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Showing results 828 to 847 of 1487
  • Judicial_challenges_facing_the_Islamic_finance_industry_of_Nigeria_Aishath et al.pdf.jpg
  • Journal Article


  • Authors: Zakariya Mustapha; Sherin Kunhibava; Aishath Muneeza (2021)

  • Shariah-compliance of Islamic finance transactions compels conformity with Shariah dictates in all aspects and ramifications of such transactions.� Indeed, Islamic commerce and finance jurists are unanimous that Shariah-compliance lies at the very heart of Islamic finance transactions.� Equally essential is dispute resolution,� as it is unarguable that disputes will invariably arise in such transactions. A viable dispute resolution mechanism is a societal pillar indispensable for the regulation and sustenance of commercial transactions.

  • 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."

  • knowledge_already_Islamic_why do_we_want_to_islamise_aishath.PDF.jpg
  • Journal Article


  • Authors: Wajeeh, Ismail Azzam; Muneeza, Aishath (2011)

  • The world today has become a heterogeneous village with multiple cultures, religions and ethnicities competing for wealth and prestige. We are so diverse that even among the similar, differences surface over time. In such a world it is a real challenge to manage and disseminate true knowledge. Distortions, influences and manipulations among others shape the knowledge before reaching its intended audiences. Thus what is usually referred to as 'knowledge' may not be the true or comprehensive knowledge. With a broader degree of distortion due to proponents of various ideologies attempting to manipulate knowledge to their advantage it is crucial that knowledge be understood as a mere stoo...

  • Lattice_quantum_field_theory_Dirac_gauge_fields_selected_topics_Belal.jpg.jpg
  • Book


  • Authors: Baaquie, Belal E. (2020)

  • Quantum Chromodynamics is the theory of strong interactions: a quantum field theory of colored gluons (Yang-Mills gauge fields) coupled to quarks (Dirac fermion fields). Lattice gauge theory is defined by discretizing spacetime into a four-dimensional lattice - and entails defining gauge fields and Dirac fermions on a lattice. The applications of lattice gauge theory are vast, from the study of high-energy theory and phenomenology to the numerical studies of quantum fields. This book examines the mathematical foundations of lattice gauge theory from first principles. It is indispensable for the study of Dirac and lattice gauge fields and lays the foundation for more advanced and speci...

  • 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_and_compliance_reform_for_Islamic_financial_benchmarking_Aishath.pdf.jpg
  • Chapter in Book


  • Authors: Aishath Muneeza; Zakariya Mustapha (2022)

  • Islamic financial benchmarking is an area that requires research and needs practical solutions to advance the Islamic finance industry to a greater level. From the inception of contemporary Islamic finance, criticisms have been made about the fact that in Islamic finance, financing rates are benchmarked against conventional interest rates. To respond to these criticisms, Sharī ͑ah scholars have given justifications from Sharī ͑ah perspectives and in this regard some scholars ask: “Does consumption of beef suddenly become forbidden if its price were based on the price of pork?” (Alshubaily, 2018).

  • Legal_Shariah_non_compliance risks_Nigerian_Islamic_finance_industry_review_literature_Aishath.pdf.jpg
  • Journal Article


  • Authors: Mustapha, Zakariya; Kunhibava, Sherin; Muneeza, Aishath (2021)

  • The purpose of this paper is to review the literature on Islamic finance vis-a-vis legal and Shari'ah non-compliance risks in its transactions and judicial dispute resolution in Nigeria. This is with a view to putting forward direction for future studies on the duo of legal and Shari'ah non-compliance risks and their impact in Islamic finance. This review is designed as an exploratory study and qualitative methodology is used in examining relevant literature comprising of primary and secondary data while identifying legal risk and Shari'ah non-compliance risks of Nigeria's Islamic finance industry. Using the doctrinal approach together with content analysis, relevant Nigerian laws and...

  • 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 2004 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 governance is just one part of the broad principle of Shariah corporate g...

  • 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 ...

  • 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...

