Browsing by Topic Islamic capital markets

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Showing results 90 to 99 of 173
  • PhD_leverage_decision_firms_comparative_analysis_Shariah_compliant_Shariah_non_compliant_firms_Ramazan_Yildirim.pdf.jpg
  • PhD


  • Authors: Yildirim, Ramazan (2017)

  • Capital structure which is the mixture of debt and equity capital of a company is very important since it is related to the ability of the company to fulfil the needs of its stakeholders. The main competing theories, which attempts to understand how financing decisions are made, that have emerged and developed over the last decades are the Trade-Off Theory and the Pecking Order Theory. Trade-Off Theory predicts that firms should balance the tax benefits of debt against the cost of debt, therefore firms should have an optimal capital structure. In contrast, Pecking Order Theory does not imply that firms capital structure decision is driven by the notion of optimal ...

  • Leverage_versus_volatility_abdelkader_obiyathulla_mansur.pdf.jpg
  • Journal Article


  • Authors: El Alaoui, AbdelKader Ouatik; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur; Asutay, Mehmet (2017)

  • The impact of leverage on financial market stability and the relationship with the real economy is a key concern among researchers. This paper makes an initial attempt to investigate the relationship between a firm's leverage, return and share price volatility from an Islamic finance perspective and capital structure theory. A multicountry dynamic panel framework and the mean-variance efficient frontier are applied to 320 sample firms from eight European countries, divided into portfolios of low and high debt using the shari'ah screening threshold of 33%. We find that the firm's return and volatility change with changes in the capital structure. Islamic compliant stocks show, in most ...

  • PhD_leverage_sensitivity_market_risk_volatility_contagion_Abdelkader_Ouatik.pdf.jpg
  • PhD


  • Authors: El Alaoui, AbdelKader Ouatik (2016)

  • Constructing a portfolio or investing in the stock market, without taking into account the firms' debt level is likely to render the control of returns, volatility and systematic risk ineffective. This study focuses on the European stock market which has suffered badly during the 2008 global financial crisis. It is within this context that the role of firm leverage and its relationship to risk and returns are explored. This innovative empirical study tests the leverage effect (on volatility, systematic risk, value at risk and returns) in terms of Shari'ah stock screening, and evaluates it applying random portfolio analysis, wavelet coherency and panel dynamic GMM techniques ... Ava...

  • linkages_co-movement_between_international_stockmarket_returns_Case_Dow_Jones_Islamic_Dubai_FinancialMarket_index_mm.pdf.jpg
  • Journal Article


  • Authors: El Alaoui, AbdelKader Ouatik; Dewandaru, Ginanjar; Rosly, Saiful Azhar; Mohammed Masih, Abul Mansur (2015)

  • Using wavelet techniques (discrete and continuous), this paper is the first attempt to investigate the co-movement dynamics at different time scales or horizons of Islamic Dubai Financial Market (DFM-UAE) index returns with their counterpart regional Islamic indices returns such as GCC index, ASEAN index, Developing Countries index, Emerging Countries Index, and the Global Sukuk. Finally, we examine the impact of the LIBOR on the Islamic DFM-UAE return. Our first finding is that the two markets DFM_UAE, and (GCC and Saudi) are converging, in the long run, to the same level of risk and volatility with the Global Sukuk index. The wavelet analysis based on betas indicates a strong non-ho...

  • item.jpg
  • Master


  • Authors: Adedamola, Adebumiti Qazeem (2019)

  • This thesis examines the Major Sukuk Defaults that have been experienced to date in the Islamic Capital Market. The total major cases that have been witnessed, according to Syed Ali (2016), are 10 major cases. A further dig by this study found that they are actually 11 major cases in total. Due to constraints and data availability, only 6 major cases were sampled. While previous studies have discussed Sukuk defaults from many perspectives, few attention have, so far, been given to issues in Sukuk default from a Shari'ah perspective. This study investigates some of the issues with the 6 major cases sampled from a Shari'ah perspective. Hence, the contribution of this research is germane...

  • Malaysian investors perspectives on Islamic stock market_Marjan_Syed Othman_Mansur Masih.jpg.jpg
  • Chapter in Book


  • Authors: Naseri, Marjan; Alhabshi, Syed Othman; Mohammed Masih, Abul Mansur (2017)

  • This chapter attempts to analyse the extent of financial integration of Islamic stock markets in two developed (the US and Japan) and two developing countries (China and India). The study takes the perspectives of the Malaysian Islamic investors in making their decisions about portfolio diversification, risk management and asset allocation. Despite the growing interest in Islamic finance, there are a few empirical studies investigating integration of Islamic stock markets. As a result, there is a certain gap in the literature pertaining to this area of research. By applying recent relevant techniques such as MGARCH-DCC and wavelets (both CWT and MODWT) ... Available in physical cop...

