Browsing by Topic Islamic capital markets

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Showing results 114 to 123 of 172
  • property_rights_stock_market-growth_nexus_adamng.pdf.jpg
  • Journal Article


  • Authors: Ng, Adam Boon Ka; Dewandaru, Ginanjar; Ibrahim, Mansor H. (2015)

  • Using threshold estimation techniques, this study examines whether the growth effect of stock market development differs according to the different levels of property rights and minority shareholders protection in a cross-section of 85 jurisdictions during the post-crisis period. The results demonstrate that the impact of stock market liquidity on growth is positive and significant only in jurisdictions where there is high level of property rights protection. Similar effect is discerned in the case of strong minority shareholders protection. Using the market size as a measure of stock market development, the paper also documents a positive growth effect of market size when property ri...

  • proposal_for_innovation_in_the_capital_markets.pdf.jpg
  • Chapter in Book


  • Authors: Cizakca, Murat (2014)

  • How does an Islamic state (or, for that matter, a corporation), borrow a substantial amount of capital from mostly Muslim savers or high net-worth individuals, and fast? In 1774, this was the question which the Ottoman Minister of Finance had to answer urgently. Defeated by the armies of Imperial Russia, Ottomans had to pay a huge war indemnity within a year. Moreover, since the borrowing had to be done by the government of the Caliph, it had to be Shari'a based.

  • prospects and challenges of developing sukuk.pdf.jpg
  • Chapter in Book


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

  • The sukuk securities or Islamic asset-backed debt securities truly started to be offered in organized markets as publicly listed instruments only in 2000, so at the time of writing it is a 12-year-old market. There is a record of its first private issue in 1978 in Saudi Arabia, after an article in Islamic Economic Studies some years earlier had suggested this instrument to be a suitable and safe debt instrument with safeguards for investors and being consistent with ethics long since forgotten in issuing debt instruments in past Islamic empires.

  • public_finance_and_islamic_capital_markets_syed aun_obiyathulla_abbas.jpg.jpg
  • Book


  • Authors: Rizvi, Syed Aun Raza; Bacha, Obiyathulla Ismath; Mirakhor, Abbas (2016)

  • This book addresses the financing of government budgets with non-debt-creating flows through risk-sharing capital market instruments. It offers a comparative analysis with conventional finance to demonstrate the ability of Islamic capital market instruments to create an impetus for economic stability and growth.

  • public_sector_funding_debt_management_case_GDP-linked_sukuk_Diaw_Obiyatullah_Lahsasna.pdf.jpg
  • Journal Article


  • Authors: Diaw, Abdou; Bacha, Obiyathulla Ismath; Lahsasna, Ahcene (2014)

  • Despite the huge amount of wealth in the hand of Muslims, most countries with Muslim majority population fall in the category of developing nations. The development of infrastructure has been proven to be an effective means for economic growth and poverty reduction. Usually governments have recourse to conventional debt financing to undertake infrastructure projects. However, this form of financing is unsuitable in an Islamic framework due to the prohibition of interest. Moreover, the recurrent sovereign debt crises over the last few decades stresses the importance of debt management that helps avoid the high costs of these forms of catastrophe. Debt indexation to some indicators from...

  • item.jpg
  • Master


  • Authors: Rastegar, Adel (2016)

  • This research aims to examine the exchange rate regimes of 12 MENA countries. The sample is composed of the 6 GCC oil exporting countries, most of which have pegged their currency to the US dollar, and another 6 Arab countries that have different exchange rate regimes. The objective of the study is to determine the extent of over and undervaluation of these MENA currencies. The results show that official peg to the US dollar does not reduce the amount of deviation from the equilibrium exchange rate. Also, countries which had their currency pegged to a basket of currencies had lower currency fluctuations than others ...

  • Risk_management_derivatives_and_shariah_compliance_bacha.pdf.jpg
  • Academic Proceeding


  • Authors: Bacha, Obiyathulla Ismath (2013)

  • Despite the impressive growth of Islamic Banking and Finance (IBF), a number of weaknesses remain. The most important of this is perhaps the lack of shariah compliant risk management tools. While the risk sharing philosophy of Islamic Finance requires the acceptance of risk to justify returns, the shariah also requires adherents to avoid unnecessary risk-maysir. The requirement to avoid maysir is in essence a call for the prudent management of risk. Contemporary risk management revolves around financial engineering, the building blocks of which are financial derivatives. Despite the proven efficacy of derivatives in the management of risk in the conventional space, shariah scholars ap...

