Browsing by Topic Islamic capital markets

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Showing results 138 to 147 of 175
  • IFHubEd4_structuring_forward_lease_sukuk_islamic_capital_market_ahcene.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Lahsasna, Ahcene; Ahmad, Rubi (2017)

  • The forward lease nature is normally a combination of ijarah and istisna; where the outcome will be in a form of tangible or intangible asset that can be the subject matter of business transactions. Many assets in the market can be designed based on forward lease such as airplane, ships, residential or commercial building, and the like. The forward lease is regarded as innovative structure with special feature that contributes significantly to the expansion and evolution of the Islamic finance market. Below discussion is briefly illustration on the concept of forward lease and its structuring in the Islamic capital market.

  • the_substitution_hypothesis_agency_conflicts_shamsher_eskandar.pdf.jpg
  • Journal Article


  • Authors: Naeem Azmi, Choudhari Wajahat; Anwer, Zaher; Ramadili Mohd, Shamsher Mohamad; Mohd Rasid, Mohamed Eskandar Shah (2019)

  • According to the substitution hypothesis and recent evidence, firms that are better governed carry less debt and experience fewer agency problems. This may also imply that firms with lower debt are better governed and experience lower agency costs. We test this hypothesis by comparing the agency costs of Shariah compliant (SC, and therefore low debt) and Shariah noncompliant (SNC) firms, using a proprietary dataset comprising constituents of the Dow Jones Islamic index for the period 2006-2015. The findings support the hypothesis but are contingent on the firm's idiosyncratic risk; SC firms with low idiosyncratic risk have higher agency costs.

  • Sukuk_and_its_wealth_effect_ziyaad.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Mahomed, Ziyaad (2016)

  • Classical corporate finance theory considers capital market behavior crucial to understanding how to maximize firm value and shareholder wealth. How this is achieved has been debated extensively over the last century. It stands to reason though, that maximizing firm value requires effective investment decisions which in turn necessitates a valuable source of capital. This capital can be provided either internally or externally, each influencing the risk of the firm and initiating varied wealth effects.

  • IF_Hub_Issue_2_Sukuk_announcement_Ziyaad.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Mahomed, Ziyaad (2017)

  • Capital market behavior and the effects of varying sources of capital on share price has long intrigued finance theorists (Brown & Warner, 1980) and the choice of conventional capital market instruments based on investor reaction, has been researched extensively (Abdul Rahim, 2012). Profit-driven firms focus on profit maximization and the creation of shareholder wealth. However, opting for internal funds over public fund-raising has been shown to signal quality to the market, thereby affecting overall company value (Ross, 1977). The introduction of Sukuk instruments since 2001 has also influenced market reaction (Ashhari et al., 2009). Therefore, we investigate the effects of Sukuk an...

  • Sukuk_announcement_effects_during_financial_crisis_the_case_for_Indonesia_ziyaad_et_al.pdf.jpg
  • Journal Article


  • Authors: Mahomed, Ziyaad; Ramadili Mohd, Shamsher Mohamad; Ariff, Mohamed (2018)

  • The effects of capital-raising announcements have long been used as an indicator of increased shareholder wealth (Brown and Warner, 1985). Studies on bond announcements, for example, have been largely inconclusive. However, when effects are measured based on bond underlying structure, 'straight and convertible bonds', then the results are more conclusive (Abdul Rahim, 2012). Furthermore, issuances around crisis period are expected to result in negative market reaction as investors prefer liquidity (Fenn, 2000). Sukuk are bond-like instruments that are issued based on the Sharia guidelines and perceived to be less risky due to their risk sharing attribute. Sukuk are issued by the gover...

  • PhD_Sukuk_credit_rating_Mahmoud_alHomsi.pdf.jpg
  • PhD


  • Authors: Al Homsi, Mahmoud (2017)

  • Similar to bonds, sukuk are financing instruments that are subjected to default risks, or the probability that the borrower or issuer will meet their promised financial obligations. Essentially, sukuk are capital market financing instrument that is structured differently than conventional bonds with a requirement to comply with Shariah, using the proceeds in real economic activities and sharing the profits and loss from these activities (risk-sharing). The services of Credit Rating Agencies (CRAs) to provide information regarding default risks (signalled through credit ratings) mitigates the information asymmetrics between issuer and investor ...

