on an effective liquidity management process. The main challenge and issue with liquidity management is to make it a globally accepted process by having global standardisation. This would promote transparency as well as familiarity within the Islamic finance industry. Our findings show that there are still many gaps to be filled, especially in the area of Shari'ah-compliant liquidity management schemes, cross-border liquidity market and infrastructures, availability of adequate short-term financial instrument...

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 660 to 679 of 1193
  • juristic_viewpoints_bay_al_inah_malaysia_a_survey_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar; Che Seman, Azizi (2003)

  • In Malaysia, Sharicah scholars at the supervisory levels have advocated bay' al-'inah as a mode of finance. Under the label of al-bay', the contract of bay' al-'inah contains interest-bearing features, such as earning a contractual return without the implication of risk and value-addition. Seeking a broader consensus on the permissibility of bay' al-'inah is thus critical. This study shows that Malaysian Sharicah scholars outside the supervisory bodies do not fully support bay' al-'inah. The survey indicates that bay' al-'inah can be applied under a state of darurah or when the maslahah of the Muslim people is under threat, which is not the case in Malaysia. Since Sharicah scholars in...

  • 2009_july_22_kewangan_islam_pembiyaan_dan_instrumen_alhabshi.pdf.jpg
  • Academic Presentation


  • Authors: Alhabshi, Syed Othman (2009-07-22)

  • Masalah paling penting: sistem kewangan berdasarkan riba telah menguasai dunia selama lebih lima abad semenjak bermulanya ekonomi perdagangan dan perbankan pada abad ke-16. Hakikatnya ialah ribatelah menjadi tajuk perdebatan selama lebih 3,000 tahun Aristotle, ahli falsafah dan pemikir berbangsa Greek, dalam bukunya "Politics" telah membantah amalan riba sekeras-kerasnya. Aristotle menulis, "Of the two sorts of money-making; one is a part of household management, the other is retail trade: the former necessary and honourable, the latter a kind of exchange which is justly censured; for it is unnatural, and a mode by which men gain from one another."

  • laws_pertinent_to_corporate_governance_of_Islamic_banks_Malaysia_aishath.PDF.jpg
  • Journal Article


  • Authors: Muneeza, Aishath (2012)

  • Malaysia is the cranium of Islamic banking and the most sophisticated laws on the matter could be found in Malaysia. Corporate governance legal infrastructure of Islamic banks is an area that is not explored much. Whenever a person talks about the corporate governance of Islamic banks, people perceive it as Shariah governance or the regulation of the Shariah Advisory Boards established in the Islamic banks. It has been misconceived that Islamic banks only apply Shariah or Islamic law which is not codified as legislations but based on what the Shariah scholars who sit in Shariah Advisory Boards derive. This may be the reason as to why Islamic banks are often considered to be prone to t...

  • 2009_june_14_leadership_for_success_alhabshi.pdf.jpg
  • Academic Presentation


  • Authors: Alhabshi, Syed Othman (2009-06-14)

  • Leaders are needed everywhere. They are at all levels, have different roles at different places and times, always portray their potentials at the right time. They do not have the same style all the time and may or may not be successful.

  • legal_evolution_Shariah_corporate_governance_Islamic_banking_in_Malaysia_aishath.PDF.jpg
  • Journal Article


  • Authors: Muneeza, Aishath (2012)

  • Corporate governance is not an easy term to define and there is no definition for available it. Some authors view corporate governance as an indescribable term like love and happiness; the nature of it is easy to understand, but it is difficult to describe in words. The Organisation for Economic Co-operation and Development's ('OECD') Principles of Corporate Governance of 20043 defines corporate governance as the system through which companies are directed and controlled. Shariah corporate governance on the other hand, simply refers to corporate governance affairs which are in consistent with Islamic law. Shariah governance4 is just one part of the broad principle of Shariah corporate...

  • legal_obstacles_shariah_corporate_governance_Islamic_financial_institutions_Malaysia_aishath_rusni.pdf.jpg
  • Journal Article


  • Authors: Muneeza, Aishath; Rusni, Hassan (2011)

  • This paper was sent to be published in the Journal of King Abdulaziz University for Islamic Economics. Also, it was presented in different title in the Asia Pacific Business Research Conference in Malaysia, February 2011. The researchers highlighted the significant role of the Shari'ah corporate governance in the effectiveness and stability of Islamic financial Institutions in Malaysia. They outline the roles of corporate governance (in both conventional and Islamic corporations) through which it can be directed, administered and controlled. However, they argue that Shari'ah corporate governance has different perspective and methodology. The Shari'ah corporate governance primary is b...

