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Showing results 1207 to 1226 of 1635
  • The_rationale_adoption_Islamic_banking_muslim_minority_jurisdictions_Ariff.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Mohamed Ariff Abdul Kareem (2020)

  • What differentiates Islamic banking from conventional banking is not simply the absence of interest payments. The fact that Islamic finance is interest-free does not mean that capital is costless. Unlike in the conventional system where the interest rate determines the cost of borrowed capital, which is pre-determined, the returns on funds provided by Islamic banks are not pre-determined as that would depend on the final outcomes. That said, one must hasten to add that there is much more to Islamic banking than the elimination of interest (riba) which is prohibited in Islam. Real sector connectivity and risk sharing principle represent the two important hallmarks of Islamic finance.

  • 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

  • re-estimation_modelling_shadow_economy_Malaysia_baharom et al.pdf.jpg
  • Journal Article


  • Authors: Muzafar Shah Habibullah; Badariah H. Din; Baharom Abdul Hamid (2019)

  • The purpose of this study is to re-estimates the size of shadow economy in Malaysia and investigates the role play by the financial sector development in mitigating the size of shadow economy. Our results suggest that individual income tax burden has an impact on shadow economy in Malaysia; indicating that lower personal tax rate discourages people from participating in the shadow economy in Malaysia. On the other hand, increase in national income and government consumption also reduce shadow economy; while increase in misery increases shadow economy in Malaysia. One policy implication from this study is that the Malaysian government should embark on programs that can reduce the size ...

  • 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: Mohamad Hassan (2017)

  • Canada represents as well-developed high-income richly endowed with abundant natural resources and advanced technological infrastructure and high wages, which will allow them to attract FDI inflows to the country for years. This study makes an attempt to test the possible directions of causality between real exchange and FDI flows on the one hand and the impact of FDI inflows and real exchange rate on economic growth on the other, with specific reference to Canada for the period of 1970-2015. In this study, the time series technique has been employed, reinforced with co-integration, error correction modelling and variance decomposition including LRSM ...

  • 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...

  • Real_options_with_priced_regime_switching_risk_Turalay et al.pdf.jpg
  • Journal Article


  • Authors: John Driffill; Turalay Kenc; Martin Sola (2013)

  • We develop a model of regime-switching risk premia as well as regime-dependent factor risk premia to price real options. The model incorporates the observation that the underlying risky income streams of real options are subject to discrete shifts over time as well as random changes. The presence of discrete shifts is due to systematic and unsystematic risk associated with changes in business cycles or in economic policy regimes or events such as takeovers, major changes in business plans. We analyze the impact of regime-switching behavior on the valuation of projects and investment opportunities. We find that accounting for Markov switching risk results in a delay in the expected tim...

  • reality_check_slow_progress_digital_transformation_Islamic_social_finance_ziyaad.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Ziyaad Mahomed (2019)

  • It is true that significant progress in poverty alleviation and social empowerment has been made over the last 30 years. For OIC member states, the percentage of the population living below the poverty line has decreased by almost half, from 41.1% in 1990 to 22.4% in 2011. However, as populations increase, the number of people suffering from hunger, malnutrition and disease remains considerable. The 'OIC - 2025 Programme of Action' stresses, in Article 1.6, that Member States must transform their approach through "effective utilization of Islamic social finance (Zakat, Waqf) at national and intra-OIC level" in order to address poverty. It is quickly forgotten that the celebrated 17 so...

  • A_reassessment_of_long-run_elasticities_of_Japanese_import_demand_mansur.pdf.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...

  • recent_Islamic_finance_developments_Maldives_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2016)

  • Maldives Islamic Bank marks five-year presence in Maldives. Maldives Islamic Bank (MIB) celebrated its fifth anniversary on the evening of the 18th March 2016 at Hotel Jen Maldives. The guest of honor at the event was Khalid Aboodi, CEO of the Islamic Corporation for the Development of the Private Sector, who thanked the government of Maldives for its efforts to establish and facilitate the growth of an Islamic bank in Maldives.

