Browsing by Topic Islamic capital markets::Sukuk

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  • Master


  • Authors: Osmanzadah, Shafiq Ullah (2015)

  • Islamic financial instruments differ from conventional nstruments 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 ... Available in physical copy only (Call Number: t HG 4651 O83)

  • daily_traders_institutional_investors_wealth_effect_upon_sukuk_conventional_bond_announcements_mansur_obiya.pdf.jpg
  • Journal Article


  • Authors: Hanifa, Mohamed Hisham; Mohammed Masih, Abul Mansur; Bacha, Obiyathulla Ismath (2014)

  • The last decade has witnessed a rapid expansion of Islamic financial instruments with a notable proliferation of Islamic investment certificates called sukuk. In spite of the expansion, research to appraise their growth implications remains limited. This paper investigated the structural differences within sukuk and conventional and their implications on investor return reactions. It also looked at the investors' different decision making time horizon dimensions in response to the respective debt security's announcement. Our sample consisted of 158 conventional bonds and 129 sukuk issuers between 2000 and 2013. Event-study methodology and wavelet analysis were used resulting in three ...

  • do_debt_markets_price_sukuk_conventional_bonds_differently_shamser.pdf.jpg
  • Journal Article


  • Authors: Safari, Meysam; Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad (2013)

  • A new type of debt securities called sukuk certificates have grown to US $840 billion in 11 financial markets as of 2011. These Islamic debt instruments share some features similar to conventional bonds, so market operators treat both as bonds. Whether it is appropriate to treat sukuk certificates as conventional bonds is empirically tested in this paper. If the yields of sukuk are the same as those of conventional bonds, Granger causality tests could confirm their equivalence. Practically the tests show otherwise. Also, the yields of sukuk instruments are significantly higher than yields of conventional bonds even after controlling issuers, rating quality and tenure in matched sample...

  • Does_held_maturity_strategy_impede_effective_portfolio_diversification_Islamic_ bond_sukuk_portfolios_Najeeb_Obiyathulla.pdf.jpg
  • Journal Article


  • Authors: Najeeb, Syed Faiq; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur (2017)

  • There is a critical gap in literature in studying the portfolio diversification opportunities available to sukuk investors and evaluating these in the light of held-to-maturity strategies usually adopted by these investors. This paper has made an initial attempt to study the portfolio diversification strategies for sukuk portfolios across heterogeneous investment horizons. Our findings critically indicate that returns between local currency sukuk in different markets generally have low levels of correlations across different investor holding periods, thus enabling both short and long-run portfolio diversification benefits. However, in contrast, international currency sukuk issued in d...

  • Funding_development_infrastructure_without_leverage_Obiya.pdf.jpg
  • Journal Article


  • Authors: Bacha, Obiyathulla Ismath; Mirakhor, Abbas (2017)

  • Muslim developing countries like many of their conventional counterparts suffer serious indebtedness. Amongst the 57 OIC countries, only the six Gulf cooperation Council countries have positive fiscal balances. The other 51 OIC nations have government budget deficits. Nineteen of these 51 countries are classified by the World Bank/IMF as HIPC (heavily indebted poor country). That government expenditure exceeds government revenues is a fairly common characteristic of developing economics. It is typically the result of the need to fund development. As matters now stand, there are two key problems with this. First, the budget shortfall is typically met by way of interest-based borrowing....

  • incentive_compatible_sukuk_musharakah_private_sector_funding_ahcene_obiyathulla.pdf.jpg
  • Journal Article


  • Authors: Diaw, Abdou; Bacha, Obiyathulla Ismath; Lahsasna, Ahcene (2012)

  • Despite the huge potential on both the demand and supply sides of the sukuk market, the current sukukstructures fall short of adequately meeting the market’s needs as the Shari'ah compliance of many of them and/or their economic efficiency are questionable. Even though partnership-based sukuk are claimed to reflect the true spirit of Islamic finance, their underuse as a financing instrument is a notable fact. Such a situation, if not addressed, will impede the development of the sukuk market in the future. This paper proposes an innovative sukuk musharakah model for consideration by companies and revenue generating infrastructure projects. The model has an incentive-compatible feature...

  • introduction to sukuk islamic debt.pdf.jpg
  • Chapter in Book


  • Authors: Ariff, Mohamed; Iqbal, Munawar; Ramadili Mohd, Shamsher Mohamad (2012)

  • This book is the outcome of a joint effort of a number of senior practising professionals as well as leading research scholars and educators in Islamic finance. The result is a reliable book on the subject of sukuk securities. Though this type of security is new ro modern Islamic finance, it has its historical roots some centuries earlier as a novel instrument developed in the Turkish Empire based on earlier practices of government treasuries to raise money. Available in physical copy only (Call Number: HG 4651 I82I)