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 828 to 847 of 1487
  • Judicial_challenges_facing_the_Islamic_finance_industry_of_Nigeria_Aishath et al.pdf.jpg
  • Journal Article


  • Authors: Zakariya Mustapha; Sherin Kunhibava; Aishath Muneeza (2021)

  • Shariah-compliance of Islamic finance transactions compels conformity with Shariah dictates in all aspects and ramifications of such transactions.� Indeed, Islamic commerce and finance jurists are unanimous that Shariah-compliance lies at the very heart of Islamic finance transactions.� Equally essential is dispute resolution,� as it is unarguable that disputes will invariably arise in such transactions. A viable dispute resolution mechanism is a societal pillar indispensable for the regulation and sustenance of commercial transactions.

  • 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."

  • knowledge_already_Islamic_why do_we_want_to_islamise_aishath.PDF.jpg
  • Journal Article


  • Authors: Wajeeh, Ismail Azzam; Muneeza, Aishath (2011)

  • The world today has become a heterogeneous village with multiple cultures, religions and ethnicities competing for wealth and prestige. We are so diverse that even among the similar, differences surface over time. In such a world it is a real challenge to manage and disseminate true knowledge. Distortions, influences and manipulations among others shape the knowledge before reaching its intended audiences. Thus what is usually referred to as 'knowledge' may not be the true or comprehensive knowledge. With a broader degree of distortion due to proponents of various ideologies attempting to manipulate knowledge to their advantage it is crucial that knowledge be understood as a mere stoo...

  • Lattice_quantum_field_theory_Dirac_gauge_fields_selected_topics_Belal.jpg.jpg
  • Book


  • Authors: Baaquie, Belal E. (2020)

  • Quantum Chromodynamics is the theory of strong interactions: a quantum field theory of colored gluons (Yang-Mills gauge fields) coupled to quarks (Dirac fermion fields). Lattice gauge theory is defined by discretizing spacetime into a four-dimensional lattice - and entails defining gauge fields and Dirac fermions on a lattice. The applications of lattice gauge theory are vast, from the study of high-energy theory and phenomenology to the numerical studies of quantum fields. This book examines the mathematical foundations of lattice gauge theory from first principles. It is indispensable for the study of Dirac and lattice gauge fields and lays the foundation for more advanced and speci...

  • 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_and_compliance_reform_for_Islamic_financial_benchmarking_Aishath.pdf.jpg
  • Chapter in Book


  • Authors: Aishath Muneeza; Zakariya Mustapha (2022)

  • Islamic financial benchmarking is an area that requires research and needs practical solutions to advance the Islamic finance industry to a greater level. From the inception of contemporary Islamic finance, criticisms have been made about the fact that in Islamic finance, financing rates are benchmarked against conventional interest rates. To respond to these criticisms, Sharī ͑ah scholars have given justifications from Sharī ͑ah perspectives and in this regard some scholars ask: “Does consumption of beef suddenly become forbidden if its price were based on the price of pork?” (Alshubaily, 2018).

  • Legal_Shariah_non_compliance risks_Nigerian_Islamic_finance_industry_review_literature_Aishath.pdf.jpg
  • Journal Article


  • Authors: Mustapha, Zakariya; Kunhibava, Sherin; Muneeza, Aishath (2021)

  • The purpose of this paper is to review the literature on Islamic finance vis-a-vis legal and Shari'ah non-compliance risks in its transactions and judicial dispute resolution in Nigeria. This is with a view to putting forward direction for future studies on the duo of legal and Shari'ah non-compliance risks and their impact in Islamic finance. This review is designed as an exploratory study and qualitative methodology is used in examining relevant literature comprising of primary and secondary data while identifying legal risk and Shari'ah non-compliance risks of Nigeria's Islamic finance industry. Using the doctrinal approach together with content analysis, relevant Nigerian laws and...

  • 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 2004 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 governance is just one part of the broad principle of Shariah corporate g...

  • 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 ...

  • 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...