  • Reconciling_selection_criteria_of_Islamic_banking_services_Ziyaad_Shamsher.pdf.jpg
  • Journal Article


  • Authors: Shinaj Valangattil Shamsudheen; Ziyaad Mahomed; Shamsher Mohamad Ramadili Mohd (2021)

  • This paper aims to investigate the differences in patronage factors influencing "retail customers" and "institutional clients" to bank Islamically and to identify the reasons bankers perceive that their customers' bank with them in the United Arab Emirates (UAE). A total of 237; 416; and 70 balanced responses were collected from Islamic bankers, retail customers and institutional clients of UAE, respectively. Weighted average scores were computed for ranking the selection criteria factors across the data set and paired comparison analysis was conducted to analyse the variation of selection criteria between the data sets. Empirical results indicate that Islamic banking practitioners ma...

  • 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
  • Master


  • Authors: Hassan Azganin (2018)

  • Cash waqf has the potential to alleviate social issues and to enable awqaf organizations developing idle waqf properties and hence eliminating such problem. This can be achieved if the financial technologies solutions are embedded in waqf system. Thus, awqaf properties are facing several challenges when it comes to fundraising and transparency that we aim to resolve to efficiently ease its implementation. The main purpose of this study is to explore the potential of crowdfunding and blockchain technology in solving fundraising and transparency. This study adopts a qualitative method using semi-structured interviews with five experts and academicians in fintech and Islamic finance, mor...

  • 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_spillover_economic_growth_baharom.pdf.jpg
  • Journal Article


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

  • item.jpg
  • Master


  • Authors: Muhammad Luqman Ahmad Sazaki (2019)

  • This paper aims to exhibit how regtech can be utilized in developing supportive, yet prudent, policies to the Islamic banking and finance sector which are aligned with the objectives of the Shari'ah. Regtech has showcased to be a powerful enabler for both regulators and market participants to collect, analyze and improve compliance to be achieved in real-time at low costs. Apart from that, the ability for regtech and facilitating technologies to collect hard and soft data (e.g., financial information and behavioural data) provides an avenue for regulators to incorporate the ethos of Islamic finance into its policy development processes. To achieve the said objectives, this paper would...

  • Regulated_Shariah_compliance_the_case_of_Islamic_fnance_in_Malaysia_Noor Suhaida.pdf.jpg
  • Industry Article


  • Authors: Noor Suhaida Kasri (2015)

  • The historical evolution of regulated Shariah compliance in Malaysia started 32 years ago wherein the Islamic banking industry was first regulated by the Islamic Banking Act 1983 (IBA). Under the IBA, Shariah compliance became 'institutionalized' through the formation of a Shariah committee at the first Islamic bank in Malaysia, i.e. Bank Islam Malaysia. Thereafter the number of Islamic financial institutions (IFIs) started to grow. This growth is followed by the growth of Shariah committees being set up in each of these IFIs. Numerous Shariah resolutions started to mushroom from these Shariah committees which at times result in duplicity and inconsistency of rulings (based on the ISR...

  • regulating_fintech_business_aishath.png.jpg
  • Chapter in Book


  • Authors: Sherin Kunhibava; Aishath Muneeza (2020)

  • The Malaysian finance industry is governed by Bank Negara Malaysia (BNM) and Securities Commission Malaysia (SC). BNM governs the banking and insurance industries and the SC regulates and develops its capital market. Both authorities have issued regulations to cater for the proliferation of fintech businesses. For example, BNM issued regulations on digital currency exchanges, electronic-know your customer requirements for fintech companies facilitating remittances, and a regulatory sandbox framework for fintech businesses. Similarly, the SC issued a digital investment management framework, another to facilitate equity crowdfunding, peer-to-peer lending, and digital asset exchanges, an...