  • CIAWM_Issue3_Market_timing_and_selection_skills_of_fund_managers_Wajahat_Shamsher_Eskandar.pdf.jpg
  • Newsletter & Bulletin


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

  • We assess the managerial skills of globally invested 686 ethical funds taking into consideration the macroeconomic efficiency and fund inflows/outflows. It was observed that managers exhibit negative selection and market timing skills but no consistent pattern for style timing. A cursory glance at the literature indicates little support for superior managerial abilities, especially in terms of timing skills. Notwithstanding, some have highlighted the importance of including fund flows in the traditional models and argue that excluding it can lead to spurious timing skills (Bollen and Busse, 2001). The findings indicate that the investors increase their exposure to funds during a bulli...

  • New_strategic_directions_to_be_formulated_for_Islamic_capital_market_development_in_Maldives_Aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2014)

  • The Capital Market Development Authority (CMDA), the Maldivian regulatory authority for the Islamic capital market (ICM), has stared work to formulate the ICM Strategic plan 2015-20. The primary strategies formulated include: enhance the depth of Islamic capital market products and services, strengthen the Capital Market Shariah Advisory Committee.

  • nexus_between_oil_price_islamic_stock_markets_Africa_wavelet_multivariate-GARCH_approach_baharom.pdf.jpg
  • Journal Article


  • Authors: M.Abdulkarim, Fatima; Akinlaso, Mustapha I.; Abdul Hamid, Baharom; Ali, Hamisu S. (2020)

  • The goal of this paper is to address the relationship between crude oil-price changes on some selected African Islamic indices, using daily data from May 4, 2011, to January 25, 2018. We employed three main techniques: MODWT, CWT, and multivariate-GARCH-DCC, to analyze whether these markets have any diversification opportunities. Our findings reveal that, first, the results of MODWT shows Egyptian Islamic index leading all indices. Second, CWT results show that investors would gain diversification benefits in almost all markets (except South Africa) and enjoy the benefit that comes with long-term investments. Third, we observed low correlations between the Egyptian and Tunisian Islami...

  • Nonfinancial_traits_and_financial_smartness_wajahat_shamsher_eskandar.pdf.jpg
  • Journal Article


  • Authors: Naeem Azmi, Choudhari Wajahat; Ramadili Mohd, Shamsher Mohamad; Mohd Rasid, Mohamed Eskandar Shah (2018)

  • This paper examines the flow-performance relationship and the presence of "Smart money effect" in Socially responsible funds (SRFs) and Shariah compliant funds (SCFs). A survivorship bias free sample of 686 funds comprising of 212 SCFs and 474 SRFs were analysed with investment focus in the Asia pacific, Emerging markets, Europe, Global (with no focus to any specific country or region), Middle East and North Africa (MENA) and North America. The findings show that flow-performance relationship is asymmetric for both the funds as the response to positive returns is more as compare to the negative returns for the last/current year as well as the last/current month. There is also a signif...

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 90 to 99 of 173
  • PhD_leverage_decision_firms_comparative_analysis_Shariah_compliant_Shariah_non_compliant_firms_Ramazan_Yildirim.pdf.jpg
  • PhD


  • Authors: Yildirim, Ramazan (2017)

  • Capital structure which is the mixture of debt and equity capital of a company is very important since it is related to the ability of the company to fulfil the needs of its stakeholders. The main competing theories, which attempts to understand how financing decisions are made, that have emerged and developed over the last decades are the Trade-Off Theory and the Pecking Order Theory. Trade-Off Theory predicts that firms should balance the tax benefits of debt against the cost of debt, therefore firms should have an optimal capital structure. In contrast, Pecking Order Theory does not imply that firms capital structure decision is driven by the notion of optimal ...

  • Leverage_versus_volatility_abdelkader_obiyathulla_mansur.pdf.jpg
  • Journal Article


  • Authors: El Alaoui, AbdelKader Ouatik; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur; Asutay, Mehmet (2017)

  • The impact of leverage on financial market stability and the relationship with the real economy is a key concern among researchers. This paper makes an initial attempt to investigate the relationship between a firm's leverage, return and share price volatility from an Islamic finance perspective and capital structure theory. A multicountry dynamic panel framework and the mean-variance efficient frontier are applied to 320 sample firms from eight European countries, divided into portfolios of low and high debt using the shari'ah screening threshold of 33%. We find that the firm's return and volatility change with changes in the capital structure. Islamic compliant stocks show, in most ...

  • PhD_leverage_sensitivity_market_risk_volatility_contagion_Abdelkader_Ouatik.pdf.jpg
  • PhD


  • Authors: El Alaoui, AbdelKader Ouatik (2016)

  • Constructing a portfolio or investing in the stock market, without taking into account the firms' debt level is likely to render the control of returns, volatility and systematic risk ineffective. This study focuses on the European stock market which has suffered badly during the 2008 global financial crisis. It is within this context that the role of firm leverage and its relationship to risk and returns are explored. This innovative empirical study tests the leverage effect (on volatility, systematic risk, value at risk and returns) in terms of Shari'ah stock screening, and evaluates it applying random portfolio analysis, wavelet coherency and panel dynamic GMM techniques ... Ava...