  • Is_the_long_term_profit_rate_of_Malaysian_shamsher.pdf.jpg
  • Journal Article


  • Authors: Adejoke, Adesina-Uthman Ganiyat; Hassan, Taufiq; Ramadili Mohd, Shamsher Mohamad; Hassan, M. Kabir (2013)

  • Decomposition of yield curves is important for pricing of fixed income instruments, inflation management, and modeling term structure of interest rates. Therefore, this study investigates whether the long term profit rate of different classes of Sukuk (Islamic bond) is a viable predictor of future spot profit rates. Data on Malaysian Sukuk from 2001-2010 was used to estimate yield curves and forward rates. Regression findings suggest that the forward rate is a weak predictor of future spot profit rate, implying long term profit rates are not average of future spot rate s on long term Sukuk. The findings do not support the expectation hypothesis. However, comparison with securities of ...

  • Islamic_capital_markets.pdf.jpg
  • Book


  • Authors: Muhammad, Marjan; Sairally, Beebee Salma; Habib, Farrukh (2015)

  • The book presents the various aspects of the theory of Islamic capital markets (ICM) and its operations by starting with the simplest ideas and moving on to the complex applied issues. The topics covered include: an overview of ICM and its development; Shari'ah principles, contracts and issues; regulatory and governance frameworks; risk management, accounting and taxation issues; details on different segments of the ICM, including sukuk, Shari'ah-compliant stocks, Islamic fund management, Islamic private equity and venture capital, Islamic derivatives and Islamic structures investment products; and future directions for the ICM.

  • linkages_co-movement_between_international_stockmarket_returns_Case_Dow_Jones_Islamic_Dubai_FinancialMarket_index_mm.pdf.jpg
  • Journal Article


  • Authors: El Alaoui, AbdelKader Ouatik; Dewandaru, Ginanjar; Rosly, Saiful Azhar; Mohammed Masih, Abul Mansur (2015)

  • Using wavelet techniques (discrete and continuous), this paper is the first attempt to investigate the co-movement dynamics at different time scales or horizons of Islamic Dubai Financial Market (DFM-UAE) index returns with their counterpart regional Islamic indices returns such as GCC index, ASEAN index, Developing Countries index, Emerging Countries Index, and the Global Sukuk. Finally, we examine the impact of the LIBOR on the Islamic DFM-UAE return. Our first finding is that the two markets DFM_UAE, and (GCC and Saudi) are converging, in the long run, to the same level of risk and volatility with the Global Sukuk index. The wavelet analysis based on betas indicates a strong non-ho...

Browsing by Topic Islamic capital markets::Sukuk

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 20
  • item.jpg
  • Master


  • Authors: Osmanzadah, Shafiq Ullah (2015)

  • Islamic financial instruments differ from conventional nstruments 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 ... Available in physical copy only (Call Number: t HG 4651 O83)

  • daily_traders_institutional_investors_wealth_effect_upon_sukuk_conventional_bond_announcements_mansur_obiya.pdf.jpg
  • Journal Article


  • Authors: Hanifa, Mohamed Hisham; Mohammed Masih, Abul Mansur; Bacha, Obiyathulla Ismath (2014)

  • The last decade has witnessed a rapid expansion of Islamic financial instruments with a notable proliferation of Islamic investment certificates called sukuk. In spite of the expansion, research to appraise their growth implications remains limited. This paper investigated the structural differences within sukuk and conventional and their implications on investor return reactions. It also looked at the investors' different decision making time horizon dimensions in response to the respective debt security's announcement. Our sample consisted of 158 conventional bonds and 129 sukuk issuers between 2000 and 2013. Event-study methodology and wavelet analysis were used resulting in three ...

  • do_debt_markets_price_sukuk_conventional_bonds_differently_shamser.pdf.jpg
  • Journal Article


  • Authors: Safari, Meysam; Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad (2013)

  • A new type of debt securities called sukuk certificates have grown to US $840 billion in 11 financial markets as of 2011. These Islamic debt instruments share some features similar to conventional bonds, so market operators treat both as bonds. Whether it is appropriate to treat sukuk certificates as conventional bonds is empirically tested in this paper. If the yields of sukuk are the same as those of conventional bonds, Granger causality tests could confirm their equivalence. Practically the tests show otherwise. Also, the yields of sukuk instruments are significantly higher than yields of conventional bonds even after controlling issuers, rating quality and tenure in matched sample...

  • Does_held_maturity_strategy_impede_effective_portfolio_diversification_Islamic_ bond_sukuk_portfolios_Najeeb_Obiyathulla.pdf.jpg
  • Journal Article


  • Authors: Najeeb, Syed Faiq; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur (2017)

  • There is a critical gap in literature in studying the portfolio diversification opportunities available to sukuk investors and evaluating these in the light of held-to-maturity strategies usually adopted by these investors. This paper has made an initial attempt to study the portfolio diversification strategies for sukuk portfolios across heterogeneous investment horizons. Our findings critically indicate that returns between local currency sukuk in different markets generally have low levels of correlations across different investor holding periods, thus enabling both short and long-run portfolio diversification benefits. However, in contrast, international currency sukuk issued in d...