  • sukuk_innovation_needs_go_further_obiyathulla.pdf.jpg
  • Newspaper Article


  • Authors: Bacha, Obiyathulla Ismath (2018)

  • Sukuk, which is probably Islamic finance's most popular product, has of late gone through a fair bit of innovation. As opposed to their earlier structures which were nothing but Shariah-compliant straight debt, some of today's sukuk come with a variety of features. Broadly speaking, there are two broad thrusts in the innovation that have taken place. First, the use of embedded options for better risk management/proling. Second, innovation seeking to overcome limitations like the need for physical underlying assets. Though options - especially the exchange-traded variety - are still anathema to a majority of the fuqaha (Shariah scholars) fraternity, their use within sukuk structures ap...

  • sukuk securities their definitions.pdf.jpg
  • Chapter in Book


  • Authors: Ariff, Mohamed; Safari, Meysam; Ramadili Mohd, Shamsher Mohamad (2012)

  • Islamic securities are specially tailored financial products that conform to a given set of legal-common-law-based (shari'ah) financial transaction principles, which are deemed strictly applied when designing financial conctracting terms covering such products. These principles are quite different from those used in the design of conventional securities. Available in physical copy only (Call Number: HG 4651 I82I)

  • sukuk_securities_new_ways_debt_contracting_cover.jpg.jpg
  • Book


  • Authors: Safari, Meysam; Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad (2014)

  • This title provides complete information and guidance on the latest developments in the burgeoning sukuk securities markets. Written by leading Islamic finance experts, this essential guide offers insight into the concepts, design features, contract structures, yields, and payoffs in all twelve global sukuk markets, providing Islamic finance professionals with an invaluable addition to their library. The first book to fully introduce the market, this book provides a detailed overview of the sukuk market, with practical guidance toward applying these instruments in real-world scenarios. Available in physical copy and ebook (Call Number: HG 4651 S128)

  • sukuk_shehama_magda.pdf.jpg
  • Industry Article


  • Authors: Ismail Abdel Mohsin, Magda (2019)

  • Sukuk shehama is a financial instrument that has only recently emerged. It is a form of government-issued Islamic bond (sukuk) based on musharakah which is found in Sudan but can be easily replicated in any other country. Each certificate carries a nominal value that is calculated in dinars and represents a share of the net investment allocated by the government for this purpose from the selected investment units. Shehama certificates are issued at different times from 6 months to one year. These certificates are issued in multiple categories 50 thousand dinars - 100 thousand dinars - 200 thousand dinars - 500 thousand dinars so that different categories of investors can buy any numb...

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 138 to 147 of 175
  • IFHubEd4_structuring_forward_lease_sukuk_islamic_capital_market_ahcene.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Lahsasna, Ahcene; Ahmad, Rubi (2017)

  • The forward lease nature is normally a combination of ijarah and istisna; where the outcome will be in a form of tangible or intangible asset that can be the subject matter of business transactions. Many assets in the market can be designed based on forward lease such as airplane, ships, residential or commercial building, and the like. The forward lease is regarded as innovative structure with special feature that contributes significantly to the expansion and evolution of the Islamic finance market. Below discussion is briefly illustration on the concept of forward lease and its structuring in the Islamic capital market.

  • the_substitution_hypothesis_agency_conflicts_shamsher_eskandar.pdf.jpg
  • Journal Article


  • Authors: Naeem Azmi, Choudhari Wajahat; Anwer, Zaher; Ramadili Mohd, Shamsher Mohamad; Mohd Rasid, Mohamed Eskandar Shah (2019)

  • According to the substitution hypothesis and recent evidence, firms that are better governed carry less debt and experience fewer agency problems. This may also imply that firms with lower debt are better governed and experience lower agency costs. We test this hypothesis by comparing the agency costs of Shariah compliant (SC, and therefore low debt) and Shariah noncompliant (SNC) firms, using a proprietary dataset comprising constituents of the Dow Jones Islamic index for the period 2006-2015. The findings support the hypothesis but are contingent on the firm's idiosyncratic risk; SC firms with low idiosyncratic risk have higher agency costs.

  • Sukuk_and_its_wealth_effect_ziyaad.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Mahomed, Ziyaad (2016)

  • Classical corporate finance theory considers capital market behavior crucial to understanding how to maximize firm value and shareholder wealth. How this is achieved has been debated extensively over the last century. It stands to reason though, that maximizing firm value requires effective investment decisions which in turn necessitates a valuable source of capital. This capital can be provided either internally or externally, each influencing the risk of the firm and initiating varied wealth effects.

