Chapter in Book : [189]

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Collection's Items (Sorted by Submit Date in Descending order): 1 to 20 of 189
  • Impact_of_COVID-19_on_Islamic_social_finance_Aishath et al.pdf.jpg
  • Chapter in Book


  • Authors: Hassan, M. Kabir; Muneeza, Aishath; Sarea, Adel M. (2021)

  • COVID-19 is considered by some as a 'black swan event', which is a pandemic that is unpredictable, unprepared for, and totally spontaneous (Gubler, 2020). This pandemic is different from four other recent pandemics the world has witnessed within the last 25 years (Gubler, 2020) as its impact has created not only a health crisis, but has led to an economic as well as human crisis brought due to a halt in all major economic activities in the world. The impact of COVID-19 on the sudden increase of poverty is uncontainable. By 12 March 2020, the World Health Organization (WHO) declared COVID-19 a pandemic, as, since December 2019, the disease had been spreading worldwide, putting the worl...

  • Funding_the_refugee_crisis_Turkey_case_for_social_impact_sukuk_Ziyaad_Shamsher.pdf.jpg
  • Chapter in Book


  • Authors: Mahomed, Ziyaad; Unal, Ibrahim Musa; Ramadili Mohd, Shamsher Mohamad. (2021)

  • The 20th century has generated a gradually intensifying refugee crisis that has amplified into an ongoing social crisis, especially since the Cold War in 1989. Civil wars, the internal conflict of countries, mass famine, and many faltering economic, political, and social institutions (US Mission to UN, Global Humanitarian Emergency 1995) contributed to this intensification. The host countries that receive these refugees bear the cost of managing the refugees at the expense of the country's economy (Mandel, 1997). Consequently, when countries face an impossible task of efficient control and maintenance of the livelihood of these refugees on a sustainable basis, they will impose restric...

  • Islamic_ethical_wealth_and_its_strategic_solutions_to_zerohunger_scheme_Aishath.pdf.jpg
  • Chapter in Book


  • Authors: Muneeza, Aishath; Mustapha, Zakariya (2021)

  • Islam is a comprehensive religion and a complete way of life that provides guidance not only in matters of ritual and worship but also mundane activities. Ethical principles, generally termed akhlaq, are embedded in Islam as important component of its guidance system for all dealings. Wealth in Islam is considered a trial, or a possession meant to try one's obedience to Allah (SWT). While one enjoys wealth, it is as well regarded as an endowed favour from Allah that embodies entitlements of poor and needy members of society. Appropriate disbursement of the entitlement due to the poor is an obligation that brings to light the issue of wealth as a trial, particularly on those who might ...

  • Islamic_fintech_financial_inclusion_Aishath.pdf.jpg
  • Chapter in Book


  • Authors: Muneeza, Aishath; Mustapha, Zakariya (2021)

  • The modern Islamic finance as an offshoot of financial engineering is the product of permissible innovation as a manifestation of the dynamism of Islam which allows for permanence and continued relevance of Islam in any age to come. Using technology or any permissible means to bring about financial solutions in society that ease human life is an integral part of the overall objectives of Shariah. Speaking in economic terms, Sharia strives at individual prosperity as much as of the society on the ideal that prosperity of individuals that make up a society underlies the prosperity of the society. In this modern age and time, financial inclusion constitutes a fundamental component of mos...

  • item.jpg
  • Chapter in Book


  • Authors: Baaquie, Belal E.; El Maghrebi, Nabil (2020)

  • The theory of commodity pricing is one of the foundations of economic theory and applications. A mathematical model is proposed, from first principles and based on the formalism of statistical physics, for describing the prices of commodities. Both spot and futures prices are analyzed. The calibration and predictions of the model, based on market data, provide strong evidence in support of the model. Consider the behavior of market prices. As can be seen from Figure 8.1, the price of silver and gold appear to have a random time evolution. Furthermore, the two prices seem to be positively correlated; in contrast, the price of gold and oil seem to be negatively correlated. Market data s...

