Browsing by Topic Islamic capital markets

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Showing results 46 to 55 of 151
  • 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
  • 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....

  • Phd_Global_financial_shocks_and_stock_market_comovements_Siti_Zulaikha.pdf.jpg
  • PhD


  • Authors: Siti Zulaikha (2017)

  • The study investigates the impact of the global financial shocks on the correlations between the stock market and interest rate on the one hand and that between conventional and Islamic stocks on the other. The countries investigated are Malaysia, Indonesia, the U.S., Japan, the U.K., Kuwait, Saudi Arabia, Qatar with the sample period from December 2004 to December 2012. Changes in correlations for different time scales or investment horizons levels with wavelet analysis were tested. It was found that correlations among Islamic and conventional stock markets in non-shock periods tend to be ... Available in physical copy and downloadable format (Call Number: t HG 4661 S623)

  • 2016_sept_6_growth_and_development_of_islamic_capital_market_and_takaful_alhabshi.pdf.jpg
  • Academic Presentation


  • Authors: Alhabshi, Syed Othman (2016-09-05)

  • Emerges out of rising demand for long term capital. Long term capital are for large and long-term investments, development projects, and starting and expanding businesses. Islamic capital market (ICM) is also crucial in mitigating risks associated with long term financing, asset & liability mismatch of financial institutions. The common products are: Shariah-compliant stocks, sukuks, Islamic funds, and private equities.

  • growth_and_development_of_the_Malaysian_Islamic_capital_market.pdf.jpg
  • Chapter in Book


  • Authors: Bacha, Obiyathulla Ismath (2017)

  • Capital markets play a very important role in modern economies. Being a part of the financial sector, which they share with the banking system, capital markets have become the focus of many a governments' development plans. Most developing countries' financial sector tends to be dominated by the banking system. As countries develop, capital markets begin to take on a bigger role... Available in physical copy only (Call Number: HG 3368 A6 I82Mo)

  • heads_we_win_tails_you_lose_is_there_equity_in_Islamic_equity_funds_obiya.pdf.jpg
  • Journal Article


  • Authors: Mustaffa Kamil, Nazrol Kamil; Alhabshi, Syed Othman; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur (2014)

  • We made the first estimate of the proportion of fund alpha statistically attributable to luck rather than skill for a sample of Malaysian Islamic equity funds. Broadly, the funds do not outperform market benchmarks. In the limited instances where performance is superior, based on a contemporary methodology, as much as 47% of the observed positive fund alpha is statistically attributable to luck. Thus, at 5% significance level, we find only 1.95% of our funds to be genuinely skilled. Our findings raise questions regarding the equitability of these funds levying fixed fees, making a case for potential innovation in fund remuneration structure.

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 46 to 55 of 151
  • 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
  • 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....

  • Phd_Global_financial_shocks_and_stock_market_comovements_Siti_Zulaikha.pdf.jpg
  • PhD


  • Authors: Siti Zulaikha (2017)

  • The study investigates the impact of the global financial shocks on the correlations between the stock market and interest rate on the one hand and that between conventional and Islamic stocks on the other. The countries investigated are Malaysia, Indonesia, the U.S., Japan, the U.K., Kuwait, Saudi Arabia, Qatar with the sample period from December 2004 to December 2012. Changes in correlations for different time scales or investment horizons levels with wavelet analysis were tested. It was found that correlations among Islamic and conventional stock markets in non-shock periods tend to be ... Available in physical copy and downloadable format (Call Number: t HG 4661 S623)

  • 2016_sept_6_growth_and_development_of_islamic_capital_market_and_takaful_alhabshi.pdf.jpg
  • Academic Presentation


  • Authors: Alhabshi, Syed Othman (2016-09-05)

  • Emerges out of rising demand for long term capital. Long term capital are for large and long-term investments, development projects, and starting and expanding businesses. Islamic capital market (ICM) is also crucial in mitigating risks associated with long term financing, asset & liability mismatch of financial institutions. The common products are: Shariah-compliant stocks, sukuks, Islamic funds, and private equities.

  • growth_and_development_of_the_Malaysian_Islamic_capital_market.pdf.jpg
  • Chapter in Book


  • Authors: Bacha, Obiyathulla Ismath (2017)

  • Capital markets play a very important role in modern economies. Being a part of the financial sector, which they share with the banking system, capital markets have become the focus of many a governments' development plans. Most developing countries' financial sector tends to be dominated by the banking system. As countries develop, capital markets begin to take on a bigger role... Available in physical copy only (Call Number: HG 3368 A6 I82Mo)

  • heads_we_win_tails_you_lose_is_there_equity_in_Islamic_equity_funds_obiya.pdf.jpg
  • Journal Article


  • Authors: Mustaffa Kamil, Nazrol Kamil; Alhabshi, Syed Othman; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur (2014)

  • We made the first estimate of the proportion of fund alpha statistically attributable to luck rather than skill for a sample of Malaysian Islamic equity funds. Broadly, the funds do not outperform market benchmarks. In the limited instances where performance is superior, based on a contemporary methodology, as much as 47% of the observed positive fund alpha is statistically attributable to luck. Thus, at 5% significance level, we find only 1.95% of our funds to be genuinely skilled. Our findings raise questions regarding the equitability of these funds levying fixed fees, making a case for potential innovation in fund remuneration structure.