Browsing by Topic Islamic capital markets

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Showing results 42 to 51 of 173
  • empirical_evidence_risk_shifting_bonds_debt-based_sukuk_obiyathulla.pdf.jpg
  • Journal Article


  • Authors: Hamzah, Siti Raihana; Bacha, Obiyathulla Ismath; Mirakhor, Abbas; Abdul Kader Malim, Nurhafiza (2018)

  • The purpose of this paper is to examine the extent of risk shifting behavior in bonds and sukuk. The examination is significant, as economists and scholars identify risk shifting as the primary cause of the global financial crisis. Yet, the dangers of this debt-financing feature are largely ignored - one needs to only witness the record growth of global debt even after the global financial crisis. To identify the signs of risk shifting existence in the corporations, this paper compares each corporation's operating risk before and after issuing debt. Operating risk or risk of a firm's activities is measured using the volatility of the operating earnings or coefficient variation of earn...

  • item.jpg
  • PhD


  • Authors: Mustaffa Kamil, Nazrol Kamil (2014)

  • This dissertation discusses a number of issues in Islamic equity, which can be broadly defined as equity investments that meet certain Shari'ah compliance requirements. A particular stock is deemed as Shari'ah compliant when it "passes" a screening process which encapsulates a number of relevant Islamic principles, rules and tenets. This process, commonly termed Shari'ah stock screening, essentially involves the negative screening or filtering of stocks. While variations may exist from one jurisdiction to another, and between a number of different Islamic index providers ... Available in physical copy only (Call Number: t HG 4551 N336)

  • item.jpg
  • PhD


  • Authors: Dewandaru, Ginanjar (2015)

  • This study investigates the roles of Shariah-compliant asset classes as well as Shariah-compliant portfolio strategies, which are divided into three separate essays. The first essay investigates both conventional and Islamic investors' problems as to whether the inclusion of Islamic and conventional asset classes may expand the frontier of their respective portfolios. The sample covers the global U.S. portfolios and Malaysian portfolios with multiple asset classes, as well as the portfolios with a specific asset class in several regions. The study uses the recent mean-variance spanning test in multiple regimes, which not only accounts for tail risk but also identifies the source of va...

  • establishment_of_Islamic_capital_market_in_jurisdictions_with_limited_Islamic_financial_services_aishath.pdf.jpg
  • Journal Article


  • Authors: Muneeza, Aishath (2018)

  • It is said that to establish an Islamic Capital Market, the first step would be to have a strong Islamic finance industry with numerous institutions offering Islamic financial services. This way it is easy to know that the demand for Islamic capital market would be there and that market will be sophisticated enough to comprehensive the nature of shariah compliant products. Generally, in most of the jurisdictions this is how the Islamic capital market is created. This paper will look at the establishment of Islamic capital market in Maldives, small island nation where the establishment of Islamic capital market happened when at a time there was only one takaful company and one Islamic ...

  • 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 ......

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 42 to 51 of 173
  • empirical_evidence_risk_shifting_bonds_debt-based_sukuk_obiyathulla.pdf.jpg
  • Journal Article


  • Authors: Hamzah, Siti Raihana; Bacha, Obiyathulla Ismath; Mirakhor, Abbas; Abdul Kader Malim, Nurhafiza (2018)

  • The purpose of this paper is to examine the extent of risk shifting behavior in bonds and sukuk. The examination is significant, as economists and scholars identify risk shifting as the primary cause of the global financial crisis. Yet, the dangers of this debt-financing feature are largely ignored - one needs to only witness the record growth of global debt even after the global financial crisis. To identify the signs of risk shifting existence in the corporations, this paper compares each corporation's operating risk before and after issuing debt. Operating risk or risk of a firm's activities is measured using the volatility of the operating earnings or coefficient variation of earn...

  • item.jpg
  • PhD


  • Authors: Mustaffa Kamil, Nazrol Kamil (2014)

  • This dissertation discusses a number of issues in Islamic equity, which can be broadly defined as equity investments that meet certain Shari'ah compliance requirements. A particular stock is deemed as Shari'ah compliant when it "passes" a screening process which encapsulates a number of relevant Islamic principles, rules and tenets. This process, commonly termed Shari'ah stock screening, essentially involves the negative screening or filtering of stocks. While variations may exist from one jurisdiction to another, and between a number of different Islamic index providers ... Available in physical copy only (Call Number: t HG 4551 N336)

  • item.jpg
  • PhD


  • Authors: Dewandaru, Ginanjar (2015)

  • This study investigates the roles of Shariah-compliant asset classes as well as Shariah-compliant portfolio strategies, which are divided into three separate essays. The first essay investigates both conventional and Islamic investors' problems as to whether the inclusion of Islamic and conventional asset classes may expand the frontier of their respective portfolios. The sample covers the global U.S. portfolios and Malaysian portfolios with multiple asset classes, as well as the portfolios with a specific asset class in several regions. The study uses the recent mean-variance spanning test in multiple regimes, which not only accounts for tail risk but also identifies the source of va...

  • establishment_of_Islamic_capital_market_in_jurisdictions_with_limited_Islamic_financial_services_aishath.pdf.jpg
  • Journal Article


  • Authors: Muneeza, Aishath (2018)

  • It is said that to establish an Islamic Capital Market, the first step would be to have a strong Islamic finance industry with numerous institutions offering Islamic financial services. This way it is easy to know that the demand for Islamic capital market would be there and that market will be sophisticated enough to comprehensive the nature of shariah compliant products. Generally, in most of the jurisdictions this is how the Islamic capital market is created. This paper will look at the establishment of Islamic capital market in Maldives, small island nation where the establishment of Islamic capital market happened when at a time there was only one takaful company and one Islamic ...

  • 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 ......