  • item.jpg
  • Chapter in Book


  • Authors: Mokhtar, Maznita; Abdul Kareem, Mohamed Ariff; Bacha, Obiyathulla Ismath (2020)

  • There is wide consensus that the ultimate objective of government policies is to improve the quality of people's lives. The reality, however, is that the impact of government policies tends to be measured rather in terms of GDP growth as proxy for progress. The debate about growth vs. development is not new as the distinction between these concepts was recognized since the 1970s. GDP growth has often been understood in terms of improvement in the quality of life. However, further research is indicating that inequality affects sustainable growth (Berg and Ostry 2011), which in turn reduces the ability to improve the quality of life. This is the case of many OECD nations where household...

  • item.jpg
  • Chapter in Book


  • Authors: Akin, Tarik; Bacha, Obiyathulla Ismath; Mirakhor, Abbas; Iqbal, Zamir (2020)

  • Increasing inequalities is one of the defining social, economic, and political challenges of the post-Global Financial Crisis (GFC) era. Apart from the negative social, public finance, and short-run growth effects of high inequality, the compelling evidence indicates that inequality is an important cause for the financial crises (Kumhof, Ranciere, and Winant 2015; Rajan 2010; de Haan and Sturm 2016; Turner 2016) and low long-term economic growth (World Economic Forum 2017; OECD 2015; IMF 2017). The inequality problem and its visible repercussions on economic growth and financial crises have spurred interest in the economics of inequality.

  • item.jpg
  • Chapter in Book


  • Authors: Mustapha, Zakariya; Muneeza, Aishath (2020)

  • As a charitable institution, waqf is envisaged as an inherent segment of the Islamic financial services industry with potential to develop into a market for Islamic social finance. While the industry records growth and development with huge profits in its banking, takaful and capital market segments, it has been observed that pursuit of profits has overshadowed social and financial equity goals and thus disproportionately promoted in Islamic finance. Yet, waqf, with over trillion dollars' worth assets to its credit to advance these goals, is neglected and the assets left undeveloped and idle due to governance issues. Thus, eligible beneficiaries of those assets in several Muslim natio...

  • item.jpg
  • Chapter in Book


  • Authors: Ismail Abdel Mohsin, Magda; Ma'ruf, Aminudin (2020)

  • Historically speaking, waqf has played a remarkable role in economic growth and development of Muslim countries. Recently, the call for productive waqf has grown widely and its implementation shows significant impact in various Muslim societies. Interestingly, the revival of idle waqf properties and the creation of cash waqf are becoming economic drivers that will improve the welfare of Muslim societies. It is also surprising to discover the creation of waqf cities in different types such as the Hamdard Waqf City of Health in India, Pakistan and Bangladesh, Al-Rahmah Complex City in Somaliland and Darussalam Gontor Smart Waqf City for Education in Indonesia. The main objective of this...

  • Economic_social_impacts_sovereign_sukuk_Magda et al.jpg.jpg
  • Chapter in Book


  • Authors: Ismail Abdel Mohsin, Magda; Ishraga, Khattab; Alchaar, Mhd Osama (2020)

  • This chapter explores the economic and social impacts of sovereign sukuk in Sudan and its unique challenges. The first of its kind, this research collected primary data from different groups of investors of Sudanese governmental sukuk. Adopting a qualitative approach (interview questions and open and closed-ended surveys), four sets of questions were distributed to four groups (individual investors, institutional investors, government officials, and academics). The survey found that despite sukuk's influence in activating the economy and financial markets, and encouraging savings awareness, the market in Sudan is facing many challenges. Accordingly, it is recommended that sukuk issuan...

  • Takaful_islamic_insurance_retakaful_microtakaful_Ezamshah.pdf.jpg
  • Chapter in Book


  • Authors: Ismail, Ezamshah; World Bank (2016)

  • Takaful, or mutual assistance, is the Islamic counterpart of conventional insurance. The word takaful is derived from an Arabic word kafalah, which means to guarantee. A group of participants agree to support one another jointly for the losses arising from specified risks. They contribute to a fund, and are compensated or reimbursed from that fund in the event of certain risks. The scheme is managed on the participants' behalf by a takaful operator. It is similar to a mutual insurance concept, but it complies with Shariah and is based on concepts of mutual solidarity and risk sharing.

