Browsing by Topic Islamic capital markets

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Showing results 1 to 10 of 175
  • fiqhi_analysis_tradability_Islamic_securities_ahcene.pdf.jpg
  • Journal Article

  • A fiqhi analysis of tradability of Islamic securities

    • Authors: Habib, Farrukh; Laldin, Mohamad Akram; Lahsasna, Ahcene (2015)

  • Secondary markets are vital for the development of Islamic capital markets (ICMs) (Aziz, 2007). They facilitate the reselling of securities among investors, thus adding liquidity to these instruments (Mishkin, 2004: 26-27). Besides this basic role, secondary markets assist in reducing average cost of capital; bringing about a rational representation of the pricing of securities in primary as well as secondary markets; facilitating the exchange of investment risks; evaluating the performance of private and public sector, and mitigating information asymmetry (Ahmed, 1995; Al-Eshkar, 1995; El-Gari, 1993; Mishkin, 2004). However, secondary market trading of Islamic securities involves va...
  • a_small_island_aspires_to_introduce_sukuk_aishath.pdf.jpg
  • Industry Article

  • A small island aspires to introduce sukuk

    • Authors: Muneeza, Aishath (2012)

  • The Maldives has embarked on the huge task of developing Islamic finance parallel to its existing conventional finance market. After establishing its very first Islamic bank in March 2011, the country also witnessed the issuance of its first Islamic equity in 2011. The first company in Maldives that was listed as a company issuing Shariah compliant equity was Amana Takaful Maldives. The country is subsequently moving towards the development of a sukuk market.
  • analysis_stock_market_efficiency_developed_vs_Islamic_stock_markets_using_MF-DFA_obiya_mansur.pdf.jpg
  • Journal Article

  • An analysis of stock market efficiency: developed vs Islamic stock markets using MF-DFA

    • Authors: Rizvi, Syed Aun Raza; Dewandaru, Ginanjar; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur (2014)

  • An efficient market has been theoretically proven to be a key component for effective and efficient resource allocation in an economy. This paper incorporates econophysics with Efficient Market Hypothesis to undertake a comparative analysis of Islamic and developed countries’ markets by extending the understanding of their multifractal nature. By applying the Multifractal Detrended Fluctuation Analysis (MFDFA) we calculated the generalized Hurst exponents, multifractal scaling exponents and generalized multifractal dimensions for 22 broad market indices. The findings provide a deeper understanding of the markets in Islamic countries, where they have traces of highly efficient performa...
  • item.jpg
  • Master

  • An analysis of defaulted sukuks: evidence from USA and Middle East

    • Authors: Osmanzadah, Shafiq Ullah (2015)

  • Islamic financial instruments differ from conventional instruments because of their risk sharing and justice factor. Talking specifically about fund raising instruments, Sukuks are the most vital and demanded instrument. Despite of its risk sharing and equity feature, Sukuk defaults yet happened which eventually raised several questions on the viability of these instruments and their treatment in a distressed situation that provides us with another avenue of research on these instruments. In this paper, we analysed five major Sukuk defaults that happened recently in the aftermath of the 2007 global financial crisis ...
  • PhD_An_analysis_of_issues_surrounding_stock_index_futures_contract_Hashim.pdf.jpg
  • PhD

  • An analysis of issues surrounding stock index future contracts: Malaysian evidence

    • Authors: Jusoh, Hashim (2017)

  • The derivatives markets in the Asian region have shown significant growth and development since their inception. Similarly, derivatives market in Malaysia and Bursa Malaysia Derivatives have experienced remarkable changes and developments. This study focuses mainly on the stock index futures contract (FKLI) and its relationship with the underlying spot index (FBM KLCI). The FKLI is chosen instead of other permissible futures due to availability of the data and its relevance in the context of fund managers' asset allocation strategy...
  • application_bay_al-innah_bay_al-dayn_malaysian_islam_bonds_islamic_analysis_saiful.pdf.jpg
  • Journal Article

  • The application of bay' al-'inah and bay' al-dayn in Malaysian Islamic bonds: an Islamic analysis

    • Authors: Rosly, Saiful Azhar; Sanusi, Mahmood (1999)

  • Financial contracts involving use of bay' al-inah and bay' al-dayn have been extensively used in design of Malaysian Islamic bonds. This paper argues that both these mechanisms have been found unacceptable by the majority of Islamic scholars and proposes the use of financing based on Muqarada and Musharaka principles as genuine alternatives to interest-bearing financial instruments.
  • item.jpg
  • Master

