Browsing by Topic Islamic capital markets

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Showing results 47 to 56 of 175
  • ethical_investments_financial_performance_shamsher_eskandar.pdf.jpg
  • Journal Article


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

  • This paper examines the financial performance of ethical funds in different regions and concludes that there is a cost attached to ethical investing. An analysis of 964 mutual funds comprising of Socially responsible funds (SRFs) and the Shariah-compliant equity funds (SCFs) suggests that: a) except for global funds, both types of funds underperform in the market, b) both types of funds are preferred for investment in growth and momentum stocks, c) SRFs are preferred for small capitalized stocks whereas SCFs do not follow any specific style or investment strategy, d) unlike SRFs, SCFs do not provide a safe haven for investors during crises. These findings are probably due to the lack ...

  • item.jpg
  • Master


  • Authors: Mohamad Zain, Nor Syahirah (2017)

  • There is an urgency to explore and structure innovative financial mechanisms like SRI sukuk to develop waqf properties and assets because if this is delayed, many opportunities in enhancing social welfare and economic development will be missed. SRI sukuk can be innovatively structured to support financing the development waqf assets into viable income-generating assets that can help with social programmes, and at the same time, maximise the potential of sukuk in achieving the objectives (maqasid) of Islamic finance. The study aims to explore SRI sukuk models that could be implemented to develop waqf properties and assets under the SRI sukuk framework in Malaysia ...

  • Exploring_portfolio_diversification_opportunities_through_venture_capital_financing_yusuf_et_al.pdf.jpg
  • Journal Article


  • Authors: Jaffar, Yusuf; Dewandaru, Ginanjar; Mohammed Masih, Abul Mansur (2018)

  • Islamic financial institutions are being pressured by critics to offer profit and loss sharing (PLS) financing such as, venture capital financing, for the purpose of entrepreneurial development aligned to the principle of equity risk sharing. Our study aims to link PLS investments with portfolio optimization opportunities for the Islamic asset managers. Using portfolio analysis with dynamic conditional correlation, Markov switching, and maximal overlap discrete wavelet transformation, our findings tend to indicate that there is indeed a portfolio optimization opportunity in investment universe for the fund managers who invested in PLS investments in the context of venture capital asse...

  • Findings_of_the_Sukuk_market_development_project_Aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2013)

  • Though the Maldives is a 100% Muslim country, the financial system of the country is still based on conventional methods and laws. The formal initiative to develop an Islamic capital market in the country was initiated by the Capital Market Development Authority (CDMA) in 2011. But even before 2011, the IDB has been a key driving force behind establishing an Islamic bank in the Maldives.

  • PhD_fiqhi_analysis_tradability_Islamic_securities_based_Farrukh_Habib.pdf.jpg
  • PhD


  • Authors: Habib, Farrukh (2016)

  • Due to the fact that Islamic financial securities may consist of ribawi (cash and debt) underlying assets, it is crucially important to discern whether or not the trading of these securities is subject to the Shari'ah rules for bay' al-sarf and bay' al-dayn. If they do not then what criterion is pertinent to their secondary trading; and on what jurisprudential basis? In answer to that question, the current scholarly views and suggested Shari'ah criteria for tradability of Islamic securities are not only diverse, but also at times incongruous with one another. Based on the qualitative approach of text analysis and semi-structured-interviews, this study critically analyse this issue ......

  • IF_Hub_Issue_3_Flow_performance_relationship_Chaudhari_Shamsher_Eskandar.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Naeem Azmi, Choudhari Wajahat; Ramadili Mohd, Shamsher Mohamad; Mohd Rasid, Mohamed Eskandar Shah (2017)

  • The motivation to examine flow-performance relationship of Shariah compliant funds (SCFs) and Socially responsible funds (SRFs) is that investors investing in these two funds have certain non-financial motives such as religious, ethical, environmental etc. Renneboog et al., (2011) explained that more the investor is averse to certain non-ethical or non-religious corporate behavior the more satisfaction he/she gets by investing in the funds that are in line with his/her ethical or religious position. The above conjecture that the SRF and SCF investors chose funds based on a dual objective of socially responsible/religious investing and financial gains is in line with the way generally ...

  • item.jpg
  • Master


  • Authors: Reza, Md Ridwan (2018)

  • The study employs different types ofrelatively novel Markov regime switching GARCH (MRS-GARCH) models along with standard GARCH to identify better models to forecast the conditional volatility of Dow Jones Islamic Market World Index (DJIM). Several statistical and risk-management-based loss functions are employed to evaluate the out-of-sample volatility and Value-at-Risk (VaR) forecast from these models. Our empirical results show that although there is no single model - either of standard GARCH and MRS-GARCH type - is consistently outperforming the others if both the statistical and the risk-management loss functions are considered, overall different asymmetric Markov regime switchin...

  • item.jpg
  • PhD


  • Authors: Ibrahim, Norhazlina (2013)

  • The issue of liquidity and under development of OIC stock markets has caused problems to companies in those countries that seek higher equity capital. Many institutions such as Islamic Development Bank (IDB), International Organization of Securities Commissions (IOSCO) and OIC agree that the introduction of the Islamic Depositary Receipts (IDRs) could aid these companies in enhancing their value. As this instrument is yet to be introduced, this study aims to examine the financial implications of cross-listing via the existing Depositary Receipts (DRs). This is done by studying the impact of companies that have resorted to using American Depositary Receipts (ADRs) and Global Depositary...

