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Showing results 953 to 972 of 1210
  • sacralising_finance_risk-sharing_Islamic_finance_Abbas_Adam_Ginanjar_Baharom.pdf.jpg
  • Keynote & Speech


  • Authors: Mirakhor, Abbas; Ng, Adam Boon Ka; Dewandaru, Ginanjar; Abdul Hamid, Baharom (2017)

  • Finance can be thought of as an engine of transformation and intermediation that bridges gaps between financial surplus and deficit units, between now and the future and between certainty of now and uncertainty of the future. It transforms value through maturity and risk transformation. This crucial function can be considered the reason for existence of finance. It creates incentives for surplus units to postpone the certainty of their financial resources now to the uncertainty of, presumably, higher amount of these resources in the future. It also encourages the deficit units to bring the future uncertain plans forward to the more certain present. Both units take risks. In other word...

  • sciences_of_punishment_introduction_to_comparative_penology.pdf.jpg
  • Book


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

  • Punishment is the universal response to crime and deviance in all regions of the world where its particular form and purpose is linked to detailed features of the structure of these societies at any given point in time. Designed to identify and examine the sources of similarity and differences in type of physical, ande economic punishments, incapacitation devices and designs, and lethal and non-lethal forms of corporall punishment over time and place through a comparative chronological analysis of punishment.

  • scrutinizing_role_corporate_waqf_turkey_india_malaysia_magda_2015.pdf.jpg
  • Industry Article


  • Authors: Ismail Abdel Mohsin, Magda (2015-06-26)

  • The institution of waqf is a historical vehicle to get closer to Allah (swt) on one hand and to offer societies’ requirements on the other. Through its immovable form the institution of waqf find its way in providing many goods and services such as buildings; mosques for prayer, residential housing for sheltering families, hospitals for taking care of the health of the people, schools and universities for educating students, agricultural lands for feeding the mass, factories for providing final products, constructing highways to facilitate travelling, besides, opening jobs for the mass without any cost to the government. Even though, the last century witness its destruction in almost ...

  • Seeking specific relief in cases of Islamic banking in Malaysia_aishath.pdf.jpg
  • Journal Article


  • Authors: Muneeza, Aishath (2018)

  • Often, the application of specific relief to Islamic banking is unspoken and unwritten. However, few studies suggest that legislation on specific relief needs amendment to cater for the effective application of Islamic banking and finance in the country and proposing the idea to introduce an Islamic Specific Relief Act. This paper aims to understand the application of specific relief to Islamic banking in Malaysia. This paper will look at the application of specific relief in Malaysia and discuss the extent of its application to Islamic banking cases reported in Malaysia from 1983 to 2015. The study will shed light on the general types of specific relief from Malaysian and Islamic law...

  • selected_studies_in_accounting.pdf.jpg
  • Book


  • Authors: Osman, Mohammad Noor Hisham; Turmin, Siti Zaidah; Abdul Latiff, Ahmed Razman; Muhammad Sori, Zulkarnain (2015)

  • This book incorporates selected empirical studies in accounting and finance. All studies were conducted in Malaysia content except one based on Egyptian data. We presented a total of nine chapters. One introductory chapter is followed by one chapter on issues related to auditing. Furthermore, we have two chapters on taxation, a chapter on accounting education and corporate governance respectively, and three chapters on finance. It is hoped that the book is of great value to readers for its meaningful contribution to progress in knowledge, policy making and practice.

  • selected_studies_in_accounting_and_finance_overview.pdf.jpg
  • Chapter in Book


  • Authors: Muhammad Sori, Zulkarnain; Osman, Mohammad Noor Hisham; Turmin, Siti Zaidah; Abdul Latiff, Ahmed Razman (2015)

  • This book contains a compilation of studies on selected issues in accounting and finance. These studies are conducted in Malaysian context except one study based in Egypt. The studies cover significant topics in auditing, taxation, accounting education, corporate governance and finance.

  • service_based_contracts_used_islamic_finance_comparison_hawalah_wakalah_kafalah_aishath.pdf.jpg
  • Journal Article


  • Authors: Mohd Suhaimi, Maryam Sofia; Md Fauzi, Maryam Syamilah; Noryatim, Nadiana; Mohd Noh, Norashikin; Shuhaimin, Nursyamimi; Jaafar, Qurratulain; Maulan, Siti Maspuah; Johan, Zati Fatini; Muneeza, Aishath (2016)

  • This paper aims to examine the use of service based contracts in Islamic Finance, namely Wakalah, Hawalah and Kafalah. These contracts, though considered secondary to primary contracts such as Musharakah and Mudarabah, are a crucial part of the foundation of Islamic Finance. The differences in each contract will be explained as well as issues on regulations, practices and procedures. Despite the fact that these concepts are widely adopted in Islamic financial products and services, little work has been done in examining the differences and applications in financial institutions. In this paper, the basic principles and rules of service based contracts will be discussed with special ref...

