Browsing by Topic Islamic capital markets

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Showing results 139 to 148 of 151
  • Unveiling_the_diversification_benefits_of_Islamic_equities_and_commodities_mansur.pdf.jpg
  • Journal Article


  • Authors: Prima Sakti, Muhammad Rizky; Mohammed Masih, Abul Mansur; Saiti, Buerhan; Tareq, Mohammad Ali (2018)

  • The purpose of this paper is to examine the extent to which the Indonesian Shariah compliant investors can benefit from the portfolio diversification with the Islamic indices of its trading partners and selected commodities such as gold, crude oil, and cocoa. The findings tend to indicate that investors with exposure in Shariah compliant indices of Indonesia and wanting to gain more diversification benefits should invest either in the USA or India Islamic equity. Instead, the greater benefits will be obtained by Shariah compliant investors if they invest in the USA Islamic indices during long-term investment horizons. If investors want to invest in medium investment horizons, investin...

  • item.jpg
  • Master


  • Authors: Ali, Shah Mohammad (2016)

  • The purpose of this study was to find whether value premium exists in the context of GCC markets, and if it does, whether idiosyncratic risk explain its presence. The sample consisted of stock indices and company level stock prices from three GCC countries: Oman, Kuwait and Saudi Arabia. The economic model used CAPM and the analyses were divided into 2 parts: the first part involves testing idiosyncratic risk has impact on value premium using GARCH-M and EGARCH-M model. It was found that value premium does exist in Gulf markets with positive significant relationship between value premium and idiosyncratic risk for Oman and Kuwaiti markets ... Available in physical copy only (Call N...

  • wavelet_analysis_of_stock_price.pdf.jpg
  • Chapter in Book


  • Authors: El Alaoui, AbdelKader Ouatik; Dewandaru, Ginanjar; Mohammed Masih, Abul Mansur; Bacha, Obiyathulla Ismath; Musa, Mustafa (2015)

  • Fund managers and investors began many years ago to take into account the Islamic component of the GCC stock markets in order to benefit from the diversification opportunities offered by the Islamic stock markets for their investments in equity markets. This can improve the return and reduce the risk associated with their investments. However, these investors are also concerned about linkage aspects of those markets in relation with the international ones regarding integration and shock transmission, in particular, during the financial crisis.

  • A wavelet approach timescale relationships among Islamic conventional stock markets LIBOR.jpg.jpg
  • Chapter in Book


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

  • A series of financial crises in recent times resulted in an increase in contagion and correlations between assets making investments in conventional securities a little more unsafe. Therefore, global investors started looking for alternative assets to diversify their portfolios. One of the alternative assets that has been growing very fast over the recent period is the Islamic financial sectors which has been growing at an average rate of 15 percent to 20 percent per annum over the past decade. The risk-return profile of Islamic products, such as Islamic stocks, is expected to be different from that of conventional stocks. Available in physical copy only (Call Number: BP 173.75 H23...

  • PhD_wealth_effects_corporate_sukuk_announcements_Ziyaad_Mahomed.pdf.jpg
  • PhD


  • Authors: Mahomed, Ziyaad (2016)

  • This thesis evaluates the wealth effects of corporate Sukuk issuances, based on specific sample traits, for the three largest issuing countries: Malaysia, Indonesia and Saudi Arabia. The sample traits include underlying structure, size of issuance and tenor. Previous studies are inconclusive and relate mainly to Malaysian firms only. This could be attributed to the failure to incorporate the effects of Sukuk types, properly identified crisis period effects and market differences ... Available in physical copy and downloadable format (Call Number: t HG 4651 M216)

  • item.jpg
  • Master


  • Authors: Rafsanjani, Alex (2017)

  • A wide expansion of Islamic finance in Middle Eastern and Southeast Asian countries in the last decade has been a popular phenomenon with Sukuk issues as major Islamic financial instrument used by corporate and sovereign to raise financing and attract investors. Classical efficient market theory posits that stock market prices should fully reflect all relevant information such as government debt, as soon as they occur, without any delay, if the market is efficient. Using event study methodology, this paper attempts to investigate the wealth effects of sovereign sukuk announcements in different regions and different underlying structures by analysing the reaction of the corresponding s...

  • what_factors_explain_stock_market_retardation_Islamic_countries_obiyathulla_mansur_ginanjar_aun.pdf.jpg
  • Journal Article


  • Authors: Dewandaru, Ginanjar; Rizvi, Syed Aun Raza; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur (2014)

  • Stock markets have been recognized in literature as a source of financial development and economic growth. Notwithstanding the recent trend of the stock market development in emerging countries, some argue that Islamic countries' stock exchanges are still infantile. The central aim of this research, therefore, is to investigate factors impeding stock market development (SMD) in Islamic countries. We explore a panel annual data of 11 main Islamic countries vis-à-vis the developed countries for the period of 1996–2011. The findings show that all of our concerned macroeconomic determinants play a major role in the developed countries. On the other hand, financial openness has substantial...

