Browsing by Topic Islamic capital markets

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Showing results 12 to 21 of 151
  • capital_market_shariah_advisory_committee_renamed_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2013)

  • The Capital Market Development Authority (CMDA) is the regulator for the capital markets in the Maldives. In May 2011, the CMDA took the initiative to develop a fully-fledged Islamic capital market in the Maldives and the first step towards this vision was to establish a Capital Market Shariah Advisory Committ ee (CMSAC).

  • comovement_of_selective_conventional_and_Islamic_stock indices_buerhan_mansur.pdf.jpg
  • Journal Article


  • Authors: Saiti, Buerhan; Mohammed Masih, Abul Mansur (2016)

  • This paper investigates the dynamic causal linkages in the daily returns among four conventional and three Shariah compliant indices (such as, Financial Times Stock Exchange Shariah China Index, Asia Shariah Index, Malaysia EMAS Shariah Index, China Shanghai Stock Exchange [SSE] Composite Index, Hang Seng Index, Nikkei 225 and KOSPI) in Asia region through the application of the standard time series techniques. Essentially, the purpose of this research is to identify the extent of influence of conventional and Islamic, regional and international equity markets on Shariah-compliant equity investment in China. Our study is focused on investigating the following empirical questions: (i) ...

  • combining_momentum_value_quality_islamic_equity_portfolio_multi-style_rotation_strategies_using_augmented_black_litterman_factor_model_mm.pdf.jpg
  • Journal Article


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

  • This study constructs active Islamic portfolios using a multi-style rotation strategy, derived from the three prominent styles, namely, momentum, value, and quality investing. We use the stocks that are consistently listed in the U.S. Dow Jones Islamic index for a sample period from 1996 to 2012. We also include two macroeconomic mimicking portfolios to capture the premiums of industrial production growth and inflation innovation, accommodating the economic regime shifts. Based on the information coefficients, we find the six-month momentum and the fractal measure as momentum factors; the enterprise yield (gross profit/TEV) and the book to market ratio as valuation factors; the gross ...

  • comparison_methodologies_shariah_stock_screening_shar_za.pdf.jpg
  • Journal Article


  • Authors: Ismail Zakri, Aida Shaiza; Shaikh Abdul Razak, Shaikh Hamzah; Mohd Tahir, Zainal Abidin (2018)

  • On average the Islamic finance industry has grown by almost 20% per annum, a compound annual growth rate of 17% from 2009 to 2013 (IFSB, 2013) with its current assets estimated to be worth USD 2 trillion and is set to reach USD 5 trillion in year 2020. This paper aims to analyse three Shari'ah screening methodologies namely Securities Commission (Malaysia), FTSE NASDAQ Dubai Shari'ah Index Series and the Dow Jones Islamic Market Indices. A sample of 30 companies comprising Shari'ah and non-Shari'ah stocks invested by the Malaysian institutional funds were analysed. Our analysis shows that out of the 30 samples stocks, only eight companies passed the screening using the criteria of the...

  • connecting_people_through_ICM.pdf.jpg
  • Academic Presentation


  • Authors: Mahomed, Ziyaad (2017)

  • The slides highlight: 1) an overview of the Islamic capital market (ICM); 2) how does the ICM connect people; 3) advantages of ICM regulatory development.

  • item.jpg
  • Journal Article


  • Authors: Shaukat, Mughees; El Alaoui, AbdelKader Ouatik; Lasri, Abdeslame; Alhabshi, Syed Othman (2013)

  • The recent surge in demand for Shariah compliant instruments alongside the launch of Dow Jones City group Sukuk Index in 2006 has further catalyzed the increase in the number of issuance of global Islamic Sukuk. Saudi Arabia, UAE and Qatar have become major issuers of global Sukuk which are highly demanded by investors. The normal rationale given behind such behavior might be the religious commitments to involve in riba free investments. However, it is worth testing that is it only religious commitments that are driving the demand or there may be some other factors contributing to this surge. Realizing that the majority of global Sukuk issuance is from the oil exporter countries, one ...