  • session_one_global_development_Islamic_finance_daud_vicary.pdf.jpg
  • Academic Presentation


  • Authors: Vicary Abdullah, Daud (2013)

  • Islamic finance as an alternative. Islamic financial sector is in a unique position to promote financial innovation and bring stability to global finance, as long as it is correctly nurtured and developed internationally.

  • SH1002_shariah aspects in business and finance.pdf.jpg
  • Book


  • Authors: Lahsasna, Ahcene (2010)

  • This aim of this book is to provide the students a sound foundation in Islamic jurisprudence, Shariah audit and compliance coupled with a comprehensive knowledge on the theory of contracts in Islamic commercial. The module consists of three major parts which are Islamic jurisprudence, Shariah audit, and theory of Islamic contract.

  • SH1003_shariah rules in financial transactions.pdf.jpg
  • Book


  • Authors: Lahsasna, Ahcene (2016-09-29T05:53:48Z)

  • This aim of this book is to make understanding: the framework of products based on various Syari'ah principles and their classifications; the way Islamic banking utilities various Islamic principles in structuring Islamic banking products; various principles of sale contracts in Islamic law and how they are applied to modern Islamic banks.

  • shadow_economy_and_financial_sector_development_in_Malaysia_muzafar_badariah_yusof_baharom.pdf.jpg
  • Journal Article


  • Authors: Habibullah, Muzafar Shah; Din, Badariah H.; Saari, M. Yusof; Abdul Hamid, Baharom (2016)

  • This paper explores the link between the shadow economy and financial sector development in Malaysia for the period 1971-2013. We calculate the size of the shadow economy by using the modified-cash-deposits-ratio approach recently developed by Pickhardt and Sardia (2011). We investigate the contention made by Blackburn et al. (2012) that financial sector development can mitigate shadow economy, higher level of financial sector development lead to lower level of shadow economy. Our results show that there is a non-linear long-run relationship between shadow economy and financial sector development in Malaysia, an inverted-U shape curve, suggesting that at lower (higher) level of financ...

  • item.jpg
  • Master


  • Authors: Migdad, Ridwan Alabi (2015)

  • Majority of Shari'ah scholars maintained the opinion that conventional insurance is not permissible in Shari'ah due to the elements of gharar "uncertainty", maysir "gambling" and riba "usury" that was found on it. This necessitated the establishment of takaful "Islamic Insurance" in the late 1970s, but this also did not go without criticisms as there are different opinions among Islamic scholars and also legal and regulatory practitioners on the permissibility of surplus sharing and Takaful models that has been adopted by takaful operators ... Available in physical copy only (Call Number: t HG 8051 M634)

  • Shariah_Legal_Issues_Musharakah_Mutanaqisah_adam.pdf.jpg
  • Industry Article


  • Authors: Ng, Adam Boon Ka (2009)

  • Deemed as a better alternative to bay bithaman ajil (BBA - sale of goods on a deferred payment basis) a study on the issues of musharakah mutanaqisah (MM) is timely for a more equity-oriented and Islamic universal banking philosophy. Some may view diversification of product space to fulfil the expectation of Shari'ah compliance as driving factors behind the offering of MM. However, one seldom comes across roses without thorns. And, the worrisome thorn in the side of Islamic finance is the limited use of MM, notwithstanding its appeal as a Shari'ah-based innovation.

  • shariah_committee_independence_insiders_view_shamser_eskandar_zulkarnain_2015.pdf.jpg
  • Industry Article


  • Authors: Muhammad Sori, Zulkarnain; Ramadili Mohd, Shamsher Mohamad; Mohd Rasid, Mohamed Eskandar Shah (2015-03-25)

  • Shariah committee independence has been highlighted by the Shariah Governance Framework as an important credential for an effective functioning of Shariah committees. This study examined Shariah committee independence of local IFIs as perceived by the shariah committee members of the IFIs. The results identified Shariah committee independence safeguards and threats, and implied better effectiveness through clearly defined meaning of independence and guidelines or code of best practices as a guide for the committee and related parties.