  • Funding_development_infrastructure_without_leverage_Obiya.pdf.jpg
  • Journal Article


  • Authors: Bacha, Obiyathulla Ismath; Mirakhor, Abbas (2017)

  • Muslim developing countries like many of their conventional counterparts suffer serious indebtedness. Amongst the 57 OIC countries, only the six Gulf cooperation Council countries have positive fiscal balances. The other 51 OIC nations have government budget deficits. Nineteen of these 51 countries are classified by the World Bank/IMF as HIPC (heavily indebted poor country). That government expenditure exceeds government revenues is a fairly common characteristic of developing economics. It is typically the result of the need to fund development. As matters now stand, there are two key problems with this. First, the budget shortfall is typically met by way of interest-based borrowing....

  • incentive_compatible_sukuk_musharakah_private_sector_funding_ahcene_obiyathulla.pdf.jpg
  • Journal Article


  • Authors: Diaw, Abdou; Bacha, Obiyathulla Ismath; Lahsasna, Ahcene (2012)

  • Despite the huge potential on both the demand and supply sides of the sukuk market, the current sukukstructures fall short of adequately meeting the market’s needs as the Shari'ah compliance of many of them and/or their economic efficiency are questionable. Even though partnership-based sukuk are claimed to reflect the true spirit of Islamic finance, their underuse as a financing instrument is a notable fact. Such a situation, if not addressed, will impede the development of the sukuk market in the future. This paper proposes an innovative sukuk musharakah model for consideration by companies and revenue generating infrastructure projects. The model has an incentive-compatible feature...

  • introduction to sukuk islamic debt.pdf.jpg
  • Chapter in Book


  • Authors: Ariff, Mohamed; Iqbal, Munawar; Ramadili Mohd, Shamsher Mohamad (2012)

  • This book is the outcome of a joint effort of a number of senior practising professionals as well as leading research scholars and educators in Islamic finance. The result is a reliable book on the subject of sukuk securities. Though this type of security is new ro modern Islamic finance, it has its historical roots some centuries earlier as a novel instrument developed in the Turkish Empire based on earlier practices of government treasuries to raise money. Available in physical copy only (Call Number: HG 4651 I82I)

  • Is_the_long_term_profit_rate_of_Malaysian_shamsher.pdf.jpg
  • Journal Article


  • Authors: Adejoke, Adesina-Uthman Ganiyat; Hassan, Taufiq; Ramadili Mohd, Shamsher Mohamad; Hassan, M. Kabir (2013)

  • Decomposition of yield curves is important for pricing of fixed income instruments, inflation management, and modeling term structure of interest rates. Therefore, this study investigates whether the long term profit rate of different classes of Sukuk (Islamic bond) is a viable predictor of future spot profit rates. Data on Malaysian Sukuk from 2001-2010 was used to estimate yield curves and forward rates. Regression findings suggest that the forward rate is a weak predictor of future spot profit rate, implying long term profit rates are not average of future spot rate s on long term Sukuk. The findings do not support the expectation hypothesis. However, comparison with securities of ...

  • Islamic_capital_markets.pdf.jpg
  • Book


  • Authors: Muhammad, Marjan; Sairally, Beebee Salma; Habib, Farrukh (2015)

  • The book presents the various aspects of the theory of Islamic capital markets (ICM) and its operations by starting with the simplest ideas and moving on to the complex applied issues. The topics covered include: an overview of ICM and its development; Shari'ah principles, contracts and issues; regulatory and governance frameworks; risk management, accounting and taxation issues; details on different segments of the ICM, including sukuk, Shari'ah-compliant stocks, Islamic fund management, Islamic private equity and venture capital, Islamic derivatives and Islamic structures investment products; and future directions for the ICM.

  • linkages_co-movement_between_international_stockmarket_returns_Case_Dow_Jones_Islamic_Dubai_FinancialMarket_index_mm.pdf.jpg
  • Journal Article


  • Authors: El Alaoui, AbdelKader Ouatik; Dewandaru, Ginanjar; Rosly, Saiful Azhar; Mohammed Masih, Abul Mansur (2015)

  • Using wavelet techniques (discrete and continuous), this paper is the first attempt to investigate the co-movement dynamics at different time scales or horizons of Islamic Dubai Financial Market (DFM-UAE) index returns with their counterpart regional Islamic indices returns such as GCC index, ASEAN index, Developing Countries index, Emerging Countries Index, and the Global Sukuk. Finally, we examine the impact of the LIBOR on the Islamic DFM-UAE return. Our first finding is that the two markets DFM_UAE, and (GCC and Saudi) are converging, in the long run, to the same level of risk and volatility with the Global Sukuk index. The wavelet analysis based on betas indicates a strong non-ho...