  • Are Islamic and conventional money markets highly correlated? MGARCH-DCC and Wavelet approaches

    • Authors: Bai, Chen (2017)

  • With the development of Islamic banking and finance in most Muslim countries, money market became necessary for financial institution to solve the liquidity problems. However, there is much criticism of Islamic banks and financial products for their pegging to the interest rate. Islamic money market is based on the same PLS principle with other Islamic financial products, if such products are pegged to their rate of interest, then they are not PLS. More correctly, they are based on well-and sometimes not so well-hidden conventional or interest-based contracts ...
  • islamic_stock_markets_integrated_globally_sarkar_ginanjar_mansur.pdf.jpg
  • Journal Article

  • Are Islamic stock markets integrated globally? Evidence from time series techniques

    • Authors: Kabir, Sarkar Humayun; Dewandaru, Ginanjar; Mohammed Masih, Abul Mansur (2013)

  • This study attempts to investigate the issue of integration of Islamic equity markets (i) not only whether these markets are moving together or not (ii) but also whether the permanent and temporary components of these markets are moving together or not. Our evidence tends to indicate that these selected Islamic markets are bound together by one cointegrating relationship with the Euro zone Islamic equity market being the most leading one and the U.K. Islamic equity market being the follower. Beveridge-Nelson (BN) time series decomposition analysis reinforces the integration by indicating that both the permanent and transitory components of all these Islamic equity indices tend to move...
  • there_profit_returns_Shariah_compliant_exchange_traded_funds_multiscale_propensity_faizal_mansur.pdf.jpg
  • Journal Article

  • Are there profit (returns) in Shariah-compliant exchange traded funds? The multiscale propensity

    • Authors: Mohammed Masih, Abul Mansur; Farouk, Faizal (2016-05-10)

  • This paper is the first attempt to investigate the multiscale tendency of the co-movement and cross-correlation of nine Islamic Exchange Traded Fund (ETF) returns across the global developed and emerging markets using both wavelet coherence and wavelet MODWT methods. The wavelet coherence results tend to indicate consistent co movement between most of the ETF returns especially in the long run. The study also uncovers evidence of wide variation of co-movement across the time-scales during the global financial crisis and the Euro debt crisis. Strong co-movement can be observed during the global financialcrisis, both for the medium term investors and long term investors. The paper studi...

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Browsing by Topic Islamic capital markets

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 1 to 10 of 175
  • fiqhi_analysis_tradability_Islamic_securities_ahcene.pdf.jpg
  • Journal Article

  • A fiqhi analysis of tradability of Islamic securities

    • Authors: Habib, Farrukh; Laldin, Mohamad Akram; Lahsasna, Ahcene (2015)

  • Secondary markets are vital for the development of Islamic capital markets (ICMs) (Aziz, 2007). They facilitate the reselling of securities among investors, thus adding liquidity to these instruments (Mishkin, 2004: 26-27). Besides this basic role, secondary markets assist in reducing average cost of capital; bringing about a rational representation of the pricing of securities in primary as well as secondary markets; facilitating the exchange of investment risks; evaluating the performance of private and public sector, and mitigating information asymmetry (Ahmed, 1995; Al-Eshkar, 1995; El-Gari, 1993; Mishkin, 2004). However, secondary market trading of Islamic securities involves va...
  • a_small_island_aspires_to_introduce_sukuk_aishath.pdf.jpg
  • Industry Article

  • A small island aspires to introduce sukuk

    • Authors: Muneeza, Aishath (2012)

  • The Maldives has embarked on the huge task of developing Islamic finance parallel to its existing conventional finance market. After establishing its very first Islamic bank in March 2011, the country also witnessed the issuance of its first Islamic equity in 2011. The first company in Maldives that was listed as a company issuing Shariah compliant equity was Amana Takaful Maldives. The country is subsequently moving towards the development of a sukuk market.
  • analysis_stock_market_efficiency_developed_vs_Islamic_stock_markets_using_MF-DFA_obiya_mansur.pdf.jpg
  • Journal Article

  • An analysis of stock market efficiency: developed vs Islamic stock markets using MF-DFA

    • Authors: Rizvi, Syed Aun Raza; Dewandaru, Ginanjar; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur (2014)

  • An efficient market has been theoretically proven to be a key component for effective and efficient resource allocation in an economy. This paper incorporates econophysics with Efficient Market Hypothesis to undertake a comparative analysis of Islamic and developed countries’ markets by extending the understanding of their multifractal nature. By applying the Multifractal Detrended Fluctuation Analysis (MFDFA) we calculated the generalized Hurst exponents, multifractal scaling exponents and generalized multifractal dimensions for 22 broad market indices. The findings provide a deeper understanding of the markets in Islamic countries, where they have traces of highly efficient performa...
  • item.jpg
  • Master