  • shariah_corporate_governance_need_special_governance_code_aishath.pdf.jpg
  • Journal Article


  • Authors: Muneeza, Aishath; Hassan, Rusni (2014)

  • With the advent of Islamic banking, a new species was added to the banking system which was then, only dominated by the conventional banking. Islamic banking expanded in the world within the last decade and as a result, Islamic finance emerged as an alternative to the conventional finance. This created Islamic companies and Islamic financial institutions which operate based on the principles of Shari'ah or Islamic Law. These Islamic corporate bodies, like the conventional corporate bodies do need good governance rules. In other words, they also need a good, sophisticated "Shari'ah Governance Code" which would be based on the principle of Islamic Law. This is mainly because the objecti...

  • shariah_governance_islamic_financial_institutions_wilson.pdf.jpg
  • Journal Article


  • Authors: Wilson, Rodney (2009)

  • For Islamic financial institutions to have credibility, formal procedures for Shari'ah governance are required; otherwise clients would have no assurance that the institution is upholding the principles of Islam in its financial dealings. This formal assurance can be provided by national law, as in the case of Iran, which enacted the Law on Interest-Free Banking of 1983, under which all banking operations had to be Shari'ah compliant. Malaysia passed an Islamic Banking Law the same year, but it created a dual system whereby licensed Islamic banks could compete alongside those operating conventionally. Unlike in Iran, however, Malaysia instigated a system for ongoing assurance by estab...

  • shariah_issues_islamic_capital_markets_sukuk_al.pdf.jpg
  • Journal Article


  • Authors: Lee, Sze Lin; Lahsasna, Ahcene; Ahmed, Rubi (2013)

  • The purpose of this paper is to ascertain the prevailing Shari'ah issues in Islamic capital markets, particularly Sukuk. Common features of conventional bonds are replicated in Sukuk via late penalty payment upon default, trading of debt-based Sukuk, purchase undertaking in equity-based structures and ownership status in asset-based transactions. These features pose Shari'ah concerns and are discussed in the paper from the perspective of current practices and views of scholars by compiling various references that reveal the diversity of the Shari'ah. The paper does not claim to provide solutions to the issues of debate; rather it engages in providing an analysis of these Shari'ah issu...

  • shariah_noncompliance_risk_management_legal_documentations_islamic_finance_cover.jpg.jpg
  • Book


  • Authors: Lahsasna, Ahcene (2014)

  • This book offers a thorough look at non-compliance risk and explains the legal documentation necessary to ensure compliance for professionals in the Islamic finance industry. In addition, the book offers helpful guidance and understanding for the legal departments of Islamic financial institutions, as well as lawyers, legal firms, Shariah advisors, Shariah officers, and students studying Islamic finance. The book covers fundamental concepts, major risk elements, tools and techniques for identifying non-compliance, legal documentation, and the impact of non-compliance, among other vital topics. Available in physical copy and ebook (Call Number: HG 3368 A6 L184S)

  • shariah_screening_market_risk_and_contagion_a_multi_countr_analysis_mansur_obiyathulla.pdf.jpg
  • Journal Article


  • Authors: el Alaoui, AbdelKader Ouatik; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur; Asutay, Mehmet (2016)

  • This study investigates the relationship and shock transmission between firm leverage and systematic risk within the Shari'ah stock screening rules among seven European countries with a sample of 689 firms for the period from 2008 Q2 to 2013 Q1. Due to the fact that high leverage augments systematic risk and accentuates the firm's vulnerability to shocks,debt screening is used to examine the sampled portfolios. As it imposes limits on debt,we examined the impact of such an ethical screening and a risk moderating principle on stock volatility, susceptibility to contagion and the implications for portfolio diversification.Using a vector auto regressive dynamic panel of multi-country fra...

  • CIAWM_Issue3_shariah_and_social_responsible_in_the_US_zaheer.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Anwer, Zaheer (2017)

  • In recent years, there has been a notable increase in investor consideration for religiosity and/or ethics in investment decision making it a class of investments in its own right and an important input in portfolio selection decisions. Investment decisions are governed not only by factors including investor anticipation of future economic, geo-political trends, social changes and investment timing but also religion or belief system. The religiosity and/or ethical practices prompt investors to discard so-called 'sin stocks' and limit their investment horizons to permissible investment alternatives.

