Browsing by Topic Islamic capital markets

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Showing results 60 to 69 of 172
  • 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.

  • item.jpg
  • Master


  • Authors: Mohd Hodori, Muhammad 'Arif (2017)

  • Herding behaviour refers to an alignment of thoughts or behaviours of individuals in a group. In the case of capital market, it has been studied by several researchers such as Chang et al. (2000) and (Gavriilidis et al., 2015). Being a multicultural and multiracial country, and one of the main markets for the Islamic capital market, Malaysia provides a conducive landscape for the study of herding behaviour. The main motive for conducting this study is to investigate the presence of herding behaviour in Malaysia's religious holiday period, it's characteristic in reference to all securities and shariah-compliant securities ...

  • item.jpg
  • PhD


  • Authors: Karatas, Abdullah (2017)

  • Among the available liquidity management instruments in Islamic banking, only sukuk of a particular type meet the requirements of HQLA (in principle) as defined by the Basel Committee and adapted for Islamic finance by the IFSB (Islamic Financial Services Board) (IFSB, 2017). Candidates for HQLA are only international sukuk, i.e. sukuk that are issued in an international currency, sukuk that are also publicly listed, and sukuk that are traded not only locally but also internationally. Sovereigns and international institutions such as the IDB (Islamic Development Bank) have issued almost all sukuk of this caliber. In this PhD thesis, the research will make empirically informed qualitat...

  • how expansive are frontier_rodney.pdf.jpg
  • Chapter in Book


  • Authors: Wilson, Rodney (2009)

  • Islamic capital market products have developed enormously in recent years, with seven major types of sukuk and issuance in four currencies and by ten countries. Much has been achieved since 2000 and many lessons have been learnt. The industry has not suffered the types of setbacks experienced by conventional asset-backed securities, many of which, following the subprime debacle, are now worthless. Yet those involves in sukuk issuance cannot afford to be complacement, as there are many unresolved issues. The aim here is to consider these issues and assess where the industry is going

  • how_far_maldives_progressed_achieving_islamic_capital_market_Aishath.PDF.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2018)

  • The Maldives Capital Market Strategic Plan 2015-19 (the Plan) has 10 programs out of which Program 4 specifically deals with developing Islamic capital market products. The strategic priority for Program 4 is broadening access to finance and investment opportunities. The overview of Program 4 states that the Plan aims to promote more investable products to investors of various preferences. Equity, debt, investment funds, private equity and venture capital funds are to be introduced in the form of conventional products and/or Shariah compliant products. As part of the development activities of the authorities, developing Shariah compliant products will be a high priority during the nex...

  • how_Sudan_attracted_retail_investors_through_sukuk_shehama_magda.pdf.jpg
  • Industry Article


  • Authors: Magda, Ismail Abdel Mohsin (2019)

  • The issuance of sukuk in Sudan started since 1998 as an alternative Islamic instrument for liquidity management. In 1998 the Central Bank of Sudan established the Sudan Financial Services Company SFSC as the SPV with the aim to manage the issuance of these sukuk. The main objective of this company is to achieve sustainable economic and social development through the provision of Islamic financial services, and satisfying the desires of the society.

  • IFHubEd7_how_sukuk_can_play_role_drive_growth_sustainable_responsible_investment_rafe.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Haneef, Rafe (2017)

  • The imminent intergenerational wealth transfer from Baby Boomers to their heirs who are members of Generation Y, the Millennials, and Generation Z means that the financial institution that ignores ESG in its operations and financing does so at the risk of ignoring what matters to the bulk of its future customers. These emerging generations have made no secret of their preference that their assets generate social benefits and positively impact the environment in addition to yielding the expected financial benefits.

  • IB1006_islamic capital markets.pdf.jpg
  • Book


  • Authors: Bacha, Obiyathulla Ismath (2011)

  • This guide provides an overview of capital markets. It describes the many roles played by the capital market in modern economies. A description of the main components and instruments traded within are described.

  • item.jpg
  • PhD


  • Authors: Mohd Jaapar, Asmah (2018)

  • The changes in equity index composition have a dual impact, first, to the constituent stocks that make up the index and second, to the index funds that track the index. This study investigates the index effect at constituent stocks level and index funds level using Shari'ah blue-chip indices and their corresponding i-ETFs. The findings of this study provide a new evidence on price discovery contrary to index effect reported in conventional index studies. Specifically, the study discovers the index effect in an opposite direction, i.e., additions suffered negative abnormal returns while deletions gained positive abnormal returns around index revision period.

  • impact_of_crude_oil_price_on_Islamic_stock_indices_monir_buerhan_mansur.pdf.jpg
  • Journal Article


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

  • This paper is the first attempt at testing the "time-varying" and "time-scale dependent" volatilities of and correlations between the selected Islamic stock indices of South East Asian countries and selected commodities for enhancing portfolio diversification benefits. Consistent with the results of our VECM, our analysis based on the application of the recent wavelet technique MODWT, indicates that the Singapore Islamic index is leading the other Islamic indices and the commodities. From the point of view of portfolio diversification benefits, based on the extent of dynamic correlations between variables, our results suggest that an investor should be aware that the Philippine Islami...

