Browsing by Topic Islamic capital markets

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Showing results 112 to 121 of 151
  • shariah_issues_islamic_capital_markets_sukuk_al.pdf.jpg
  • Journal Article


  • Authors: Lee, Sze Lin; Lahsasna, Ahcene; Ahmed, Rubi (2013)

  • The purpose of this paper is to ascertain the prevailing Shari'ah issues in Islamic capital markets, particularly Sukuk. Common features of conventional bonds are replicated in Sukuk via late penalty payment upon default, trading of debt-based Sukuk, purchase undertaking in equity-based structures and ownership status in asset-based transactions. These features pose Shari'ah concerns and are discussed in the paper from the perspective of current practices and views of scholars by compiling various references that reveal the diversity of the Shari'ah. The paper does not claim to provide solutions to the issues of debate; rather it engages in providing an analysis of these Shari'ah issu...

  • shariah_screening_market_risk_and_contagion_a_multi_countr_analysis_mansur_obiyathulla.pdf.jpg
  • Journal Article


  • Authors: el Alaoui, AbdelKader Ouatik; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur; Asutay, Mehmet (2016)

  • This study investigates the relationship and shock transmission between firm leverage and systematic risk within the Shari'ah stock screening rules among seven European countries with a sample of 689 firms for the period from 2008 Q2 to 2013 Q1. Due to the fact that high leverage augments systematic risk and accentuates the firm's vulnerability to shocks,debt screening is used to examine the sampled portfolios. As it imposes limits on debt,we examined the impact of such an ethical screening and a risk moderating principle on stock volatility, susceptibility to contagion and the implications for portfolio diversification.Using a vector auto regressive dynamic panel of multi-country fra...

  • item.jpg
  • Master


  • Authors: Mohd Rozlan, Ahmad Ridza (2017)

  • The paper aims to study the relationship between selected macroeconomic variables and Malaysia Shariah Index after the adjustment of the screening process. It also attempts to look at how the new screening process impacts the performance of the Shariah index. To achieve these aims, this study used Auto Regressive Distributive Lag (ARDL) to look at the long-run and short-run relationships of the macroeconomic variables towards the FTSE EMAS Shariah Index ... Available in physical copy only (Call Number: t HG 4551 A286)

  • size_correlations_diversification_mansur.pdf.jpg
  • Journal Article


  • Authors: Alaabed, Alaa; Chowdhury, Mohammad Ashraful Ferdous; Mohammed Masih, Abul Mansur (2018)

  • Despite the rapid growth of Islamic finance in recent years, there has been relatively little work done on the emerging Islamic mutual fund industry within the broad field of Islamic finance. As far as the authors' knowledge, this paper is the first attempt dedicated to understanding the correlation between different sizes of the young and rapidly growing Islamic mutual fund industry at different investment horizons. Major part of economic time series analysis is done in time or frequency domain separately. Wavelet analysis can combine these two fundamental approaches, so we can work in the time-frequency domain. Using wavelet coherence, we have gained valuable insights into the conti...

  • Socially_responsible_or_Shariah_compliant_wajahat_shamsher_eskandar.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Naeem Azmi, Choudhari Wajahat; Ramadili Mohd, Shamsher Mohamad (2016)

  • The mutual fund industry observed a remarkable growth of two distinct types of mutual funds during the last two decades, namely, Shariah-compliant funds (SCFs) and Socially responsible funds (SRFs). These alternative investment avenues were created for investors who are keen on investments that are Shariah-compliant and have better ethical standards than conventional funds. To fulfil these needs, the funds' investment strategies incorporate specific non-financial screening criteria based on ethical and religious guidelines, besides the typical risk-return financial screening.

  • PhD_Stock_market_liberalization_Bilal_Ilhan.pdf.jpg
  • PhD


  • Authors: Ilhan, Bilal (2017)

  • Financial liberalization became a key economic policy which was implemented by many emerging countries during the 1980s and 1990s. Nevertheless, the academic critiques argue that it could render domestic stock markets highly volatile and economies susceptible to economic turmoil due to the irrational and pro-cyclical nature of international capital flows, and the characteristics of the emerging markets such as market imperfections, information asymmetry, and lack of sound financial infrastructure ... Available in physical copy and downloadable format (Call Number: t HG 4551 I27)

  • IFHubEd4_structuring_forward_lease_sukuk_islamic_capital_market_ahcene.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Lahsasna, Ahcene; Ahmad, Rubi (2017)

  • The forward lease nature is normally a combination of ijarah and istisna; where the outcome will be in a form of tangible or intangible asset that can be the subject matter of business transactions. Many assets in the market can be designed based on forward lease such as airplane, ships, residential or commercial building, and the like. The forward lease is regarded as innovative structure with special feature that contributes significantly to the expansion and evolution of the Islamic finance market. Below discussion is briefly illustration on the concept of forward lease and its structuring in the Islamic capital market.

