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Showing results 874 to 893 of 1221
  • qard_hasan_financing_islamic_banks_seyedkazm.pdf.jpg
  • Journal Article


  • Authors: Sadr, Seyed Kazem (2014)

  • Qard hasan—commonly defined as an interest-free loan—is a benevolent economic behaviour, an outlet for the placement of savings, an instrument of finance and an institution for bona fide lending. Having such versatile attributes, it is distinguishable from other charitable financial activities such as waqf (endowments) and infaq (spending in the way of Allah) as well as other modes of finance used in Islamic financial institutions. The purpose of this paper is to present the alternative prospects of this Islamic instrument and to provide an explanation for each form of its application. Applying Tobin’s (1958) Portfolio Theorem, the paper explains why people extend loans to others with...

  • qard_hasan_shariah_rules_application_Islamic_finance_najeeb_ahcene.pdf.jpg
  • Journal Article


  • Authors: Najeeb, Syed Faiq; Lahsasna, Ahcene (2013)

  • This paper provides a detailed explanation about the contract of qard (loan) as approved by Shari’ ah and analyses how it is applied in the contemporary Islamic finance industry. With regard to research mentod, it examines various Islamic banking and finance products sturctured on the principle of qard contracts and discussed the possible risks of non-Shari’ ah compliance in their structuring, and how they can be addressed and resolved. The main finding is that the issue og profiting from qard hasan contracts is very sensitive and many institutions are possibly compromising on Shari’ah compliance through use of service charges and customary hibah-giving, etc. It is significant and att...

  • qardul_hasan_and_microfinancing.pdf.jpg
  • Chapter in Book


  • Authors: Sadr, Seyed Kazem; Torabi, Omid (2015)

  • Eight years have passed since 2005, the year that was labelled as that of micro finance by the United Nations to reflect the importance of financial inclusion of the poor and enforcement of policies that attain thic objective. The labelling of the microfinance year implied the recognition of the fact that conventional financial institutions have globally failed to include poor and vulnerable families for their financial services.

  • item.jpg
  • Blog Post


  • Authors: Vicary Abdullah, Daud (2015-10-12)

  • Blog post by INCEIF PCEO Mr. Daud Vicary Abdullah on “QED“.

  • quantum_finance_path_integral_belal.pdf.jpg
  • Book


  • Authors: Baaquie, Belal E. (2004)

  • This book applies the mathematics and concepts of quantum mechanics and quantum field theory to the modelling of interest rates and the theory of options. Particular emphasis is placed on path integrals and Hamiltonians. Financial mathematics is dominated by stochastic calculus. The present book offers a formulation that is completely independent of that approach. As such many results emerge from the ideas developed by the author. This work will be of interest to physicists and mathematicians working in the field of finance, to quantitative analysts in banks and finance firms and to practitioners in the field of fixed income securities and foreign exchange.

  • rationalizing_value_premium_emerging_markets_eskandar.pdf.jpg
  • Journal Article


  • Authors: Ebrahim, Muhammed-Shahid; Girmab, Sourafel; Mohd Rasid, Mohamed Eskandar Shah; William, Jonathan (2014)

  • We reconfirm the presence of value premium in emerging markets. Using the Brazil–Turkey–India–China (BTIC) grouping during a period of substantial economic growth and stock market development, we attribute the premium to the investment patterns of glamour firms. We conjecture based on empirical evidence that glamour firms hoard cash, which delays undertaking of growth options, especially in poor economic conditions. Whilst this helps to mitigate business risk, it lowers market valuations and drives down expected returns. Our evidence supports arguments that the value premium is explained by economic fundamentals rather than a risk factor that is common to all firms

  • item.jpg
  • Journal Article


  • Authors: Chowdhury, Mohammad Ashraful Ferdous; Haque, Md. Mahmudul; Mohammed Masih, Abul Mansur (2017)

  • This study is the first attempt to conduct a comparative analysis of the internal and external determinants of the Islamic banks' profitability in the GCC region applying dynamic GMM, quantile regression, and wavelet coherence approaches. The dynamic GMM tends to indicate that equity financing and operating efficiency and macroeconomic variables such as money supply, and inflation are significantly related to Islamic banks' performance. The bank-specific variables such as credit risk, equity ratio, and cost-efficiency ratios are not significant at different percentiles. ROA is driven by credit risk, equity ratio, and cost-efficiency ratios (as evidenced in wavelet coherence analysis)....