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 1207 to 1226 of 1635
  • The_rationale_adoption_Islamic_banking_muslim_minority_jurisdictions_Ariff.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Mohamed Ariff Abdul Kareem (2020)

  • What differentiates Islamic banking from conventional banking is not simply the absence of interest payments. The fact that Islamic finance is interest-free does not mean that capital is costless. Unlike in the conventional system where the interest rate determines the cost of borrowed capital, which is pre-determined, the returns on funds provided by Islamic banks are not pre-determined as that would depend on the final outcomes. That said, one must hasten to add that there is much more to Islamic banking than the elimination of interest (riba) which is prohibited in Islam. Real sector connectivity and risk sharing principle represent the two important hallmarks of Islamic finance.

  • 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

  • re-estimation_modelling_shadow_economy_Malaysia_baharom et al.pdf.jpg
  • Journal Article


  • Authors: Muzafar Shah Habibullah; Badariah H. Din; Baharom Abdul Hamid (2019)

  • The purpose of this study is to re-estimates the size of shadow economy in Malaysia and investigates the role play by the financial sector development in mitigating the size of shadow economy. Our results suggest that individual income tax burden has an impact on shadow economy in Malaysia; indicating that lower personal tax rate discourages people from participating in the shadow economy in Malaysia. On the other hand, increase in national income and government consumption also reduce shadow economy; while increase in misery increases shadow economy in Malaysia. One policy implication from this study is that the Malaysian government should embark on programs that can reduce the size ...

  • 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: Mohamad Hassan (2017)

  • Canada represents as well-developed high-income richly endowed with abundant natural resources and advanced technological infrastructure and high wages, which will allow them to attract FDI inflows to the country for years. This study makes an attempt to test the possible directions of causality between real exchange and FDI flows on the one hand and the impact of FDI inflows and real exchange rate on economic growth on the other, with specific reference to Canada for the period of 1970-2015. In this study, the time series technique has been employed, reinforced with co-integration, error correction modelling and variance decomposition including LRSM ...

  • 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...

  • Real_options_with_priced_regime_switching_risk_Turalay et al.pdf.jpg
  • Journal Article


  • Authors: John Driffill; Turalay Kenc; Martin Sola (2013)

  • We develop a model of regime-switching risk premia as well as regime-dependent factor risk premia to price real options. The model incorporates the observation that the underlying risky income streams of real options are subject to discrete shifts over time as well as random changes. The presence of discrete shifts is due to systematic and unsystematic risk associated with changes in business cycles or in economic policy regimes or events such as takeovers, major changes in business plans. We analyze the impact of regime-switching behavior on the valuation of projects and investment opportunities. We find that accounting for Markov switching risk results in a delay in the expected tim...

  • reality_check_slow_progress_digital_transformation_Islamic_social_finance_ziyaad.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Ziyaad Mahomed (2019)

  • It is true that significant progress in poverty alleviation and social empowerment has been made over the last 30 years. For OIC member states, the percentage of the population living below the poverty line has decreased by almost half, from 41.1% in 1990 to 22.4% in 2011. However, as populations increase, the number of people suffering from hunger, malnutrition and disease remains considerable. The 'OIC - 2025 Programme of Action' stresses, in Article 1.6, that Member States must transform their approach through "effective utilization of Islamic social finance (Zakat, Waqf) at national and intra-OIC level" in order to address poverty. It is quickly forgotten that the celebrated 17 so...

  • A_reassessment_of_long-run_elasticities_of_Japanese_import_demand_mansur.pdf.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...

  • recent_Islamic_finance_developments_Maldives_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2016)

  • Maldives Islamic Bank marks five-year presence in Maldives. Maldives Islamic Bank (MIB) celebrated its fifth anniversary on the evening of the 18th March 2016 at Hotel Jen Maldives. The guest of honor at the event was Khalid Aboodi, CEO of the Islamic Corporation for the Development of the Private Sector, who thanked the government of Maldives for its efforts to establish and facilitate the growth of an Islamic bank in Maldives.