  • what_happens_islamic_capital_markets_move_away_tax_neutrality_look_oman_saudi arabia_mansur.pdf.jpg
  • Journal Article


  • Authors: Selamat, Aslam; Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad (2015)

  • This article evaluates how tax reforms affect stock prices of local and foreign firms in Oman and Saudi Arabia. Both countries introduced corporate tax on foreign firms, exempting local firms from corporate tax, when they moved away from a pre-existing Islamic tax neutrality policy. These reforms were implemented in 2009 in Oman and in 2004 in Saudi Arabia. These tax reform events – applying to foreign firms and not applying to local firms in the same markets – offer ideal experimental situations in two economies to test the taxation theories on how stock prices must react. We find that the results support the Modigliani- Miller and Elton-Gruber tax theories in two ways. Firstly, fore...

  • PhD_which_creates_more_value_investors_equity_funds_Choudary Wajahat.pdf.jpg
  • PhD


  • Authors: Naeem Azmi, Choudhary Wajahat (2016)

  • This thesis is structured into three essays. The first essay provides evidence on the comparative risk-return profile and investment style of SCFs and the SRFs. As the long list of literature claims the superiority of these funds during the crisis period, the validity of this claim is also examined using a larger sample and a longer analysis period. The findings of this research can be summarized as follows; first, both types of funds underperform the market suggesting there is cost attached to ethical and religious based investment but SCFs, to some extent, manage to do better than the SRFs. Second, in terms of investment style, SRFs investments are biased towards small capitalized s...

  • Which_creates_more_value_for_investors_in_equity_funds_wajahat.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Naeem Azmi, Choudhari Wajahat (2016)

  • The mutual fund industry has seen rapid growth in the last two decades or so as an alternative investment scheme. The growth of the mutual fund industry saw a jump of 13% from the year 2012 to 2013 as assets under management (AuM) increased from $60.9 trillion in 2012 to $68.7 trillion in 2013 (Boston Consultancy Group, 2014). As far as regional growth is concerned, it has slowed down in most of the emerging markets but increased steadily in MENA and Asian countries. Its growth has varied in Australia, Asia, Japan, the Middle East and Africa and North America and varied from 14 percent to 20 percent. As far as Europe and Latin America is concerned, the average growth rate has been 8% ...

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 139 to 148 of 151
  • Unveiling_the_diversification_benefits_of_Islamic_equities_and_commodities_mansur.pdf.jpg
  • Journal Article


  • Authors: Prima Sakti, Muhammad Rizky; Mohammed Masih, Abul Mansur; Saiti, Buerhan; Tareq, Mohammad Ali (2018)

  • The purpose of this paper is to examine the extent to which the Indonesian Shariah compliant investors can benefit from the portfolio diversification with the Islamic indices of its trading partners and selected commodities such as gold, crude oil, and cocoa. The findings tend to indicate that investors with exposure in Shariah compliant indices of Indonesia and wanting to gain more diversification benefits should invest either in the USA or India Islamic equity. Instead, the greater benefits will be obtained by Shariah compliant investors if they invest in the USA Islamic indices during long-term investment horizons. If investors want to invest in medium investment horizons, investin...

  • item.jpg
  • Master


  • Authors: Ali, Shah Mohammad (2016)

  • The purpose of this study was to find whether value premium exists in the context of GCC markets, and if it does, whether idiosyncratic risk explain its presence. The sample consisted of stock indices and company level stock prices from three GCC countries: Oman, Kuwait and Saudi Arabia. The economic model used CAPM and the analyses were divided into 2 parts: the first part involves testing idiosyncratic risk has impact on value premium using GARCH-M and EGARCH-M model. It was found that value premium does exist in Gulf markets with positive significant relationship between value premium and idiosyncratic risk for Oman and Kuwaiti markets ... Available in physical copy only (Call N...

  • wavelet_analysis_of_stock_price.pdf.jpg
  • Chapter in Book


  • Authors: El Alaoui, AbdelKader Ouatik; Dewandaru, Ginanjar; Mohammed Masih, Abul Mansur; Bacha, Obiyathulla Ismath; Musa, Mustafa (2015)

  • Fund managers and investors began many years ago to take into account the Islamic component of the GCC stock markets in order to benefit from the diversification opportunities offered by the Islamic stock markets for their investments in equity markets. This can improve the return and reduce the risk associated with their investments. However, these investors are also concerned about linkage aspects of those markets in relation with the international ones regarding integration and shock transmission, in particular, during the financial crisis.