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 953 to 972 of 1210
  • sacralising_finance_risk-sharing_Islamic_finance_Abbas_Adam_Ginanjar_Baharom.pdf.jpg
  • Keynote & Speech


  • Authors: Mirakhor, Abbas; Ng, Adam Boon Ka; Dewandaru, Ginanjar; Abdul Hamid, Baharom (2017)

  • Finance can be thought of as an engine of transformation and intermediation that bridges gaps between financial surplus and deficit units, between now and the future and between certainty of now and uncertainty of the future. It transforms value through maturity and risk transformation. This crucial function can be considered the reason for existence of finance. It creates incentives for surplus units to postpone the certainty of their financial resources now to the uncertainty of, presumably, higher amount of these resources in the future. It also encourages the deficit units to bring the future uncertain plans forward to the more certain present. Both units take risks. In other word...

  • sciences_of_punishment_introduction_to_comparative_penology.pdf.jpg
  • Book


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

  • Punishment is the universal response to crime and deviance in all regions of the world where its particular form and purpose is linked to detailed features of the structure of these societies at any given point in time. Designed to identify and examine the sources of similarity and differences in type of physical, ande economic punishments, incapacitation devices and designs, and lethal and non-lethal forms of corporall punishment over time and place through a comparative chronological analysis of punishment.

  • scrutinizing_role_corporate_waqf_turkey_india_malaysia_magda_2015.pdf.jpg
  • Industry Article


  • Authors: Ismail Abdel Mohsin, Magda (2015-06-26)

  • The institution of waqf is a historical vehicle to get closer to Allah (swt) on one hand and to offer societies’ requirements on the other. Through its immovable form the institution of waqf find its way in providing many goods and services such as buildings; mosques for prayer, residential housing for sheltering families, hospitals for taking care of the health of the people, schools and universities for educating students, agricultural lands for feeding the mass, factories for providing final products, constructing highways to facilitate travelling, besides, opening jobs for the mass without any cost to the government. Even though, the last century witness its destruction in almost ...

  • Seeking specific relief in cases of Islamic banking in Malaysia_aishath.pdf.jpg
  • Journal Article


  • Authors: Muneeza, Aishath (2018)

  • Often, the application of specific relief to Islamic banking is unspoken and unwritten. However, few studies suggest that legislation on specific relief needs amendment to cater for the effective application of Islamic banking and finance in the country and proposing the idea to introduce an Islamic Specific Relief Act. This paper aims to understand the application of specific relief to Islamic banking in Malaysia. This paper will look at the application of specific relief in Malaysia and discuss the extent of its application to Islamic banking cases reported in Malaysia from 1983 to 2015. The study will shed light on the general types of specific relief from Malaysian and Islamic law...

  • selected_studies_in_accounting.pdf.jpg
  • Book


  • Authors: Osman, Mohammad Noor Hisham; Turmin, Siti Zaidah; Abdul Latiff, Ahmed Razman; Muhammad Sori, Zulkarnain (2015)

  • This book incorporates selected empirical studies in accounting and finance. All studies were conducted in Malaysia content except one based on Egyptian data. We presented a total of nine chapters. One introductory chapter is followed by one chapter on issues related to auditing. Furthermore, we have two chapters on taxation, a chapter on accounting education and corporate governance respectively, and three chapters on finance. It is hoped that the book is of great value to readers for its meaningful contribution to progress in knowledge, policy making and practice.

  • selected_studies_in_accounting_and_finance_overview.pdf.jpg
  • Chapter in Book


  • Authors: Muhammad Sori, Zulkarnain; Osman, Mohammad Noor Hisham; Turmin, Siti Zaidah; Abdul Latiff, Ahmed Razman (2015)

  • This book contains a compilation of studies on selected issues in accounting and finance. These studies are conducted in Malaysian context except one study based in Egypt. The studies cover significant topics in auditing, taxation, accounting education, corporate governance and finance.

  • service_based_contracts_used_islamic_finance_comparison_hawalah_wakalah_kafalah_aishath.pdf.jpg
  • Journal Article


  • Authors: Mohd Suhaimi, Maryam Sofia; Md Fauzi, Maryam Syamilah; Noryatim, Nadiana; Mohd Noh, Norashikin; Shuhaimin, Nursyamimi; Jaafar, Qurratulain; Maulan, Siti Maspuah; Johan, Zati Fatini; Muneeza, Aishath (2016)

  • This paper aims to examine the use of service based contracts in Islamic Finance, namely Wakalah, Hawalah and Kafalah. These contracts, though considered secondary to primary contracts such as Musharakah and Mudarabah, are a crucial part of the foundation of Islamic Finance. The differences in each contract will be explained as well as issues on regulations, practices and procedures. Despite the fact that these concepts are widely adopted in Islamic financial products and services, little work has been done in examining the differences and applications in financial institutions. In this paper, the basic principles and rules of service based contracts will be discussed with special ref...