  • risk-return_characteristics_Islamic_equity_indices_multi-timescales_analysis_mm.pdf.jpg
  • Journal Article


  • Authors: Dewandaru, Ginanjar; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur; Masih, Rumi (2015)

  • This paper is motivated by the heightened interest in investing in Islamic equities. The paper is the first attempt at analysing the risk-return characteristics of Islamic indices at different timescales by applying a relatively new approach in finance known as wavelet analysis. We analyze the Dow Jones indices of 11 countries, mostly emerging markets, and 10 global sectors between 2008 and 2012. We focus on exploring the multi-horizon nature of systemic risk (market beta), average return, volatility, and correlation. We find that the differences in betas between Islamic and conventional indices at most of the timescales are not statistically significant. A few exceptions show equal r...

  • risk_return_profiles_of_islamic_equities_sarkar_mansur_obiyathulla.pdf.jpg
  • Journal Article


  • Authors: Kabir, Sarkar Humayun; Mohammed Masih, Abul Mansur; Bacha, Obiyathulla Ismath (2017)

  • Motivated by the recent phenomenal growth in Islamic finance and the financialization of commodities, this study makes an initial attempt to investigate the risk return profiles of optimized portfolios combining (a) Islamic equities with commodities and (b) conventional equities with commodities during the crises and noncrises periods. The findings tend to indicate that Islamic equity-commodity portfolios provide relatively higher diversification benefits than the conventional equity-commodity portfolios during the 1997 Asian Financial Crisis triggered by the financial sector compared to the 2008 global financial crisis triggered by the real housing sector. The findings further sugges...

  • item.jpg
  • PhD


  • Authors: Kabir, Sarkar Humayun (2013)

  • Since the recent financial crises, increases in contagion and correlation between assets have reduced the possibility of minimizing risk by way of diversification. The investors are therefore, looking for alternative assets such as, commodities, Islamic portfolios, etc. However, despite the very rapid growth of Islamic finance, there has hardly been any rigorous empirical research investigating the risk-return profiles of combining commodity portfolios with Islamic equities and/or with the mainstream equities. This study is aimed at filling this gap in the finance literature ...

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 114 to 123 of 172
  • property_rights_stock_market-growth_nexus_adamng.pdf.jpg
  • Journal Article


  • Authors: Ng, Adam Boon Ka; Dewandaru, Ginanjar; Ibrahim, Mansor H. (2015)

  • Using threshold estimation techniques, this study examines whether the growth effect of stock market development differs according to the different levels of property rights and minority shareholders protection in a cross-section of 85 jurisdictions during the post-crisis period. The results demonstrate that the impact of stock market liquidity on growth is positive and significant only in jurisdictions where there is high level of property rights protection. Similar effect is discerned in the case of strong minority shareholders protection. Using the market size as a measure of stock market development, the paper also documents a positive growth effect of market size when property ri...

  • proposal_for_innovation_in_the_capital_markets.pdf.jpg
  • Chapter in Book


  • Authors: Cizakca, Murat (2014)

  • How does an Islamic state (or, for that matter, a corporation), borrow a substantial amount of capital from mostly Muslim savers or high net-worth individuals, and fast? In 1774, this was the question which the Ottoman Minister of Finance had to answer urgently. Defeated by the armies of Imperial Russia, Ottomans had to pay a huge war indemnity within a year. Moreover, since the borrowing had to be done by the government of the Caliph, it had to be Shari'a based.

  • prospects and challenges of developing sukuk.pdf.jpg
  • Chapter in Book


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

  • The sukuk securities or Islamic asset-backed debt securities truly started to be offered in organized markets as publicly listed instruments only in 2000, so at the time of writing it is a 12-year-old market. There is a record of its first private issue in 1978 in Saudi Arabia, after an article in Islamic Economic Studies some years earlier had suggested this instrument to be a suitable and safe debt instrument with safeguards for investors and being consistent with ethics long since forgotten in issuing debt instruments in past Islamic empires.

  • public_finance_and_islamic_capital_markets_syed aun_obiyathulla_abbas.jpg.jpg
  • Book


  • Authors: Rizvi, Syed Aun Raza; Bacha, Obiyathulla Ismath; Mirakhor, Abbas (2016)

  • This book addresses the financing of government budgets with non-debt-creating flows through risk-sharing capital market instruments. It offers a comparative analysis with conventional finance to demonstrate the ability of Islamic capital market instruments to create an impetus for economic stability and growth.