  • legal_regulatory_governance_issues_islamic_finance_cover.jpg.jpg
  • Book


  • Authors: Wilson, Rodney (2012)

  • This book presents a detailed examination of the use of common and civil law to license and govern Islamic financial institutions. Making international comparisons, it discusses specific laws from Iran, where all banking is Shari'ah compliant, to Malaysia and the Gulf, where Islamic financial institutions compete with conventional banks. As most Islamic banks operate under national banking laws, consideration is given as to how - and indeed whether - these need to be amended. Available in physical copy and ebook (Call Number: KBP 940.2 W753)

  • lending_structure_3-factor_capm_risk_exposures_case_malaysia_aisyah_mansor_kameel.pdf.jpg
  • Journal Article


  • Authors: A. Rahman, Aisyah; Ibrahim, Mansor H.; Mydin Meera, Ahamed Kameel (2010)

  • This study addresses the linkages between lending structure and bank risk exposures via the Capital Asset Pricing Model (CAPM). Based on the 3-factor CAPM, five risk measures are examined; namely, the market, interest rate, exchange rate, total and unsystematic risk exposure. The influence of lending structure is analysed via four measures, the real estate lending, the specialisation index, the short-term lending stability, and the medium-term lending stability. Our findings show that the lending structure affects the market, interest rate, and unsystematic risk exposures. The stability of lending structure in both the short-term and medium-term period positively influence the market ...

  • item.jpg
  • Journal Article


  • Authors: A. Rahman, Aisyah; Ibrahim, Mansor H.; Mydin Meera, Ahamed Kameel (2009)

  • This study investigates the impact of lending structure on the insolvency risk exposure. A comparative analysis between the insolvency risk behavior between the Islamic and conventional banks is made. Our findings show that real estate lending is positively related to the conventional banks’ risk, but inversely related to the Islamic banks’ risk exposure. Thus, the policy makers as well as the banks should react accordingly in the decision making process.

  • the_less_developed_states_converging_richer_state_malaysia_baharom et al.pdf.jpg
  • Journal Article


  • Authors: Habibullah, Muzafar Shah; Din, Badariah H.; Sanusi, Nur Azura; Abdul Hamid, Baharom (2018)

  • The present paper addresses the question whether the less developed states, namely; Kedah, Kelantan, Pahang, Perlis, Sabah, Sarawak and Terengganu are converging with the richer state of Selangor, using unit root test and cointegration approach to test for income convergence for the period 1970-2013. We tested convergence on per capita real GDP for the states involved and the results suggest that the less developed states have been converging to the state of Selangor for the period under study. We also identify two convergence clubs among the states. In this respect, the state government has an important role to play in enhancing growth by continuously providing stable economic enviro...

  • level_volatility_stock_prices_aggregate_investment_case_thailand_ibrahim.pdf.jpg
  • Journal Article


  • Authors: Ibrahim, Mansor H. (2011)

  • The present paper analyzes the aggregate investment behaviour for Thailand and its relations to real stock prices and stock market volatility. In the analysis, we focus on their long run relations as well as their dynamic causal interactions by means of time series techniques of cointegration and vector autoregression (VAR). Our basic framework consists of real aggregate investment, real output, lending rate, real stock prices and stock market volatility. We obtain evidence for their long run relation and that, in the long run, real aggregate investment is positively related to real stock prices and negatively related to the stock market volatility.The generalized impulse-response fun...

  • PhD_leverage_decision_firms_comparative_analysis_Shariah_compliant_Shariah_non_compliant_firms_Ramazan_Yildirim.pdf.jpg
  • PhD


  • Authors: Yildirim, Ramazan (2017)

  • Capital structure which is the mixture of debt and equity capital of a company is very important since it is related to the ability of the company to fulfil the needs of its stakeholders. The main competing theories, which attempts to understand how financing decisions are made, that have emerged and developed over the last decades are the Trade-Off Theory and the Pecking Order Theory. Trade-Off Theory predicts that firms should balance the tax benefits of debt against the cost of debt, therefore firms should have an optimal capital structure. In contrast, Pecking Order Theory does not imply that firms capital structure decision is driven by the notion of optimal ... Available in ...

  • Leverage_versus_volatility_abdelkader_obiyathulla_mansur.pdf.jpg
  • Journal Article


  • Authors: El Alaoui, AbdelKader Ouatik; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur; Asutay, Mehmet (2017)

  • The impact of leverage on financial market stability and the relationship with the real economy is a key concern among researchers. This paper makes an initial attempt to investigate the relationship between a firm's leverage, return and share price volatility from an Islamic finance perspective and capital structure theory. A multicountry dynamic panel framework and the mean-variance efficient frontier are applied to 320 sample firms from eight European countries, divided into portfolios of low and high debt using the shari'ah screening threshold of 33%. We find that the firm's return and volatility change with changes in the capital structure. Islamic compliant stocks show, in most ...

  • PhD_leverage_sensitivity_market_risk_volatility_contagion_Abdelkader_Ouatik.pdf.jpg
  • PhD


  • Authors: El Alaoui, AbdelKader Ouatik (2016)

  • Constructing a portfolio or investing in the stock market, without taking into account the firms' debt level is likely to render the control of returns, volatility and systematic risk ineffective. This study focuses on the European stock market which has suffered badly during the 2008 global financial crisis. It is within this context that the role of firm leverage and its relationship to risk and returns are explored. This innovative empirical study tests the leverage effect (on volatility, systematic risk, value at risk and returns) in terms of Shari'ah stock screening, and evaluates it applying random portfolio analysis, wavelet coherency and panel dynamic GMM techniques ... Ava...