  • An analysis of defaulted sukuks: evidence from USA and Middle East

    • Authors: Osmanzadah, Shafiq Ullah (2015)

  • Islamic financial instruments differ from conventional instruments because of their risk sharing and justice factor. Talking specifically about fund raising instruments, Sukuks are the most vital and demanded instrument. Despite of its risk sharing and equity feature, Sukuk defaults yet happened which eventually raised several questions on the viability of these instruments and their treatment in a distressed situation that provides us with another avenue of research on these instruments. In this paper, we analysed five major Sukuk defaults that happened recently in the aftermath of the 2007 global financial crisis ...
  • PhD_An_analysis_of_issues_surrounding_stock_index_futures_contract_Hashim.pdf.jpg
  • PhD

  • An analysis of issues surrounding stock index future contracts: Malaysian evidence

    • Authors: Jusoh, Hashim (2017)

  • The derivatives markets in the Asian region have shown significant growth and development since their inception. Similarly, derivatives market in Malaysia and Bursa Malaysia Derivatives have experienced remarkable changes and developments. This study focuses mainly on the stock index futures contract (FKLI) and its relationship with the underlying spot index (FBM KLCI). The FKLI is chosen instead of other permissible futures due to availability of the data and its relevance in the context of fund managers' asset allocation strategy...
  • application_bay_al-innah_bay_al-dayn_malaysian_islam_bonds_islamic_analysis_saiful.pdf.jpg
  • Journal Article

  • The application of bay' al-'inah and bay' al-dayn in Malaysian Islamic bonds: an Islamic analysis

    • Authors: Rosly, Saiful Azhar; Sanusi, Mahmood (1999)

  • Financial contracts involving use of bay' al-inah and bay' al-dayn have been extensively used in design of Malaysian Islamic bonds. This paper argues that both these mechanisms have been found unacceptable by the majority of Islamic scholars and proposes the use of financing based on Muqarada and Musharaka principles as genuine alternatives to interest-bearing financial instruments.
  • item.jpg
  • Master

  • Are Islamic and conventional money markets highly correlated? MGARCH-DCC and Wavelet approaches

    • Authors: Bai, Chen (2017)

  • With the development of Islamic banking and finance in most Muslim countries, money market became necessary for financial institution to solve the liquidity problems. However, there is much criticism of Islamic banks and financial products for their pegging to the interest rate. Islamic money market is based on the same PLS principle with other Islamic financial products, if such products are pegged to their rate of interest, then they are not PLS. More correctly, they are based on well-and sometimes not so well-hidden conventional or interest-based contracts ...
  • islamic_stock_markets_integrated_globally_sarkar_ginanjar_mansur.pdf.jpg
  • Journal Article

  • Are Islamic stock markets integrated globally? Evidence from time series techniques

    • Authors: Kabir, Sarkar Humayun; Dewandaru, Ginanjar; Mohammed Masih, Abul Mansur (2013)

  • This study attempts to investigate the issue of integration of Islamic equity markets (i) not only whether these markets are moving together or not (ii) but also whether the permanent and temporary components of these markets are moving together or not. Our evidence tends to indicate that these selected Islamic markets are bound together by one cointegrating relationship with the Euro zone Islamic equity market being the most leading one and the U.K. Islamic equity market being the follower. Beveridge-Nelson (BN) time series decomposition analysis reinforces the integration by indicating that both the permanent and transitory components of all these Islamic equity indices tend to move...
  • there_profit_returns_Shariah_compliant_exchange_traded_funds_multiscale_propensity_faizal_mansur.pdf.jpg
  • Journal Article

  • Are there profit (returns) in Shariah-compliant exchange traded funds? The multiscale propensity

    • Authors: Mohammed Masih, Abul Mansur; Farouk, Faizal (2016-05-10)

  • This paper is the first attempt to investigate the multiscale tendency of the co-movement and cross-correlation of nine Islamic Exchange Traded Fund (ETF) returns across the global developed and emerging markets using both wavelet coherence and wavelet MODWT methods. The wavelet coherence results tend to indicate consistent co movement between most of the ETF returns especially in the long run. The study also uncovers evidence of wide variation of co-movement across the time-scales during the global financial crisis and the Euro debt crisis. Strong co-movement can be observed during the global financialcrisis, both for the medium term investors and long term investors. The paper studi...