  • Reconciling_selection_criteria_of_Islamic_banking_services_Ziyaad_Shamsher.pdf.jpg
  • Journal Article


  • Authors: Shinaj Valangattil Shamsudheen; Ziyaad Mahomed; Shamsher Mohamad Ramadili Mohd (2021)

  • This paper aims to investigate the differences in patronage factors influencing "retail customers" and "institutional clients" to bank Islamically and to identify the reasons bankers perceive that their customers' bank with them in the United Arab Emirates (UAE). A total of 237; 416; and 70 balanced responses were collected from Islamic bankers, retail customers and institutional clients of UAE, respectively. Weighted average scores were computed for ranking the selection criteria factors across the data set and paired comparison analysis was conducted to analyse the variation of selection criteria between the data sets. Empirical results indicate that Islamic banking practitioners ma...

  • 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
  • Master


  • Authors: Hassan Azganin (2018)

  • Cash waqf has the potential to alleviate social issues and to enable awqaf organizations developing idle waqf properties and hence eliminating such problem. This can be achieved if the financial technologies solutions are embedded in waqf system. Thus, awqaf properties are facing several challenges when it comes to fundraising and transparency that we aim to resolve to efficiently ease its implementation. The main purpose of this study is to explore the potential of crowdfunding and blockchain technology in solving fundraising and transparency. This study adopts a qualitative method using semi-structured interviews with five experts and academicians in fintech and Islamic finance, mor...

  • 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_spillover_economic_growth_baharom.pdf.jpg
  • Journal Article


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

  • item.jpg
  • Master


  • Authors: Muhammad Luqman Ahmad Sazaki (2019)

  • This paper aims to exhibit how regtech can be utilized in developing supportive, yet prudent, policies to the Islamic banking and finance sector which are aligned with the objectives of the Shari'ah. Regtech has showcased to be a powerful enabler for both regulators and market participants to collect, analyze and improve compliance to be achieved in real-time at low costs. Apart from that, the ability for regtech and facilitating technologies to collect hard and soft data (e.g., financial information and behavioural data) provides an avenue for regulators to incorporate the ethos of Islamic finance into its policy development processes. To achieve the said objectives, this paper would...

  • Regulated_Shariah_compliance_the_case_of_Islamic_fnance_in_Malaysia_Noor Suhaida.pdf.jpg
  • Industry Article


  • Authors: Noor Suhaida Kasri (2015)

  • The historical evolution of regulated Shariah compliance in Malaysia started 32 years ago wherein the Islamic banking industry was first regulated by the Islamic Banking Act 1983 (IBA). Under the IBA, Shariah compliance became 'institutionalized' through the formation of a Shariah committee at the first Islamic bank in Malaysia, i.e. Bank Islam Malaysia. Thereafter the number of Islamic financial institutions (IFIs) started to grow. This growth is followed by the growth of Shariah committees being set up in each of these IFIs. Numerous Shariah resolutions started to mushroom from these Shariah committees which at times result in duplicity and inconsistency of rulings (based on the ISR...

  • regulating_fintech_business_aishath.png.jpg
  • Chapter in Book


  • Authors: Sherin Kunhibava; Aishath Muneeza (2020)

  • The Malaysian finance industry is governed by Bank Negara Malaysia (BNM) and Securities Commission Malaysia (SC). BNM governs the banking and insurance industries and the SC regulates and develops its capital market. Both authorities have issued regulations to cater for the proliferation of fintech businesses. For example, BNM issued regulations on digital currency exchanges, electronic-know your customer requirements for fintech companies facilitating remittances, and a regulatory sandbox framework for fintech businesses. Similarly, the SC issued a digital investment management framework, another to facilitate equity crowdfunding, peer-to-peer lending, and digital asset exchanges, an...