  • cross-border_banking_transactions_is_there_aishath.PDF.jpg
  • Journal Article


  • Authors: Muneeza, Aishath; Korimbocus, Christine; Nik Yusuf, Nik Nurul Atiqah; Capery, Sooraiya (2011)

  • Islamic stock screening bodies are vital due to the increase in the numbers of mixed companies in the world. This creates a dilemma as there is no uniform Islamic stock screening procedure followed by the screening bodies. This has created confusion among the investors to some extent. The objective of this paper is to provide an overview of the criteria used in the screening process and also to examine the different methods and approach used by the different providers of stock screening solutions. The questions addressed in this paper are; whether the different procedures and yardsticks used to screen stocks are acceptable; whether the procedures inhibit the growth of Islamic equities...

  • cross_country_evidence_Islamic_portfolio_diversification_mansur.pdf.jpg
  • Journal Article


  • Authors: Ali, Md Hakim; Uddin, Md Akther; Chowdhury, Mohammad Ashraful Ferdous; Mohammed Masih, Abul Mansur (2018)

  • On the backdrop of growing importance of Shariah compliant equity markets, the purpose of this paper is to study cross-country portfolio diversification benefits for investors with major trading partners of Saudi Arabia, namely, USA, China, Japan, Germany and India, who have already invested or tend to invest in Saudi Arabian stock market. The authors have investigated time invariant, dynamic correlations at different investments horizons of the investors among Islamic asset classes by applying relevant econometric techniques like multivariate generalized autoregressive conditional heteroscedastic - DCC and continuous wavelet transforms. For robustness, this study also applied maximal...

  • item.jpg
  • PhD


  • Authors: Abdul Wahab, Hishamuddin (2013)

  • The study of currency exposure in the context of small open economies such as the ASEAN-4 region is important in view of the higher degree of openness of the economies and the progressive growth of the Islamic finance industry. This study examined the presence of currency exposure in a sample of 405 listed non-financial corporations from Indonesia, Malaysia, Singapore and Thailand over a duration of 18 years from 1993 to 2010. This study is different from previous studies as it combines two assessment methods, i.e., the cash flow (CF) and stock returns (SR) approaches. Furthermore, this study covers two major events of the financial crises ... Available in physical copy only (Call ...

  • 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 ...

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 12 to 21 of 151
  • capital_market_shariah_advisory_committee_renamed_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2013)

  • The Capital Market Development Authority (CMDA) is the regulator for the capital markets in the Maldives. In May 2011, the CMDA took the initiative to develop a fully-fledged Islamic capital market in the Maldives and the first step towards this vision was to establish a Capital Market Shariah Advisory Committ ee (CMSAC).

  • comovement_of_selective_conventional_and_Islamic_stock indices_buerhan_mansur.pdf.jpg
  • Journal Article


  • Authors: Saiti, Buerhan; Mohammed Masih, Abul Mansur (2016)

  • This paper investigates the dynamic causal linkages in the daily returns among four conventional and three Shariah compliant indices (such as, Financial Times Stock Exchange Shariah China Index, Asia Shariah Index, Malaysia EMAS Shariah Index, China Shanghai Stock Exchange [SSE] Composite Index, Hang Seng Index, Nikkei 225 and KOSPI) in Asia region through the application of the standard time series techniques. Essentially, the purpose of this research is to identify the extent of influence of conventional and Islamic, regional and international equity markets on Shariah-compliant equity investment in China. Our study is focused on investigating the following empirical questions: (i) ...

  • combining_momentum_value_quality_islamic_equity_portfolio_multi-style_rotation_strategies_using_augmented_black_litterman_factor_model_mm.pdf.jpg
  • Journal Article


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

  • This study constructs active Islamic portfolios using a multi-style rotation strategy, derived from the three prominent styles, namely, momentum, value, and quality investing. We use the stocks that are consistently listed in the U.S. Dow Jones Islamic index for a sample period from 1996 to 2012. We also include two macroeconomic mimicking portfolios to capture the premiums of industrial production growth and inflation innovation, accommodating the economic regime shifts. Based on the information coefficients, we find the six-month momentum and the fractal measure as momentum factors; the enterprise yield (gross profit/TEV) and the book to market ratio as valuation factors; the gross ...