  • linkages_co-movement_between_international_stockmarket_returns_Case_Dow_Jones_Islamic_Dubai_FinancialMarket_index_mm.pdf.jpg
  • Journal Article


  • Authors: El Alaoui, AbdelKader Ouatik; Dewandaru, Ginanjar; Rosly, Saiful Azhar; Mohammed Masih, Abul Mansur (2015)

  • Using wavelet techniques (discrete and continuous), this paper is the first attempt to investigate the co-movement dynamics at different time scales or horizons of Islamic Dubai Financial Market (DFM-UAE) index returns with their counterpart regional Islamic indices returns such as GCC index, ASEAN index, Developing Countries index, Emerging Countries Index, and the Global Sukuk. Finally, we examine the impact of the LIBOR on the Islamic DFM-UAE return. Our first finding is that the two markets DFM_UAE, and (GCC and Saudi) are converging, in the long run, to the same level of risk and volatility with the Global Sukuk index. The wavelet analysis based on betas indicates a strong non-ho...

  • item.jpg
  • Master


  • Authors: Adedamola, Adebumiti Qazeem (2019)

  • This thesis examines the Major Sukuk Defaults that have been experienced to date in the Islamic Capital Market. The total major cases that have been witnessed, according to Syed Ali (2016), are 10 major cases. A further dig by this study found that they are actually 11 major cases in total. Due to constraints and data availability, only 6 major cases were sampled. While previous studies have discussed Sukuk defaults from many perspectives, few attention have, so far, been given to issues in Sukuk default from a Shari'ah perspective. This study investigates some of the issues with the 6 major cases sampled from a Shari'ah perspective. Hence, the contribution of this research is germane...

  • Malaysian investors perspectives on Islamic stock market_Marjan_Syed Othman_Mansur Masih.jpg.jpg
  • Chapter in Book


  • Authors: Naseri, Marjan; Alhabshi, Syed Othman; Mohammed Masih, Abul Mansur (2017)

  • This chapter attempts to analyse the extent of financial integration of Islamic stock markets in two developed (the US and Japan) and two developing countries (China and India). The study takes the perspectives of the Malaysian Islamic investors in making their decisions about portfolio diversification, risk management and asset allocation. Despite the growing interest in Islamic finance, there are a few empirical studies investigating integration of Islamic stock markets. As a result, there is a certain gap in the literature pertaining to this area of research. By applying recent relevant techniques such as MGARCH-DCC and wavelets (both CWT and MODWT) ... Available in physical cop...

  • CIAWM_Issue3_Market_timing_and_selection_skills_of_fund_managers_Wajahat_Shamsher_Eskandar.pdf.jpg
  • Newsletter & Bulletin


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

  • We assess the managerial skills of globally invested 686 ethical funds taking into consideration the macroeconomic efficiency and fund inflows/outflows. It was observed that managers exhibit negative selection and market timing skills but no consistent pattern for style timing. A cursory glance at the literature indicates little support for superior managerial abilities, especially in terms of timing skills. Notwithstanding, some have highlighted the importance of including fund flows in the traditional models and argue that excluding it can lead to spurious timing skills (Bollen and Busse, 2001). The findings indicate that the investors increase their exposure to funds during a bulli...

  • New_strategic_directions_to_be_formulated_for_Islamic_capital_market_development_in_Maldives_Aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2014)

  • The Capital Market Development Authority (CMDA), the Maldivian regulatory authority for the Islamic capital market (ICM), has stared work to formulate the ICM Strategic plan 2015-20. The primary strategies formulated include: enhance the depth of Islamic capital market products and services, strengthen the Capital Market Shariah Advisory Committee.

  • nexus_between_oil_price_islamic_stock_markets_Africa_wavelet_multivariate-GARCH_approach_baharom.pdf.jpg
  • Journal Article


  • Authors: M.Abdulkarim, Fatima; Akinlaso, Mustapha I.; Abdul Hamid, Baharom; Ali, Hamisu S. (2020)

  • The goal of this paper is to address the relationship between crude oil-price changes on some selected African Islamic indices, using daily data from May 4, 2011, to January 25, 2018. We employed three main techniques: MODWT, CWT, and multivariate-GARCH-DCC, to analyze whether these markets have any diversification opportunities. Our findings reveal that, first, the results of MODWT shows Egyptian Islamic index leading all indices. Second, CWT results show that investors would gain diversification benefits in almost all markets (except South Africa) and enjoy the benefit that comes with long-term investments. Third, we observed low correlations between the Egyptian and Tunisian Islami...

  • Nonfinancial_traits_and_financial_smartness_wajahat_shamsher_eskandar.pdf.jpg
  • Journal Article


  • Authors: Naeem Azmi, Choudhari Wajahat; Ramadili Mohd, Shamsher Mohamad; Mohd Rasid, Mohamed Eskandar Shah (2018)

  • This paper examines the flow-performance relationship and the presence of "Smart money effect" in Socially responsible funds (SRFs) and Shariah compliant funds (SCFs). A survivorship bias free sample of 686 funds comprising of 212 SCFs and 474 SRFs were analysed with investment focus in the Asia pacific, Emerging markets, Europe, Global (with no focus to any specific country or region), Middle East and North Africa (MENA) and North America. The findings show that flow-performance relationship is asymmetric for both the funds as the response to positive returns is more as compare to the negative returns for the last/current year as well as the last/current month. There is also a signif...