  • session_one_global_development_Islamic_finance_daud_vicary.pdf.jpg
  • Academic Presentation


  • Authors: Vicary Abdullah, Daud (2013)

  • Islamic finance as an alternative. Islamic financial sector is in a unique position to promote financial innovation and bring stability to global finance, as long as it is correctly nurtured and developed internationally.

  • SH1002_shariah aspects in business and finance.pdf.jpg
  • Book


  • Authors: Lahsasna, Ahcene (2010)

  • This aim of this book is to provide the students a sound foundation in Islamic jurisprudence, Shariah audit and compliance coupled with a comprehensive knowledge on the theory of contracts in Islamic commercial. The module consists of three major parts which are Islamic jurisprudence, Shariah audit, and theory of Islamic contract.

  • SH1003_shariah rules in financial transactions.pdf.jpg
  • Book


  • Authors: Lahsasna, Ahcene (2016-09-29T05:53:48Z)

  • This aim of this book is to make understanding: the framework of products based on various Syari'ah principles and their classifications; the way Islamic banking utilities various Islamic principles in structuring Islamic banking products; various principles of sale contracts in Islamic law and how they are applied to modern Islamic banks.

  • shadow_economy_and_financial_sector_development_in_Malaysia_muzafar_badariah_yusof_baharom.pdf.jpg
  • Journal Article


  • Authors: Habibullah, Muzafar Shah; Din, Badariah H.; Saari, M. Yusof; Abdul Hamid, Baharom (2016)

  • This paper explores the link between the shadow economy and financial sector development in Malaysia for the period 1971-2013. We calculate the size of the shadow economy by using the modified-cash-deposits-ratio approach recently developed by Pickhardt and Sardia (2011). We investigate the contention made by Blackburn et al. (2012) that financial sector development can mitigate shadow economy, higher level of financial sector development lead to lower level of shadow economy. Our results show that there is a non-linear long-run relationship between shadow economy and financial sector development in Malaysia, an inverted-U shape curve, suggesting that at lower (higher) level of financ...

  • item.jpg
  • Master


  • Authors: Migdad, Ridwan Alabi (2015)

  • Majority of Shari'ah scholars maintained the opinion that conventional insurance is not permissible in Shari'ah due to the elements of gharar "uncertainty", maysir "gambling" and riba "usury" that was found on it. This necessitated the establishment of takaful "Islamic Insurance" in the late 1970s, but this also did not go without criticisms as there are different opinions among Islamic scholars and also legal and regulatory practitioners on the permissibility of surplus sharing and Takaful models that has been adopted by takaful operators ... Available in physical copy only (Call Number: t HG 8051 M634)

  • Shariah_Legal_Issues_Musharakah_Mutanaqisah_adam.pdf.jpg
  • Industry Article


  • Authors: Ng, Adam Boon Ka (2009)

  • Deemed as a better alternative to bay bithaman ajil (BBA - sale of goods on a deferred payment basis) a study on the issues of musharakah mutanaqisah (MM) is timely for a more equity-oriented and Islamic universal banking philosophy. Some may view diversification of product space to fulfil the expectation of Shari'ah compliance as driving factors behind the offering of MM. However, one seldom comes across roses without thorns. And, the worrisome thorn in the side of Islamic finance is the limited use of MM, notwithstanding its appeal as a Shari'ah-based innovation.

  • shariah_committee_independence_insiders_view_shamser_eskandar_zulkarnain_2015.pdf.jpg
  • Industry Article


  • Authors: Muhammad Sori, Zulkarnain; Ramadili Mohd, Shamsher Mohamad; Mohd Rasid, Mohamed Eskandar Shah (2015-03-25)

  • Shariah committee independence has been highlighted by the Shariah Governance Framework as an important credential for an effective functioning of Shariah committees. This study examined Shariah committee independence of local IFIs as perceived by the shariah committee members of the IFIs. The results identified Shariah committee independence safeguards and threats, and implied better effectiveness through clearly defined meaning of independence and guidelines or code of best practices as a guide for the committee and related parties.