  • limited_purpose_banking_Islamic_finance_could_LPB_model_applied_Islamic_finance_edib_abbas.pdf.jpg
  • Journal Article


  • Authors: Smolo, Edib; Mirakhor, Abbas (2014)

  • This paper primarily aims to review and analyze a new model for Islamic finance based on Laurence J. Kotlikoff's idea of limited purpose banking (LPB). In addition, this paper aims to highlight, explain and discuss various aspects of LPB and how it suits the original aspirations of pioneer writers in Islamic finance. Based on an extensive literature review, this paper aims to highlight, explain and discuss the reform of the Islamic finance industry based on Kotlikoff's model of LPB. Based on a modified LPB model, Islamic financial institutions could be established to provide specific services with clear aims and objectives. These LPB Islamic financial institutions would operate in a s...

  • linear_non_linear_granger_causality_between_oil_spot_futures_prices_wavelet_based.pdf.jpg
  • Journal Article


  • Authors: Alzahrani, Mohammed; Mohammed Masih, Abul Mansur; Al-Titi, Omar (2014)

  • This study is the first attempt to investigate both the linear and non-linear Granger causality between wavelet transformed spot and futures oil prices. Our findings consistently indicate bidirectional causality between the spot and futures oil markets at different time scales, under linear and non-linear causality assumptions, and also during the recent financial crisis. Our results tend to shed further light on the ongoing controversy over the relative price discovery role played by spot market as opposed to futures market in oil price fluctuations, especially during periods of high uncertainty.

  • linearized_Hamiltonian_LIBOR_market_model_pang_belal.pdf.jpg
  • Journal Article


  • Authors: Pan, Tang; Baaquie, Belal E.; Xin, Du; Ying, Zhang (2015)

  • The linearized Hamiltonian model is proposed to extend the London Interbank Offered Rate (LIBOR) Market Model (LMM). Firstly, we studied the Hamiltonian of LMM in the framework of quantum finance, and the nontrivial upper triangle form of LIBOR drift is derived. The linearized Hamiltonian is derived to improve the explanatory capability of the model for market data. Our approach uses one more parameter to explain the initial condition and the model can be used to calibrate LIBORs with extremely high accuracy. Furthermore, the market time index is required for applying the model to multi-LIBOR, and the results imply that the LIBOR future time lattice becomes shorter as one goes from ne...

  • linkages_co-movement_between_international_stockmarket_returns_Case_Dow_Jones_Islamic_Dubai_FinancialMarket_index_mm.pdf.jpg
  • Journal Article


  • Authors: El Alaoui, AbdelKader Ouatik; Dewandaru, Ginanjar; Rosly, Saiful Azhar; Mohammed Masih, Abul Mansur (2015)

  • Using wavelet techniques (discrete and continuous), this paper is the first attempt to investigate the co-movement dynamics at different time scales or horizons of Islamic Dubai Financial Market (DFM-UAE) index returns with their counterpart regional Islamic indices returns such as GCC index, ASEAN index, Developing Countries index, Emerging Countries Index, and the Global Sukuk. Finally, we examine the impact of the LIBOR on the Islamic DFM-UAE return. Our first finding is that the two markets DFM_UAE, and (GCC and Saudi) are converging, in the long run, to the same level of risk and volatility with the Global Sukuk index. The wavelet analysis based on betas indicates a strong non-ho...

  • linkages_between_education_expenditure_economic_growth_evidence_CHINDIA_baharom.pdf.jpg
  • Journal Article


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

  • This paper examines the relationship between education expenditure and economic growth in China and India by employing annual data from 1970 to 2005. This study utilizes multi econometric tools such as the Johansen-Juselius (1990) co-integration test, Ordinary Least Square (OLS) method, Dynamic Ordinary Least Square (DOLS), Vector Error Correction Model (VECM) as well as variance decomposition to obtain a robust and consistent result. The findings indicate that there exists a long run trending relationship between income level (Gross Domestic Product per capita (GDPpc) and education expenditure in both China and India. In the long run, a unidirectional causal relationship could be det...

  • liquidity_management_institutions_offering_islamic_financial_services_daud_2010.pdf.jpg
  • Academic Proceeding


  • Authors: Vicary Abdullah, Daud (2010)

  • This paper discusses a global overview of liquidity management in institutions offering Islamic financial services. It also investigates the challenges and issues which impact on an effective liquidity management process. The main challenge and issue with liquidity management is to make it a globally accepted process by having global standardisation. This would promote transparency as well as familiarity within the Islamic finance industry. Our findings show that there are still many gaps to be filled, especially in the area of Shari'ah-compliant liquidity management schemes, cross-border liquidity market and infrastructures, availability of adequate short-term financial instrument...