  • public_sector_funding_debt_management_case_GDP-linked_sukuk_Diaw_Obiyatullah_Lahsasna.pdf.jpg
  • Journal Article


  • Authors: Diaw, Abdou; Bacha, Obiyathulla Ismath; Lahsasna, Ahcene (2014)

  • Despite the huge amount of wealth in the hand of Muslims, most countries with Muslim majority population fall in the category of developing nations. The development of infrastructure has been proven to be an effective means for economic growth and poverty reduction. Usually governments have recourse to conventional debt financing to undertake infrastructure projects. However, this form of financing is unsuitable in an Islamic framework due to the prohibition of interest. Moreover, the recurrent sovereign debt crises over the last few decades stresses the importance of debt management that helps avoid the high costs of these forms of catastrophe. Debt indexation to some indicators from...

  • item.jpg
  • Master


  • Authors: Rastegar, Adel (2016)

  • This research aims to examine the exchange rate regimes of 12 MENA countries. The sample is composed of the 6 GCC oil exporting countries, most of which have pegged their currency to the US dollar, and another 6 Arab countries that have different exchange rate regimes. The objective of the study is to determine the extent of over and undervaluation of these MENA currencies. The results show that official peg to the US dollar does not reduce the amount of deviation from the equilibrium exchange rate. Also, countries which had their currency pegged to a basket of currencies had lower currency fluctuations than others ...

  • Risk_management_derivatives_and_shariah_compliance_bacha.pdf.jpg
  • Academic Proceeding


  • Authors: Bacha, Obiyathulla Ismath (2013)

  • Despite the impressive growth of Islamic Banking and Finance (IBF), a number of weaknesses remain. The most important of this is perhaps the lack of shariah compliant risk management tools. While the risk sharing philosophy of Islamic Finance requires the acceptance of risk to justify returns, the shariah also requires adherents to avoid unnecessary risk-maysir. The requirement to avoid maysir is in essence a call for the prudent management of risk. Contemporary risk management revolves around financial engineering, the building blocks of which are financial derivatives. Despite the proven efficacy of derivatives in the management of risk in the conventional space, shariah scholars ap...

  • risk-return_characteristics_Islamic_equity_indices_multi-timescales_analysis_mm.pdf.jpg
  • Journal Article


  • Authors: Dewandaru, Ginanjar; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur; Masih, Rumi (2015)

  • This paper is motivated by the heightened interest in investing in Islamic equities. The paper is the first attempt at analysing the risk-return characteristics of Islamic indices at different timescales by applying a relatively new approach in finance known as wavelet analysis. We analyze the Dow Jones indices of 11 countries, mostly emerging markets, and 10 global sectors between 2008 and 2012. We focus on exploring the multi-horizon nature of systemic risk (market beta), average return, volatility, and correlation. We find that the differences in betas between Islamic and conventional indices at most of the timescales are not statistically significant. A few exceptions show equal r...

  • risk_return_profiles_of_islamic_equities_sarkar_mansur_obiyathulla.pdf.jpg
  • Journal Article


  • Authors: Kabir, Sarkar Humayun; Mohammed Masih, Abul Mansur; Bacha, Obiyathulla Ismath (2017)

  • Motivated by the recent phenomenal growth in Islamic finance and the financialization of commodities, this study makes an initial attempt to investigate the risk return profiles of optimized portfolios combining (a) Islamic equities with commodities and (b) conventional equities with commodities during the crises and noncrises periods. The findings tend to indicate that Islamic equity-commodity portfolios provide relatively higher diversification benefits than the conventional equity-commodity portfolios during the 1997 Asian Financial Crisis triggered by the financial sector compared to the 2008 global financial crisis triggered by the real housing sector. The findings further sugges...

  • item.jpg
  • PhD


  • Authors: Kabir, Sarkar Humayun (2013)

  • Since the recent financial crises, increases in contagion and correlation between assets have reduced the possibility of minimizing risk by way of diversification. The investors are therefore, looking for alternative assets such as, commodities, Islamic portfolios, etc. However, despite the very rapid growth of Islamic finance, there has hardly been any rigorous empirical research investigating the risk-return profiles of combining commodity portfolios with Islamic equities and/or with the mainstream equities. This study is aimed at filling this gap in the finance literature ...