  • shariah_corporate_governance_need_special_governance_code_aishath.pdf.jpg
  • Journal Article


  • Authors: Muneeza, Aishath; Hassan, Rusni (2014)

  • With the advent of Islamic banking, a new species was added to the banking system which was then, only dominated by the conventional banking. Islamic banking expanded in the world within the last decade and as a result, Islamic finance emerged as an alternative to the conventional finance. This created Islamic companies and Islamic financial institutions which operate based on the principles of Shari'ah or Islamic Law. These Islamic corporate bodies, like the conventional corporate bodies do need good governance rules. In other words, they also need a good, sophisticated "Shari'ah Governance Code" which would be based on the principle of Islamic Law. This is mainly because the objecti...

  • shariah_governance_islamic_financial_institutions_wilson.pdf.jpg
  • Journal Article


  • Authors: Wilson, Rodney (2009)

  • For Islamic financial institutions to have credibility, formal procedures for Shari'ah governance are required; otherwise clients would have no assurance that the institution is upholding the principles of Islam in its financial dealings. This formal assurance can be provided by national law, as in the case of Iran, which enacted the Law on Interest-Free Banking of 1983, under which all banking operations had to be Shari'ah compliant. Malaysia passed an Islamic Banking Law the same year, but it created a dual system whereby licensed Islamic banks could compete alongside those operating conventionally. Unlike in Iran, however, Malaysia instigated a system for ongoing assurance by estab...

  • shariah_issues_islamic_capital_markets_sukuk_al.pdf.jpg
  • Journal Article


  • Authors: Lee, Sze Lin; Lahsasna, Ahcene; Ahmed, Rubi (2013)

  • The purpose of this paper is to ascertain the prevailing Shari'ah issues in Islamic capital markets, particularly Sukuk. Common features of conventional bonds are replicated in Sukuk via late penalty payment upon default, trading of debt-based Sukuk, purchase undertaking in equity-based structures and ownership status in asset-based transactions. These features pose Shari'ah concerns and are discussed in the paper from the perspective of current practices and views of scholars by compiling various references that reveal the diversity of the Shari'ah. The paper does not claim to provide solutions to the issues of debate; rather it engages in providing an analysis of these Shari'ah issu...

  • shariah_noncompliance_risk_management_legal_documentations_islamic_finance_cover.jpg.jpg
  • Book


  • Authors: Lahsasna, Ahcene (2014)

  • This book offers a thorough look at non-compliance risk and explains the legal documentation necessary to ensure compliance for professionals in the Islamic finance industry. In addition, the book offers helpful guidance and understanding for the legal departments of Islamic financial institutions, as well as lawyers, legal firms, Shariah advisors, Shariah officers, and students studying Islamic finance. The book covers fundamental concepts, major risk elements, tools and techniques for identifying non-compliance, legal documentation, and the impact of non-compliance, among other vital topics. Available in physical copy and ebook (Call Number: HG 3368 A6 L184S)

  • shariah_screening_market_risk_and_contagion_a_multi_countr_analysis_mansur_obiyathulla.pdf.jpg
  • Journal Article


  • Authors: el Alaoui, AbdelKader Ouatik; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur; Asutay, Mehmet (2016)

  • This study investigates the relationship and shock transmission between firm leverage and systematic risk within the Shari'ah stock screening rules among seven European countries with a sample of 689 firms for the period from 2008 Q2 to 2013 Q1. Due to the fact that high leverage augments systematic risk and accentuates the firm's vulnerability to shocks,debt screening is used to examine the sampled portfolios. As it imposes limits on debt,we examined the impact of such an ethical screening and a risk moderating principle on stock volatility, susceptibility to contagion and the implications for portfolio diversification.Using a vector auto regressive dynamic panel of multi-country fra...

  • CIAWM_Issue3_shariah_and_social_responsible_in_the_US_zaheer.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Anwer, Zaheer (2017)

  • In recent years, there has been a notable increase in investor consideration for religiosity and/or ethics in investment decision making it a class of investments in its own right and an important input in portfolio selection decisions. Investment decisions are governed not only by factors including investor anticipation of future economic, geo-political trends, social changes and investment timing but also religion or belief system. The religiosity and/or ethical practices prompt investors to discard so-called 'sin stocks' and limit their investment horizons to permissible investment alternatives.