  • Sukuk_and_its_wealth_effect_ziyaad.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Mahomed, Ziyaad (2016)

  • Classical corporate finance theory considers capital market behavior crucial to understanding how to maximize firm value and shareholder wealth. How this is achieved has been debated extensively over the last century. It stands to reason though, that maximizing firm value requires effective investment decisions which in turn necessitates a valuable source of capital. This capital can be provided either internally or externally, each influencing the risk of the firm and initiating varied wealth effects.

  • IF_Hub_Issue_2_Sukuk_announcement_Ziyaad.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Mahomed, Ziyaad (2017)

  • Capital market behavior and the effects of varying sources of capital on share price has long intrigued finance theorists (Brown & Warner, 1980) and the choice of conventional capital market instruments based on investor reaction, has been researched extensively (Abdul Rahim, 2012). Profit-driven firms focus on profit maximization and the creation of shareholder wealth. However, opting for internal funds over public fund-raising has been shown to signal quality to the market, thereby affecting overall company value (Ross, 1977). The introduction of Sukuk instruments since 2001 has also influenced market reaction (Ashhari et al., 2009). Therefore, we investigate the effects of Sukuk an...

  • Sukuk_announcement_effects_during_financial_crisis_the_case_for_Indonesia_ziyaad_et_al.pdf.jpg
  • Journal Article


  • Authors: Mahomed, Ziyaad; Ramadili Mohd, Shamsher Mohamad; Ariff, Mohamed (2018)

  • The effects of capital-raising announcements have long been used as an indicator of increased shareholder wealth (Brown and Warner, 1985). Studies on bond announcements, for example, have been largely inconclusive. However, when effects are measured based on bond underlying structure, 'straight and convertible bonds', then the results are more conclusive (Abdul Rahim, 2012). Furthermore, issuances around crisis period are expected to result in negative market reaction as investors prefer liquidity (Fenn, 2000). Sukuk are bond-like instruments that are issued based on the Sharia guidelines and perceived to be less risky due to their risk sharing attribute. Sukuk are issued by the gover...

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 112 to 121 of 151
  • shariah_issues_islamic_capital_markets_sukuk_al.pdf.jpg
  • Journal Article


  • Authors: Lee, Sze Lin; Lahsasna, Ahcene; Ahmed, Rubi (2013)

  • The purpose of this paper is to ascertain the prevailing Shari'ah issues in Islamic capital markets, particularly Sukuk. Common features of conventional bonds are replicated in Sukuk via late penalty payment upon default, trading of debt-based Sukuk, purchase undertaking in equity-based structures and ownership status in asset-based transactions. These features pose Shari'ah concerns and are discussed in the paper from the perspective of current practices and views of scholars by compiling various references that reveal the diversity of the Shari'ah. The paper does not claim to provide solutions to the issues of debate; rather it engages in providing an analysis of these Shari'ah issu...

  • shariah_screening_market_risk_and_contagion_a_multi_countr_analysis_mansur_obiyathulla.pdf.jpg
  • Journal Article


  • Authors: el Alaoui, AbdelKader Ouatik; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur; Asutay, Mehmet (2016)

  • This study investigates the relationship and shock transmission between firm leverage and systematic risk within the Shari'ah stock screening rules among seven European countries with a sample of 689 firms for the period from 2008 Q2 to 2013 Q1. Due to the fact that high leverage augments systematic risk and accentuates the firm's vulnerability to shocks,debt screening is used to examine the sampled portfolios. As it imposes limits on debt,we examined the impact of such an ethical screening and a risk moderating principle on stock volatility, susceptibility to contagion and the implications for portfolio diversification.Using a vector auto regressive dynamic panel of multi-country fra...

