Browsing by Topic Islamic capital markets

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Showing results 128 to 137 of 175
  • IFHubEd6_role_islamic_asset_classes_diversified_portfolios_ginanjar.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Dewandaru, Ginanjar (2017)

  • Asset allocation is a central issue for the entire asset management industry in order to achieve the best possible risk-return profile. As the current trend shifts from intra-asset allocation to inter-asset allocation, the variety of asset classes becomes a key driver in determining the overall performance of a diversified portfolio. The rationale is that each asset class conceals its unique dimensions of risk, where a mixture of multiple asset classes may expand an investment opportunity set. This leads global investors to adopt a niche approach in order to achieve positive-sum games. The increasing importance of asset classes has substantially driven innovation in the financial indu...

  • role_Islamic_legal_institutions_transformation_financial_markets_sadr.pdf.jpg
  • Journal Article


  • Authors: Sadr, Seyed Kazem (2013)

  • This article aims to demonstrate the impact of legal institutions and Islamic principles on structure and performance of financial markets. The main impacts include the ban on asset creation based on debt and its prescription according to real value. As a result, money market is omitted from the structure of financial markets and usury including bonds and their derivatives are made forbidden. On the contrary, asset market and capital expand and financial institutions such as banks, stock market, and central bank manage the financial policies instead of creating money and implementing monetary policies.

  • shariah_issues_islamic_capital_markets_sukuk_ahcene.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_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...

  • item.jpg
  • Master


  • Authors: Mohd Rozlan, Ahmad Ridza (2017)

  • The paper aims to study the relationship between selected macroeconomic variables and Malaysia Shariah Index after the adjustment of the screening process. It also attempts to look at how the new screening process impacts the performance of the Shariah index. To achieve these aims, this study used Auto Regressive Distributive Lag (ARDL) to look at the long-run and short-run relationships of the macroeconomic variables towards the FTSE EMAS Shariah Index ...

  • shariah_stock_screening_optimal_capital_structure_need_rethink_obiyathulla.pdf.jpg
  • Newspaper Article


  • Authors: Bacha, Obiyathulla Ismath (2018)

  • The capital structure decision is a highly important one for corporations. Capital structure refers to the combination of debt and equity (and other hybrids) that a company uses to fund itself. Going by finance theory, each corporation has its optimal capital structure. This optimal mix of debt and equity maximises the firm's market value by minimising its weighted average cost of capital. As debt is always cheaper than equity and has a tax shelter advantage, a firm's cost of capital reduces as it uses more debt in lieu of equity. However, risk increases as the proportion of debt increases. It is this trade-off between risk and return/value that gives rise to a minimal point for cost ...

  • size_correlations_diversification_mansur.pdf.jpg
  • Journal Article


  • Authors: Alaabed, Alaa; Chowdhury, Mohammad Ashraful Ferdous; Mohammed Masih, Abul Mansur (2018)

  • Despite the rapid growth of Islamic finance in recent years, there has been relatively little work done on the emerging Islamic mutual fund industry within the broad field of Islamic finance. As far as the authors' knowledge, this paper is the first attempt dedicated to understanding the correlation between different sizes of the young and rapidly growing Islamic mutual fund industry at different investment horizons. Major part of economic time series analysis is done in time or frequency domain separately. Wavelet analysis can combine these two fundamental approaches, so we can work in the time-frequency domain. Using wavelet coherence, we have gained valuable insights into the conti...

  • item.jpg
  • Chapter in Book


  • Authors: Ali, Mohsin; Oravampurath, Hasanul Banna; Ziyaad, Mahomed (2020)

  • This chapter examines the economic impact of the migrants' return to Kerala, India during the Gulf oil crisis 2014-2016. Many migrants returned to their homeland during the crisis because they could not find work in the Middle East. The Kerala economy confronted this as one of the biggest threats which directly affected the economy. Almost USD 900 million had been brought to the homeland as remittance from Non-Residential Keralites (NRKs) working in Gulf countries. But the return of a large number of NRKs decreased the remittances to 10-15%. This chapter proposes Social Impact Sukuk to support the migrants who are back to their homelands from GCC countries. Data and information are co...

  • Socially_responsible_or_Shariah_compliant_wajahat_shamsher_eskandar.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Naeem Azmi, Choudhari Wajahat; Ramadili Mohd, Shamsher Mohamad (2016)

  • The mutual fund industry observed a remarkable growth of two distinct types of mutual funds during the last two decades, namely, Shariah-compliant funds (SCFs) and Socially responsible funds (SRFs). These alternative investment avenues were created for investors who are keen on investments that are Shariah-compliant and have better ethical standards than conventional funds. To fulfil these needs, the funds' investment strategies incorporate specific non-financial screening criteria based on ethical and religious guidelines, besides the typical risk-return financial screening.

  • PhD_Stock_market_liberalization_Bilal_Ilhan.pdf.jpg
  • PhD


  • Authors: Ilhan, Bilal (2017)

  • Financial liberalization became a key economic policy which was implemented by many emerging countries during the 1980s and 1990s. Nevertheless, the academic critiques argue that it could render domestic stock markets highly volatile and economies susceptible to economic turmoil due to the irrational and pro-cyclical nature of international capital flows, and the characteristics of the emerging markets such as market imperfections, information asymmetry, and lack of sound financial infrastructure ...