  • IF_Hub_Issue_2_Sukuk_announcement_Ziyaad.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Mahomed, Ziyaad (2017)

  • Capital market behavior and the effects of varying sources of capital on share price has long intrigued finance theorists (Brown & Warner, 1980) and the choice of conventional capital market instruments based on investor reaction, has been researched extensively (Abdul Rahim, 2012). Profit-driven firms focus on profit maximization and the creation of shareholder wealth. However, opting for internal funds over public fund-raising has been shown to signal quality to the market, thereby affecting overall company value (Ross, 1977). The introduction of Sukuk instruments since 2001 has also influenced market reaction (Ashhari et al., 2009). Therefore, we investigate the effects of Sukuk an...

  • Sukuk_announcement_effects_during_financial_crisis_the_case_for_Indonesia_ziyaad_et_al.pdf.jpg
  • Journal Article


  • Authors: Mahomed, Ziyaad; Ramadili Mohd, Shamsher Mohamad; Ariff, Mohamed (2018)

  • The effects of capital-raising announcements have long been used as an indicator of increased shareholder wealth (Brown and Warner, 1985). Studies on bond announcements, for example, have been largely inconclusive. However, when effects are measured based on bond underlying structure, 'straight and convertible bonds', then the results are more conclusive (Abdul Rahim, 2012). Furthermore, issuances around crisis period are expected to result in negative market reaction as investors prefer liquidity (Fenn, 2000). Sukuk are bond-like instruments that are issued based on the Sharia guidelines and perceived to be less risky due to their risk sharing attribute. Sukuk are issued by the gover...

  • PhD_Sukuk_credit_rating_Mahmoud_alHomsi.pdf.jpg
  • PhD


  • Authors: Al Homsi, Mahmoud (2017)

  • Similar to bonds, sukuk are financing instruments that are subjected to default risks, or the probability that the borrower or issuer will meet their promised financial obligations. Essentially, sukuk are capital market financing instrument that is structured differently than conventional bonds with a requirement to comply with Shariah, using the proceeds in real economic activities and sharing the profits and loss from these activities (risk-sharing). The services of Credit Rating Agencies (CRAs) to provide information regarding default risks (signalled through credit ratings) mitigates the information asymmetrics between issuer and investor ...

  • sukuk_innovation_needs_go_further_obiyathulla.pdf.jpg
  • Newspaper Article


  • Authors: Bacha, Obiyathulla Ismath (2018)

  • Sukuk, which is probably Islamic finance's most popular product, has of late gone through a fair bit of innovation. As opposed to their earlier structures which were nothing but Shariah-compliant straight debt, some of today's sukuk come with a variety of features. Broadly speaking, there are two broad thrusts in the innovation that have taken place. First, the use of embedded options for better risk management/proling. Second, innovation seeking to overcome limitations like the need for physical underlying assets. Though options - especially the exchange-traded variety - are still anathema to a majority of the fuqaha (Shariah scholars) fraternity, their use within sukuk structures ap...

  • sukuk securities their definitions.pdf.jpg
  • Chapter in Book


  • Authors: Ariff, Mohamed; Safari, Meysam; Ramadili Mohd, Shamsher Mohamad (2012)

  • Islamic securities are specially tailored financial products that conform to a given set of legal-common-law-based (shari'ah) financial transaction principles, which are deemed strictly applied when designing financial conctracting terms covering such products. These principles are quite different from those used in the design of conventional securities. Available in physical copy only (Call Number: HG 4651 I82I)

  • sukuk_securities_new_ways_debt_contracting_cover.jpg.jpg
  • Book


  • Authors: Safari, Meysam; Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad (2014)

  • This title provides complete information and guidance on the latest developments in the burgeoning sukuk securities markets. Written by leading Islamic finance experts, this essential guide offers insight into the concepts, design features, contract structures, yields, and payoffs in all twelve global sukuk markets, providing Islamic finance professionals with an invaluable addition to their library. The first book to fully introduce the market, this book provides a detailed overview of the sukuk market, with practical guidance toward applying these instruments in real-world scenarios. Available in physical copy and ebook (Call Number: HG 4651 S128)

  • sukuk_shehama_magda.pdf.jpg
  • Industry Article


  • Authors: Ismail Abdel Mohsin, Magda (2019)

  • Sukuk shehama is a financial instrument that has only recently emerged. It is a form of government-issued Islamic bond (sukuk) based on musharakah which is found in Sudan but can be easily replicated in any other country. Each certificate carries a nominal value that is calculated in dinars and represents a share of the net investment allocated by the government for this purpose from the selected investment units. Shehama certificates are issued at different times from 6 months to one year. These certificates are issued in multiple categories 50 thousand dinars - 100 thousand dinars - 200 thousand dinars - 500 thousand dinars so that different categories of investors can buy any numb...