  • item.jpg
  • Master


  • Authors: Hassan, Mohamed (2017)

  • The flows of foreign investment are the fundamental elements in the economic growth of countries within the globalization process of economy. Canada has a highly-developed economy, advanced technological infrastructure that will allow them to attract flows of FDI. This study makes an attempt to test the possible directions of causality between exchange rate and flows of foreign direct investment in Canada for the period of 1970 to 2015. The methods applied are the error corrections and variance decompositions techniques including LRSM. To the best of my knowledge, there has not been any study on this issue using this technique. Our findings on this study suggests that the direction of...

  • item.jpg
  • Journal Article


  • Authors: Masih, Rumi; Mohammed Masih, Abul Mansur (2000)

  • Unlike the findings of Mah (1994) [Mah, J.S. (1994) Japanese Import Demand Behaviour: The Cointegration Approach. Journal of Policy Modeling 16:291-298] who, based on the Engle-Granger test of cointegration, fails to find evidence of a long-run relationship among variables associated with an import demand function for Japan, in this analysis the Johansen's MLE multivariate cointegration procedure reveals that such variables seem to be cointegrated, and thus share a long-run equilibrium relationship. Furthermore, the recently prescribed Stock and Watson (1993) Dynamic OLS (DOLS) procedure, which, apart from being superior to a number of alternative estimators, is robust to small sample...

  • recent_ongoing_advances_econometric_methodology_applied_research_mm.pdf.jpg
  • Journal Article


  • Authors: Mohammed Masih, Abul Mansur (2009)

  • Introduction: Conventional regression techniques and non-cointegrated VARs. The following were the major alternative approaches to modeling up until, say, 1990: 1.1 Large scale macro models that typically involve: i. distinguishing exogenous and endogenous variables; ii. imposing restrictions of shortrun dynamics to achieve identification; iii. estimation usually by OLS or IV and are used for simulations. Examples are Fed Reserve Bank Model, Reserve Bank of Australia Model, Chris Murphy Model of Australian economy, London Business School Model, Fair Model of the US economy. 1.2 NonCointegrated VAR Models: Unrestricted, Bayesian and Structural VAR forms: i. Unrestricted VAR is freq...

  • reconciling_dual_banking_system_application.PDF.jpg
  • Journal Article


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

  • The Islamic financial system in Malaysia has emerged as a viable and vibrant component of the overall financial system. Nevertheless, salam based Islamic Banking products are anything but popular in the context of the Malaysian banking industry, despite boasting more than 40 Islamic financial products available, ranging from retail based products to project financing. This is partially due to the misconstructions over the viability of salam contracts. These misconceptions largely discount the social value for such contracts overlooking the fact that salam based contracts bridge the gap between the financers and recipients fostering platforms for substantial economic trust, providing f...

  • item.jpg
  • Blog Post


  • Authors: Vicary Abdullah, Daud (2015-07-06)

  • Blog post by INCEIF PCEO Mr. Daud Vicary Abdullah on “Redraw the playing field“.

  • regime_uncertainty_interest_rate_based_debt_financing_system_abbas_mughees.pdf.jpg
  • Journal Article


  • Authors: Mirakhor, Abbas; Shaukat, Mughees (2012)

  • Evidence has been mounting (over the centuries) that the interest based debt financing regime is under ever increasing distress. All of the earlier crises whatever label they carried - exchange rate crisis or banking crisis have been debt crises in essence. At the present, empirical research suggests that the debt-to-GDP ratio of the richest members of the G-20 threatens to touch 120% mark by 2014. Moreover there is also evidence that out of securities worth $200 trillion in the global economy, no less than three-fourth represent interest based debt. It is difficult to see how this massive debt volume can be validated by the underlying productive capacity of the global economy. This p...