  • 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....

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 47 to 56 of 175
  • ethical_investments_financial_performance_shamsher_eskandar.pdf.jpg
  • Journal Article


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

  • This paper examines the financial performance of ethical funds in different regions and concludes that there is a cost attached to ethical investing. An analysis of 964 mutual funds comprising of Socially responsible funds (SRFs) and the Shariah-compliant equity funds (SCFs) suggests that: a) except for global funds, both types of funds underperform in the market, b) both types of funds are preferred for investment in growth and momentum stocks, c) SRFs are preferred for small capitalized stocks whereas SCFs do not follow any specific style or investment strategy, d) unlike SRFs, SCFs do not provide a safe haven for investors during crises. These findings are probably due to the lack ...

  • item.jpg
  • Master


  • Authors: Mohamad Zain, Nor Syahirah (2017)

  • There is an urgency to explore and structure innovative financial mechanisms like SRI sukuk to develop waqf properties and assets because if this is delayed, many opportunities in enhancing social welfare and economic development will be missed. SRI sukuk can be innovatively structured to support financing the development waqf assets into viable income-generating assets that can help with social programmes, and at the same time, maximise the potential of sukuk in achieving the objectives (maqasid) of Islamic finance. The study aims to explore SRI sukuk models that could be implemented to develop waqf properties and assets under the SRI sukuk framework in Malaysia ...

  • Exploring_portfolio_diversification_opportunities_through_venture_capital_financing_yusuf_et_al.pdf.jpg
  • Journal Article


  • Authors: Jaffar, Yusuf; Dewandaru, Ginanjar; Mohammed Masih, Abul Mansur (2018)

  • Islamic financial institutions are being pressured by critics to offer profit and loss sharing (PLS) financing such as, venture capital financing, for the purpose of entrepreneurial development aligned to the principle of equity risk sharing. Our study aims to link PLS investments with portfolio optimization opportunities for the Islamic asset managers. Using portfolio analysis with dynamic conditional correlation, Markov switching, and maximal overlap discrete wavelet transformation, our findings tend to indicate that there is indeed a portfolio optimization opportunity in investment universe for the fund managers who invested in PLS investments in the context of venture capital asse...

  • Findings_of_the_Sukuk_market_development_project_Aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2013)

  • Though the Maldives is a 100% Muslim country, the financial system of the country is still based on conventional methods and laws. The formal initiative to develop an Islamic capital market in the country was initiated by the Capital Market Development Authority (CDMA) in 2011. But even before 2011, the IDB has been a key driving force behind establishing an Islamic bank in the Maldives.

  • PhD_fiqhi_analysis_tradability_Islamic_securities_based_Farrukh_Habib.pdf.jpg
  • PhD


  • Authors: Habib, Farrukh (2016)

  • Due to the fact that Islamic financial securities may consist of ribawi (cash and debt) underlying assets, it is crucially important to discern whether or not the trading of these securities is subject to the Shari'ah rules for bay' al-sarf and bay' al-dayn. If they do not then what criterion is pertinent to their secondary trading; and on what jurisprudential basis? In answer to that question, the current scholarly views and suggested Shari'ah criteria for tradability of Islamic securities are not only diverse, but also at times incongruous with one another. Based on the qualitative approach of text analysis and semi-structured-interviews, this study critically analyse this issue ......

  • IF_Hub_Issue_3_Flow_performance_relationship_Chaudhari_Shamsher_Eskandar.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Naeem Azmi, Choudhari Wajahat; Ramadili Mohd, Shamsher Mohamad; Mohd Rasid, Mohamed Eskandar Shah (2017)

  • The motivation to examine flow-performance relationship of Shariah compliant funds (SCFs) and Socially responsible funds (SRFs) is that investors investing in these two funds have certain non-financial motives such as religious, ethical, environmental etc. Renneboog et al., (2011) explained that more the investor is averse to certain non-ethical or non-religious corporate behavior the more satisfaction he/she gets by investing in the funds that are in line with his/her ethical or religious position. The above conjecture that the SRF and SCF investors chose funds based on a dual objective of socially responsible/religious investing and financial gains is in line with the way generally ...

  • item.jpg
  • Master


  • Authors: Reza, Md Ridwan (2018)

  • The study employs different types ofrelatively novel Markov regime switching GARCH (MRS-GARCH) models along with standard GARCH to identify better models to forecast the conditional volatility of Dow Jones Islamic Market World Index (DJIM). Several statistical and risk-management-based loss functions are employed to evaluate the out-of-sample volatility and Value-at-Risk (VaR) forecast from these models. Our empirical results show that although there is no single model - either of standard GARCH and MRS-GARCH type - is consistently outperforming the others if both the statistical and the risk-management loss functions are considered, overall different asymmetric Markov regime switchin...

  • item.jpg
  • PhD


  • Authors: Ibrahim, Norhazlina (2013)

  • The issue of liquidity and under development of OIC stock markets has caused problems to companies in those countries that seek higher equity capital. Many institutions such as Islamic Development Bank (IDB), International Organization of Securities Commissions (IOSCO) and OIC agree that the introduction of the Islamic Depositary Receipts (IDRs) could aid these companies in enhancing their value. As this instrument is yet to be introduced, this study aims to examine the financial implications of cross-listing via the existing Depositary Receipts (DRs). This is done by studying the impact of companies that have resorted to using American Depositary Receipts (ADRs) and Global Depositary...

  • 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....