  • item.jpg
  • Master


  • Authors: Mohd Rozlan, Ahmad Ridza (2017)

  • The paper aims to study the relationship between selected macroeconomic variables and Malaysia Shariah Index after the adjustment of the screening process. It also attempts to look at how the new screening process impacts the performance of the Shariah index. To achieve these aims, this study used Auto Regressive Distributive Lag (ARDL) to look at the long-run and short-run relationships of the macroeconomic variables towards the FTSE EMAS Shariah Index ... Available in physical copy only (Call Number: t HG 4551 A286)

  • size_correlations_diversification_mansur.pdf.jpg
  • Journal Article


  • Authors: Alaabed, Alaa; Chowdhury, Mohammad Ashraful Ferdous; Mohammed Masih, Abul Mansur (2018)

  • Despite the rapid growth of Islamic finance in recent years, there has been relatively little work done on the emerging Islamic mutual fund industry within the broad field of Islamic finance. As far as the authors' knowledge, this paper is the first attempt dedicated to understanding the correlation between different sizes of the young and rapidly growing Islamic mutual fund industry at different investment horizons. Major part of economic time series analysis is done in time or frequency domain separately. Wavelet analysis can combine these two fundamental approaches, so we can work in the time-frequency domain. Using wavelet coherence, we have gained valuable insights into the conti...

  • Socially_responsible_or_Shariah_compliant_wajahat_shamsher_eskandar.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Naeem Azmi, Choudhari Wajahat; Ramadili Mohd, Shamsher Mohamad (2016)

  • The mutual fund industry observed a remarkable growth of two distinct types of mutual funds during the last two decades, namely, Shariah-compliant funds (SCFs) and Socially responsible funds (SRFs). These alternative investment avenues were created for investors who are keen on investments that are Shariah-compliant and have better ethical standards than conventional funds. To fulfil these needs, the funds' investment strategies incorporate specific non-financial screening criteria based on ethical and religious guidelines, besides the typical risk-return financial screening.

  • PhD_Stock_market_liberalization_Bilal_Ilhan.pdf.jpg
  • PhD


  • Authors: Ilhan, Bilal (2017)

  • Financial liberalization became a key economic policy which was implemented by many emerging countries during the 1980s and 1990s. Nevertheless, the academic critiques argue that it could render domestic stock markets highly volatile and economies susceptible to economic turmoil due to the irrational and pro-cyclical nature of international capital flows, and the characteristics of the emerging markets such as market imperfections, information asymmetry, and lack of sound financial infrastructure ... Available in physical copy and downloadable format (Call Number: t HG 4551 I27)

  • IFHubEd4_structuring_forward_lease_sukuk_islamic_capital_market_ahcene.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Lahsasna, Ahcene; Ahmad, Rubi (2017)

  • The forward lease nature is normally a combination of ijarah and istisna; where the outcome will be in a form of tangible or intangible asset that can be the subject matter of business transactions. Many assets in the market can be designed based on forward lease such as airplane, ships, residential or commercial building, and the like. The forward lease is regarded as innovative structure with special feature that contributes significantly to the expansion and evolution of the Islamic finance market. Below discussion is briefly illustration on the concept of forward lease and its structuring in the Islamic capital market.

  • Sukuk_and_its_wealth_effect_ziyaad.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Mahomed, Ziyaad (2016)

  • Classical corporate finance theory considers capital market behavior crucial to understanding how to maximize firm value and shareholder wealth. How this is achieved has been debated extensively over the last century. It stands to reason though, that maximizing firm value requires effective investment decisions which in turn necessitates a valuable source of capital. This capital can be provided either internally or externally, each influencing the risk of the firm and initiating varied wealth effects.

  • IF_Hub_Issue_2_Sukuk_announcement_Ziyaad.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Mahomed, Ziyaad (2017)

  • Capital market behavior and the effects of varying sources of capital on share price has long intrigued finance theorists (Brown & Warner, 1980) and the choice of conventional capital market instruments based on investor reaction, has been researched extensively (Abdul Rahim, 2012). Profit-driven firms focus on profit maximization and the creation of shareholder wealth. However, opting for internal funds over public fund-raising has been shown to signal quality to the market, thereby affecting overall company value (Ross, 1977). The introduction of Sukuk instruments since 2001 has also influenced market reaction (Ashhari et al., 2009). Therefore, we investigate the effects of Sukuk an...

  • Sukuk_announcement_effects_during_financial_crisis_the_case_for_Indonesia_ziyaad_et_al.pdf.jpg
  • Journal Article


  • Authors: Mahomed, Ziyaad; Ramadili Mohd, Shamsher Mohamad; Ariff, Mohamed (2018)

  • The effects of capital-raising announcements have long been used as an indicator of increased shareholder wealth (Brown and Warner, 1985). Studies on bond announcements, for example, have been largely inconclusive. However, when effects are measured based on bond underlying structure, 'straight and convertible bonds', then the results are more conclusive (Abdul Rahim, 2012). Furthermore, issuances around crisis period are expected to result in negative market reaction as investors prefer liquidity (Fenn, 2000). Sukuk are bond-like instruments that are issued based on the Sharia guidelines and perceived to be less risky due to their risk sharing attribute. Sukuk are issued by the gover...