  • Regional_spillovers_across_transitioning_emerging_and_frontier_equity_markets_ginanjar_rumi_masih.pdf.jpg
  • Journal Article


  • Authors: Dewandaru, Ginanjar; Masih, Rumi; Mohammed Masih, Abul Mansur (2017)

  • The episodic wave of crises experienced across the global financial markets over the past two decades has raised questions surrounding the vulnerability of transitioning emerging and frontier equity markets to exogenous shocks. These markets, by design, have lacked the institutional or financial architecture supporting their capital base compared to more established markets. We make the initial attempt to examine four such stock markets (Saudi Arabia, UAE, South Africa and Israel). We perform multi-timescale analysis using wavelet-based time and frequency decompositions in order to investigate (i) whether the shocks transmitted were pure contagion or fundamental-based and (ii) also wh...

  • regional_spillovers_economic_growth_neighbouring_countries_matter_sabah_sarawak_baharom.PDF.jpg
  • Journal Article


  • Authors: Habibullah, Muzafar Shah; Awang Marikan, Dayang Affizzah; Puah, Chin Hong; Abdul Hamid, Baharom (2013)

  • The objective of the present paper is to address the question whether the economic development of the neighbouring countries, states or provinces have impacted the states of Sabah and Sarawak or vice versa. Using annual data for the period 1968 to 2003, results indicate that the growth of the state of Sarawak is affected by the growth of Brunei Darussalam, Sabah, West Kalimantan and East Kalimantan and the economy of Sabah is affected by the economies of Brunei, Sarawak and East Kalimantan.

  • regulatory_framework_Islamic_finance_abbas.pdf.jpg
  • Industry Article


  • Authors: Mirakhor, Abbas (2014)

  • Generally, the objective of a regulatory framework within which a financial system operates is established for the purpose of protecting the system from abuses that may threaten the stability of financial relations. In doing so, attention is paid to the risk of financial transactions. The risk of any transaction can be managed in three ways. Risk can be transferred, shifted or shared. Depositors transfer their risk to a bank that then transfers it to borrowers. In this case the bank is an intermediary. Risk can be shifted in two different ways. A person shifts the risk of life or health to an insurance company with full knowledge and acquiescence of the latter that accepts the shifted...

  • regulatory_framework_for_islamic_finance_muawanah_obiyathulla_abbas.JPG.jpg
  • Chapter in Book


  • Authors: Lajis, Siti Muawanah; Bacha, Obiyathulla Ismath; Mirakhor, Abbas (2016)

  • The role of regulation extends beyond ensuring stability and confidence in the financial system, as it is also behavioral shaper of market players. The laws, standards, and guidelines issued are instrumental in creating an incentive structure for market players to behave in certain ways. Using incentive audit approach, this paper attempts to examine the efficacy of the evolving Malaysian regulatory and supervisory framework for Islamic banking, in preserving financial stability as well as supporting the growth of the financial system and real economy. The findings suggest that the present framework unintentionally misaligns incentives and discourages Islamic banks from fully embracing...