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 128 to 137 of 175
  • IFHubEd6_role_islamic_asset_classes_diversified_portfolios_ginanjar.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Dewandaru, Ginanjar (2017)

  • Asset allocation is a central issue for the entire asset management industry in order to achieve the best possible risk-return profile. As the current trend shifts from intra-asset allocation to inter-asset allocation, the variety of asset classes becomes a key driver in determining the overall performance of a diversified portfolio. The rationale is that each asset class conceals its unique dimensions of risk, where a mixture of multiple asset classes may expand an investment opportunity set. This leads global investors to adopt a niche approach in order to achieve positive-sum games. The increasing importance of asset classes has substantially driven innovation in the financial indu...

  • role_Islamic_legal_institutions_transformation_financial_markets_sadr.pdf.jpg
  • Journal Article


  • Authors: Sadr, Seyed Kazem (2013)

  • This article aims to demonstrate the impact of legal institutions and Islamic principles on structure and performance of financial markets. The main impacts include the ban on asset creation based on debt and its prescription according to real value. As a result, money market is omitted from the structure of financial markets and usury including bonds and their derivatives are made forbidden. On the contrary, asset market and capital expand and financial institutions such as banks, stock market, and central bank manage the financial policies instead of creating money and implementing monetary policies.

  • shariah_issues_islamic_capital_markets_sukuk_ahcene.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_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...

  • item.jpg
  • Master


  • Authors: Mohd Rozlan, Ahmad Ridza (2017)

  • The paper aims to study the relationship between selected macroeconomic variables and Malaysia Shariah Index after the adjustment of the screening process. It also attempts to look at how the new screening process impacts the performance of the Shariah index. To achieve these aims, this study used Auto Regressive Distributive Lag (ARDL) to look at the long-run and short-run relationships of the macroeconomic variables towards the FTSE EMAS Shariah Index ...

  • shariah_stock_screening_optimal_capital_structure_need_rethink_obiyathulla.pdf.jpg
  • Newspaper Article


  • Authors: Bacha, Obiyathulla Ismath (2018)

  • The capital structure decision is a highly important one for corporations. Capital structure refers to the combination of debt and equity (and other hybrids) that a company uses to fund itself. Going by finance theory, each corporation has its optimal capital structure. This optimal mix of debt and equity maximises the firm's market value by minimising its weighted average cost of capital. As debt is always cheaper than equity and has a tax shelter advantage, a firm's cost of capital reduces as it uses more debt in lieu of equity. However, risk increases as the proportion of debt increases. It is this trade-off between risk and return/value that gives rise to a minimal point for cost ...

  • size_correlations_diversification_mansur.pdf.jpg
  • Journal Article


  • Authors: Alaabed, Alaa; Chowdhury, Mohammad Ashraful Ferdous; Mohammed Masih, Abul Mansur (2018)

  • Despite the rapid growth of Islamic finance in recent years, there has been relatively little work done on the emerging Islamic mutual fund industry within the broad field of Islamic finance. As far as the authors' knowledge, this paper is the first attempt dedicated to understanding the correlation between different sizes of the young and rapidly growing Islamic mutual fund industry at different investment horizons. Major part of economic time series analysis is done in time or frequency domain separately. Wavelet analysis can combine these two fundamental approaches, so we can work in the time-frequency domain. Using wavelet coherence, we have gained valuable insights into the conti...

  • item.jpg
  • Chapter in Book


  • Authors: Ali, Mohsin; Oravampurath, Hasanul Banna; Ziyaad, Mahomed (2020)

  • This chapter examines the economic impact of the migrants' return to Kerala, India during the Gulf oil crisis 2014-2016. Many migrants returned to their homeland during the crisis because they could not find work in the Middle East. The Kerala economy confronted this as one of the biggest threats which directly affected the economy. Almost USD 900 million had been brought to the homeland as remittance from Non-Residential Keralites (NRKs) working in Gulf countries. But the return of a large number of NRKs decreased the remittances to 10-15%. This chapter proposes Social Impact Sukuk to support the migrants who are back to their homelands from GCC countries. Data and information are co...

  • Socially_responsible_or_Shariah_compliant_wajahat_shamsher_eskandar.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Naeem Azmi, Choudhari Wajahat; Ramadili Mohd, Shamsher Mohamad (2016)

  • The mutual fund industry observed a remarkable growth of two distinct types of mutual funds during the last two decades, namely, Shariah-compliant funds (SCFs) and Socially responsible funds (SRFs). These alternative investment avenues were created for investors who are keen on investments that are Shariah-compliant and have better ethical standards than conventional funds. To fulfil these needs, the funds' investment strategies incorporate specific non-financial screening criteria based on ethical and religious guidelines, besides the typical risk-return financial screening.

  • PhD_Stock_market_liberalization_Bilal_Ilhan.pdf.jpg
  • PhD


  • Authors: Ilhan, Bilal (2017)

  • Financial liberalization became a key economic policy which was implemented by many emerging countries during the 1980s and 1990s. Nevertheless, the academic critiques argue that it could render domestic stock markets highly volatile and economies susceptible to economic turmoil due to the irrational and pro-cyclical nature of international capital flows, and the characteristics of the emerging markets such as market imperfections, information asymmetry, and lack of sound financial infrastructure ...