  • A wavelet approach timescale relationships among Islamic conventional stock markets LIBOR.jpg.jpg
  • Chapter in Book


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

  • A series of financial crises in recent times resulted in an increase in contagion and correlations between assets making investments in conventional securities a little more unsafe. Therefore, global investors started looking for alternative assets to diversify their portfolios. One of the alternative assets that has been growing very fast over the recent period is the Islamic financial sectors which has been growing at an average rate of 15 percent to 20 percent per annum over the past decade. The risk-return profile of Islamic products, such as Islamic stocks, is expected to be different from that of conventional stocks. Available in physical copy only (Call Number: BP 173.75 H23...

  • PhD_wealth_effects_corporate_sukuk_announcements_Ziyaad_Mahomed.pdf.jpg
  • PhD


  • Authors: Mahomed, Ziyaad (2016)

  • This thesis evaluates the wealth effects of corporate Sukuk issuances, based on specific sample traits, for the three largest issuing countries: Malaysia, Indonesia and Saudi Arabia. The sample traits include underlying structure, size of issuance and tenor. Previous studies are inconclusive and relate mainly to Malaysian firms only. This could be attributed to the failure to incorporate the effects of Sukuk types, properly identified crisis period effects and market differences ... Available in physical copy and downloadable format (Call Number: t HG 4651 M216)

  • item.jpg
  • Master


  • Authors: Rafsanjani, Alex (2017)

  • A wide expansion of Islamic finance in Middle Eastern and Southeast Asian countries in the last decade has been a popular phenomenon with Sukuk issues as major Islamic financial instrument used by corporate and sovereign to raise financing and attract investors. Classical efficient market theory posits that stock market prices should fully reflect all relevant information such as government debt, as soon as they occur, without any delay, if the market is efficient. Using event study methodology, this paper attempts to investigate the wealth effects of sovereign sukuk announcements in different regions and different underlying structures by analysing the reaction of the corresponding s...

  • what_factors_explain_stock_market_retardation_Islamic_countries_obiyathulla_mansur_ginanjar_aun.pdf.jpg
  • Journal Article


  • Authors: Dewandaru, Ginanjar; Rizvi, Syed Aun Raza; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur (2014)

  • Stock markets have been recognized in literature as a source of financial development and economic growth. Notwithstanding the recent trend of the stock market development in emerging countries, some argue that Islamic countries' stock exchanges are still infantile. The central aim of this research, therefore, is to investigate factors impeding stock market development (SMD) in Islamic countries. We explore a panel annual data of 11 main Islamic countries vis-à-vis the developed countries for the period of 1996–2011. The findings show that all of our concerned macroeconomic determinants play a major role in the developed countries. On the other hand, financial openness has substantial...

  • what_happens_islamic_capital_markets_move_away_tax_neutrality_look_oman_saudi arabia_mansur.pdf.jpg
  • Journal Article


  • Authors: Selamat, Aslam; Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad (2015)

  • This article evaluates how tax reforms affect stock prices of local and foreign firms in Oman and Saudi Arabia. Both countries introduced corporate tax on foreign firms, exempting local firms from corporate tax, when they moved away from a pre-existing Islamic tax neutrality policy. These reforms were implemented in 2009 in Oman and in 2004 in Saudi Arabia. These tax reform events – applying to foreign firms and not applying to local firms in the same markets – offer ideal experimental situations in two economies to test the taxation theories on how stock prices must react. We find that the results support the Modigliani- Miller and Elton-Gruber tax theories in two ways. Firstly, fore...

  • PhD_which_creates_more_value_investors_equity_funds_Choudary Wajahat.pdf.jpg
  • PhD


  • Authors: Naeem Azmi, Choudhary Wajahat (2016)

  • This thesis is structured into three essays. The first essay provides evidence on the comparative risk-return profile and investment style of SCFs and the SRFs. As the long list of literature claims the superiority of these funds during the crisis period, the validity of this claim is also examined using a larger sample and a longer analysis period. The findings of this research can be summarized as follows; first, both types of funds underperform the market suggesting there is cost attached to ethical and religious based investment but SCFs, to some extent, manage to do better than the SRFs. Second, in terms of investment style, SRFs investments are biased towards small capitalized s...

  • Which_creates_more_value_for_investors_in_equity_funds_wajahat.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Naeem Azmi, Choudhari Wajahat (2016)

  • The mutual fund industry has seen rapid growth in the last two decades or so as an alternative investment scheme. The growth of the mutual fund industry saw a jump of 13% from the year 2012 to 2013 as assets under management (AuM) increased from $60.9 trillion in 2012 to $68.7 trillion in 2013 (Boston Consultancy Group, 2014). As far as regional growth is concerned, it has slowed down in most of the emerging markets but increased steadily in MENA and Asian countries. Its growth has varied in Australia, Asia, Japan, the Middle East and Africa and North America and varied from 14 percent to 20 percent. As far as Europe and Latin America is concerned, the average growth rate has been 8% ...