  • item.jpg
  • PhD


  • Authors: Putri Swastika (2017)

  • Islamic finance is often criticized for its non-practicality in today's modern economics. The principles of promoting exchange and prohibition of interest-rate based transactions are understood as endorsing risk sharing economic system is said to be incompatible in an open and modern market like today. This view was contrary to the spirit of the 2012 Kuala Lumpur Declaration, where Islamic-scholars, jurisprudents, and economists all vouched to force the enactment of risk sharing principle into our economic system. Available in physical copy only (Call Number: t HB 171.5 P993)

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 874 to 893 of 1221
  • qard_hasan_financing_islamic_banks_seyedkazm.pdf.jpg
  • Journal Article


  • Authors: Sadr, Seyed Kazem (2014)

  • Qard hasan—commonly defined as an interest-free loan—is a benevolent economic behaviour, an outlet for the placement of savings, an instrument of finance and an institution for bona fide lending. Having such versatile attributes, it is distinguishable from other charitable financial activities such as waqf (endowments) and infaq (spending in the way of Allah) as well as other modes of finance used in Islamic financial institutions. The purpose of this paper is to present the alternative prospects of this Islamic instrument and to provide an explanation for each form of its application. Applying Tobin’s (1958) Portfolio Theorem, the paper explains why people extend loans to others with...

  • qard_hasan_shariah_rules_application_Islamic_finance_najeeb_ahcene.pdf.jpg
  • Journal Article


  • Authors: Najeeb, Syed Faiq; Lahsasna, Ahcene (2013)

  • This paper provides a detailed explanation about the contract of qard (loan) as approved by Shari’ ah and analyses how it is applied in the contemporary Islamic finance industry. With regard to research mentod, it examines various Islamic banking and finance products sturctured on the principle of qard contracts and discussed the possible risks of non-Shari’ ah compliance in their structuring, and how they can be addressed and resolved. The main finding is that the issue og profiting from qard hasan contracts is very sensitive and many institutions are possibly compromising on Shari’ah compliance through use of service charges and customary hibah-giving, etc. It is significant and att...

  • qardul_hasan_and_microfinancing.pdf.jpg
  • Chapter in Book


  • Authors: Sadr, Seyed Kazem; Torabi, Omid (2015)

  • Eight years have passed since 2005, the year that was labelled as that of micro finance by the United Nations to reflect the importance of financial inclusion of the poor and enforcement of policies that attain thic objective. The labelling of the microfinance year implied the recognition of the fact that conventional financial institutions have globally failed to include poor and vulnerable families for their financial services.

  • item.jpg
  • Blog Post


  • Authors: Vicary Abdullah, Daud (2015-10-12)

  • Blog post by INCEIF PCEO Mr. Daud Vicary Abdullah on “QED“.

  • quantum_finance_path_integral_belal.pdf.jpg
  • Book


  • Authors: Baaquie, Belal E. (2004)

  • This book applies the mathematics and concepts of quantum mechanics and quantum field theory to the modelling of interest rates and the theory of options. Particular emphasis is placed on path integrals and Hamiltonians. Financial mathematics is dominated by stochastic calculus. The present book offers a formulation that is completely independent of that approach. As such many results emerge from the ideas developed by the author. This work will be of interest to physicists and mathematicians working in the field of finance, to quantitative analysts in banks and finance firms and to practitioners in the field of fixed income securities and foreign exchange.

  • rationalizing_value_premium_emerging_markets_eskandar.pdf.jpg
  • Journal Article


  • Authors: Ebrahim, Muhammed-Shahid; Girmab, Sourafel; Mohd Rasid, Mohamed Eskandar Shah; William, Jonathan (2014)

  • We reconfirm the presence of value premium in emerging markets. Using the Brazil–Turkey–India–China (BTIC) grouping during a period of substantial economic growth and stock market development, we attribute the premium to the investment patterns of glamour firms. We conjecture based on empirical evidence that glamour firms hoard cash, which delays undertaking of growth options, especially in poor economic conditions. Whilst this helps to mitigate business risk, it lowers market valuations and drives down expected returns. Our evidence supports arguments that the value premium is explained by economic fundamentals rather than a risk factor that is common to all firms

  • item.jpg
  • Journal Article


  • Authors: Chowdhury, Mohammad Ashraful Ferdous; Haque, Md. Mahmudul; Mohammed Masih, Abul Mansur (2017)

  • This study is the first attempt to conduct a comparative analysis of the internal and external determinants of the Islamic banks' profitability in the GCC region applying dynamic GMM, quantile regression, and wavelet coherence approaches. The dynamic GMM tends to indicate that equity financing and operating efficiency and macroeconomic variables such as money supply, and inflation are significantly related to Islamic banks' performance. The bank-specific variables such as credit risk, equity ratio, and cost-efficiency ratios are not significant at different percentiles. ROA is driven by credit risk, equity ratio, and cost-efficiency ratios (as evidenced in wavelet coherence analysis)....