  • comparison_methodologies_shariah_stock_screening_shar_za.pdf.jpg
  • Journal Article


  • Authors: Ismail Zakri, Aida Shaiza; Shaikh Abdul Razak, Shaikh Hamzah; Mohd Tahir, Zainal Abidin (2018)

  • On average the Islamic finance industry has grown by almost 20% per annum, a compound annual growth rate of 17% from 2009 to 2013 (IFSB, 2013) with its current assets estimated to be worth USD 2 trillion and is set to reach USD 5 trillion in year 2020. This paper aims to analyse three Shari'ah screening methodologies namely Securities Commission (Malaysia), FTSE NASDAQ Dubai Shari'ah Index Series and the Dow Jones Islamic Market Indices. A sample of 30 companies comprising Shari'ah and non-Shari'ah stocks invested by the Malaysian institutional funds were analysed. Our analysis shows that out of the 30 samples stocks, only eight companies passed the screening using the criteria of the...

  • connecting_people_through_ICM.pdf.jpg
  • Academic Presentation


  • Authors: Mahomed, Ziyaad (2017)

  • The slides highlight: 1) an overview of the Islamic capital market (ICM); 2) how does the ICM connect people; 3) advantages of ICM regulatory development.

  • item.jpg
  • Journal Article


  • Authors: Shaukat, Mughees; El Alaoui, AbdelKader Ouatik; Lasri, Abdeslame; Alhabshi, Syed Othman (2013)

  • The recent surge in demand for Shariah compliant instruments alongside the launch of Dow Jones City group Sukuk Index in 2006 has further catalyzed the increase in the number of issuance of global Islamic Sukuk. Saudi Arabia, UAE and Qatar have become major issuers of global Sukuk which are highly demanded by investors. The normal rationale given behind such behavior might be the religious commitments to involve in riba free investments. However, it is worth testing that is it only religious commitments that are driving the demand or there may be some other factors contributing to this surge. Realizing that the majority of global Sukuk issuance is from the oil exporter countries, one ...

  • cross-border_banking_transactions_is_there_aishath.PDF.jpg
  • Journal Article


  • Authors: Muneeza, Aishath; Korimbocus, Christine; Nik Yusuf, Nik Nurul Atiqah; Capery, Sooraiya (2011)

  • Islamic stock screening bodies are vital due to the increase in the numbers of mixed companies in the world. This creates a dilemma as there is no uniform Islamic stock screening procedure followed by the screening bodies. This has created confusion among the investors to some extent. The objective of this paper is to provide an overview of the criteria used in the screening process and also to examine the different methods and approach used by the different providers of stock screening solutions. The questions addressed in this paper are; whether the different procedures and yardsticks used to screen stocks are acceptable; whether the procedures inhibit the growth of Islamic equities...

  • cross_country_evidence_Islamic_portfolio_diversification_mansur.pdf.jpg
  • Journal Article


  • Authors: Ali, Md Hakim; Uddin, Md Akther; Chowdhury, Mohammad Ashraful Ferdous; Mohammed Masih, Abul Mansur (2018)

  • On the backdrop of growing importance of Shariah compliant equity markets, the purpose of this paper is to study cross-country portfolio diversification benefits for investors with major trading partners of Saudi Arabia, namely, USA, China, Japan, Germany and India, who have already invested or tend to invest in Saudi Arabian stock market. The authors have investigated time invariant, dynamic correlations at different investments horizons of the investors among Islamic asset classes by applying relevant econometric techniques like multivariate generalized autoregressive conditional heteroscedastic - DCC and continuous wavelet transforms. For robustness, this study also applied maximal...

  • item.jpg
  • PhD


  • Authors: Abdul Wahab, Hishamuddin (2013)

  • The study of currency exposure in the context of small open economies such as the ASEAN-4 region is important in view of the higher degree of openness of the economies and the progressive growth of the Islamic finance industry. This study examined the presence of currency exposure in a sample of 405 listed non-financial corporations from Indonesia, Malaysia, Singapore and Thailand over a duration of 18 years from 1993 to 2010. This study is different from previous studies as it combines two assessment methods, i.e., the cash flow (CF) and stock returns (SR) approaches. Furthermore, this study covers two major events of the financial crises ... Available in physical copy only (Call ...

  • 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 ...