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 60 to 69 of 172
  • 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.

  • item.jpg
  • Master


  • Authors: Mohd Hodori, Muhammad 'Arif (2017)

  • Herding behaviour refers to an alignment of thoughts or behaviours of individuals in a group. In the case of capital market, it has been studied by several researchers such as Chang et al. (2000) and (Gavriilidis et al., 2015). Being a multicultural and multiracial country, and one of the main markets for the Islamic capital market, Malaysia provides a conducive landscape for the study of herding behaviour. The main motive for conducting this study is to investigate the presence of herding behaviour in Malaysia's religious holiday period, it's characteristic in reference to all securities and shariah-compliant securities ...

  • item.jpg
  • PhD


  • Authors: Karatas, Abdullah (2017)

  • Among the available liquidity management instruments in Islamic banking, only sukuk of a particular type meet the requirements of HQLA (in principle) as defined by the Basel Committee and adapted for Islamic finance by the IFSB (Islamic Financial Services Board) (IFSB, 2017). Candidates for HQLA are only international sukuk, i.e. sukuk that are issued in an international currency, sukuk that are also publicly listed, and sukuk that are traded not only locally but also internationally. Sovereigns and international institutions such as the IDB (Islamic Development Bank) have issued almost all sukuk of this caliber. In this PhD thesis, the research will make empirically informed qualitat...

  • how expansive are frontier_rodney.pdf.jpg
  • Chapter in Book


  • Authors: Wilson, Rodney (2009)

  • Islamic capital market products have developed enormously in recent years, with seven major types of sukuk and issuance in four currencies and by ten countries. Much has been achieved since 2000 and many lessons have been learnt. The industry has not suffered the types of setbacks experienced by conventional asset-backed securities, many of which, following the subprime debacle, are now worthless. Yet those involves in sukuk issuance cannot afford to be complacement, as there are many unresolved issues. The aim here is to consider these issues and assess where the industry is going

  • how_far_maldives_progressed_achieving_islamic_capital_market_Aishath.PDF.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2018)

  • The Maldives Capital Market Strategic Plan 2015-19 (the Plan) has 10 programs out of which Program 4 specifically deals with developing Islamic capital market products. The strategic priority for Program 4 is broadening access to finance and investment opportunities. The overview of Program 4 states that the Plan aims to promote more investable products to investors of various preferences. Equity, debt, investment funds, private equity and venture capital funds are to be introduced in the form of conventional products and/or Shariah compliant products. As part of the development activities of the authorities, developing Shariah compliant products will be a high priority during the nex...

  • how_Sudan_attracted_retail_investors_through_sukuk_shehama_magda.pdf.jpg
  • Industry Article


  • Authors: Magda, Ismail Abdel Mohsin (2019)

  • The issuance of sukuk in Sudan started since 1998 as an alternative Islamic instrument for liquidity management. In 1998 the Central Bank of Sudan established the Sudan Financial Services Company SFSC as the SPV with the aim to manage the issuance of these sukuk. The main objective of this company is to achieve sustainable economic and social development through the provision of Islamic financial services, and satisfying the desires of the society.

  • IFHubEd7_how_sukuk_can_play_role_drive_growth_sustainable_responsible_investment_rafe.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Haneef, Rafe (2017)

  • The imminent intergenerational wealth transfer from Baby Boomers to their heirs who are members of Generation Y, the Millennials, and Generation Z means that the financial institution that ignores ESG in its operations and financing does so at the risk of ignoring what matters to the bulk of its future customers. These emerging generations have made no secret of their preference that their assets generate social benefits and positively impact the environment in addition to yielding the expected financial benefits.

  • IB1006_islamic capital markets.pdf.jpg
  • Book


  • Authors: Bacha, Obiyathulla Ismath (2011)

  • This guide provides an overview of capital markets. It describes the many roles played by the capital market in modern economies. A description of the main components and instruments traded within are described.

  • item.jpg
  • PhD


  • Authors: Mohd Jaapar, Asmah (2018)

  • The changes in equity index composition have a dual impact, first, to the constituent stocks that make up the index and second, to the index funds that track the index. This study investigates the index effect at constituent stocks level and index funds level using Shari'ah blue-chip indices and their corresponding i-ETFs. The findings of this study provide a new evidence on price discovery contrary to index effect reported in conventional index studies. Specifically, the study discovers the index effect in an opposite direction, i.e., additions suffered negative abnormal returns while deletions gained positive abnormal returns around index revision period.

  • impact_of_crude_oil_price_on_Islamic_stock_indices_monir_buerhan_mansur.pdf.jpg
  • Journal Article


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

  • This paper is the first attempt at testing the "time-varying" and "time-scale dependent" volatilities of and correlations between the selected Islamic stock indices of South East Asian countries and selected commodities for enhancing portfolio diversification benefits. Consistent with the results of our VECM, our analysis based on the application of the recent wavelet technique MODWT, indicates that the Singapore Islamic index is leading the other Islamic indices and the commodities. From the point of view of portfolio diversification benefits, based on the extent of dynamic correlations between variables, our results suggest that an investor should be aware that the Philippine Islami...