  • item.jpg
  • Master


  • Authors: Hassan, Mohamed (2017)

  • The flows of foreign investment are the fundamental elements in the economic growth of countries within the globalization process of economy. Canada has a highly-developed economy, advanced technological infrastructure that will allow them to attract flows of FDI. This study makes an attempt to test the possible directions of causality between exchange rate and flows of foreign direct investment in Canada for the period of 1970 to 2015. The methods applied are the error corrections and variance decompositions techniques including LRSM. To the best of my knowledge, there has not been any study on this issue using this technique. Our findings on this study suggests that the direction of...

  • item.jpg
  • Journal Article


  • Authors: Masih, Rumi; Mohammed Masih, Abul Mansur (2000)

  • Unlike the findings of Mah (1994) [Mah, J.S. (1994) Japanese Import Demand Behaviour: The Cointegration Approach. Journal of Policy Modeling 16:291-298] who, based on the Engle-Granger test of cointegration, fails to find evidence of a long-run relationship among variables associated with an import demand function for Japan, in this analysis the Johansen's MLE multivariate cointegration procedure reveals that such variables seem to be cointegrated, and thus share a long-run equilibrium relationship. Furthermore, the recently prescribed Stock and Watson (1993) Dynamic OLS (DOLS) procedure, which, apart from being superior to a number of alternative estimators, is robust to small sample...

  • recent_ongoing_advances_econometric_methodology_applied_research_mm.pdf.jpg
  • Journal Article


  • Authors: Mohammed Masih, Abul Mansur (2009)

  • Introduction: Conventional regression techniques and non-cointegrated VARs. The following were the major alternative approaches to modeling up until, say, 1990: 1.1 Large scale macro models that typically involve: i. distinguishing exogenous and endogenous variables; ii. imposing restrictions of shortrun dynamics to achieve identification; iii. estimation usually by OLS or IV and are used for simulations. Examples are Fed Reserve Bank Model, Reserve Bank of Australia Model, Chris Murphy Model of Australian economy, London Business School Model, Fair Model of the US economy. 1.2 NonCointegrated VAR Models: Unrestricted, Bayesian and Structural VAR forms: i. Unrestricted VAR is freq...

  • reconciling_dual_banking_system_application.PDF.jpg
  • Journal Article


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

  • The Islamic financial system in Malaysia has emerged as a viable and vibrant component of the overall financial system. Nevertheless, salam based Islamic Banking products are anything but popular in the context of the Malaysian banking industry, despite boasting more than 40 Islamic financial products available, ranging from retail based products to project financing. This is partially due to the misconstructions over the viability of salam contracts. These misconceptions largely discount the social value for such contracts overlooking the fact that salam based contracts bridge the gap between the financers and recipients fostering platforms for substantial economic trust, providing f...

  • item.jpg
  • Blog Post


  • Authors: Vicary Abdullah, Daud (2015-07-06)

  • Blog post by INCEIF PCEO Mr. Daud Vicary Abdullah on “Redraw the playing field“.

  • regime_uncertainty_interest_rate_based_debt_financing_system_abbas_mughees.pdf.jpg
  • Journal Article


  • Authors: Mirakhor, Abbas; Shaukat, Mughees (2012)

  • Evidence has been mounting (over the centuries) that the interest based debt financing regime is under ever increasing distress. All of the earlier crises whatever label they carried - exchange rate crisis or banking crisis have been debt crises in essence. At the present, empirical research suggests that the debt-to-GDP ratio of the richest members of the G-20 threatens to touch 120% mark by 2014. Moreover there is also evidence that out of securities worth $200 trillion in the global economy, no less than three-fourth represent interest based debt. It is difficult to see how this massive debt volume can be validated by the underlying productive capacity of the global economy. This p...

  • Regional_spillovers_across_transitioning_emerging_and_frontier_equity_markets_ginanjar_rumi_masih.pdf.jpg
  • Journal Article


  • Authors: Dewandaru, Ginanjar; Masih, Rumi; Mohammed Masih, Abul Mansur (2017)

  • The episodic wave of crises experienced across the global financial markets over the past two decades has raised questions surrounding the vulnerability of transitioning emerging and frontier equity markets to exogenous shocks. These markets, by design, have lacked the institutional or financial architecture supporting their capital base compared to more established markets. We make the initial attempt to examine four such stock markets (Saudi Arabia, UAE, South Africa and Israel). We perform multi-timescale analysis using wavelet-based time and frequency decompositions in order to investigate (i) whether the shocks transmitted were pure contagion or fundamental-based and (ii) also wh...

  • regional_spillovers_economic_growth_neighbouring_countries_matter_sabah_sarawak_baharom.PDF.jpg
  • Journal Article


  • Authors: Habibullah, Muzafar Shah; Awang Marikan, Dayang Affizzah; Puah, Chin Hong; Abdul Hamid, Baharom (2013)

  • The objective of the present paper is to address the question whether the economic development of the neighbouring countries, states or provinces have impacted the states of Sabah and Sarawak or vice versa. Using annual data for the period 1968 to 2003, results indicate that the growth of the state of Sarawak is affected by the growth of Brunei Darussalam, Sabah, West Kalimantan and East Kalimantan and the economy of Sabah is affected by the economies of Brunei, Sarawak and East Kalimantan.

  • regulatory_framework_Islamic_finance_abbas.pdf.jpg
  • Industry Article


  • Authors: Mirakhor, Abbas (2014)

  • Generally, the objective of a regulatory framework within which a financial system operates is established for the purpose of protecting the system from abuses that may threaten the stability of financial relations. In doing so, attention is paid to the risk of financial transactions. The risk of any transaction can be managed in three ways. Risk can be transferred, shifted or shared. Depositors transfer their risk to a bank that then transfers it to borrowers. In this case the bank is an intermediary. Risk can be shifted in two different ways. A person shifts the risk of life or health to an insurance company with full knowledge and acquiescence of the latter that accepts the shifted...

  • regulatory_framework_for_islamic_finance_muawanah_obiyathulla_abbas.JPG.jpg
  • Chapter in Book


  • Authors: Lajis, Siti Muawanah; Bacha, Obiyathulla Ismath; Mirakhor, Abbas (2016)

  • The role of regulation extends beyond ensuring stability and confidence in the financial system, as it is also behavioral shaper of market players. The laws, standards, and guidelines issued are instrumental in creating an incentive structure for market players to behave in certain ways. Using incentive audit approach, this paper attempts to examine the efficacy of the evolving Malaysian regulatory and supervisory framework for Islamic banking, in preserving financial stability as well as supporting the growth of the financial system and real economy. The findings suggest that the present framework unintentionally misaligns incentives and discourages Islamic banks from fully embracing...

  • item.jpg
  • PhD


  • Authors: Putri Swastika (2017)

  • Islamic finance is often criticized for its non-practicality in today's modern economics. The principles of promoting exchange and prohibition of interest-rate based transactions are understood as endorsing risk sharing economic system is said to be incompatible in an open and modern market like today. This view was contrary to the spirit of the 2012 Kuala Lumpur Declaration, where Islamic-scholars, jurisprudents, and economists all vouched to force the enactment of risk sharing principle into our economic system. Available in physical copy only (Call Number: t HB 171.5 P993)