  • Islamic_wealth_management_issues_waqf_management_Malaysia_Shamsher.pdf.jpg
  • Chapter in Book


  • Authors: Ramadili Mohd, Shamsher Mohamad; Ariff, Mohamed (2020)

  • This chapter briefly examines ideas from Islamic wealth management and waqf concepts to see if there are ways in which human welfare can be better managed on a community-action level without the visible hands of the government. To do this, authors first examine the concept of Islamic wealth management, and then provide some discussion on how waqf assets already in place in all Islamic countries could be mobilised to meet the needs of communities for sustainable economic development as well as fairer ways of looking after the needs of the have-nots of societies.

  • item.jpg
  • Chapter in Book


  • Authors: Muneeza, Aishath (2014)

  • This chapter aims to explore the Shari'ah governance rules applied in the Malaysian Islamic banking arena and the effect of Islamic Financial Services Act 2013 on it. This is a legal exploratory study primarily focused on library research. Shari'ah governance is a concept that have been developed and applied gradually in Malaysia and the new Islamic Financial Services Act 2013 has taken it to the next level. However, this does not mean that it has resolved the problems in Shari'ah governance that existed before the enactment of the act.

  • regulating_fintech_business_aishath.png.jpg
  • Chapter in Book


  • Authors: Kunhibava, Sherin; Muneeza, Aishath (2020)

  • The Malaysian finance industry is governed by Bank Negara Malaysia (BNM) and Securities Commission Malaysia (SC). BNM governs the banking and insurance industries and the SC regulates and develops its capital market. Both authorities have issued regulations to cater for the proliferation of fintech businesses. For example, BNM issued regulations on digital currency exchanges, electronic-know your customer requirements for fintech companies facilitating remittances, and a regulatory sandbox framework for fintech businesses. Similarly, the SC issued a digital investment management framework, another to facilitate equity crowdfunding, peer-to-peer lending, and digital asset exchanges, an...

  • post-default_sukuk_restructuring_appraisal_Shariah issues_aishath et al.pdf.jpg
  • Chapter in Book


  • Authors: Ahmad, Abu Umar Faruq; Muneeza, Aishath; Farooq, Mohammad Omar; Hasan, Rashedul (2019)

  • Sukuk restructuring primarily aims at offering a debtor more latitude, in form and time, to settle his obligations. To meet Shari'ah requirements of transferring assets to Sukuk holders in asset-based Sukuk, the originator usually transfers the beneficial ownership to the issuer special purpose vehicles (SPV). However, in asset-backed Sukuk, the originator sells the underlying asset to an SPV and Sukuk holders do not have recourse to the originator in the event of defaults. Among some key unresolved Shari'ah issues in this regard is whether a change of contract necessitates entering a new contract. Other related issues that conflict with the tenets of Shari'ah are: (1) Sukuk structuri...

  • blockchain_its_Shariah_compliant_structure_aishath et al.pdf.jpg
  • Chapter in Book


  • Authors: Muneeza, Aishath; Mustapha, Zakariya (2019)

  • Islamic finance has gained momentum in the world today. Irrespective of faith conviction, it has been accepted as a mode of financing in the world. The development of Islamic finance was gradual in the past. At the initial stage of its development, Islamic finance was concerned more with Shariah compliance of transactions and contracts used in it. Subsequently, focus was realigned on Shariah harmonisation with respect to juristic views and Shariah governance. Islamic finance encompasses some fundamental religious prohibitions and the promotion of certain virtues enshrined in Islam, to be observed in all ramifications of business dealings, including services provision. Therefore, Islam...

  • effects_shadow_economy_on_poverty_baharom et al.pdf.jpg
  • Chapter in Book


  • Authors: Nikopour, Hesam; Habibullah, Muzafar Shah; Din, Badariah H.; Abdul Hamid, Baharom (2019)

  • Poverty alleviation is at the top of the Millennium Development Goals' (MDGs) list of eight goals. In the year 2000, nearly all heads of states and governments met and reaffirmed their faith in the United Nations (UN) as necessary foundations of a more peaceful, prosperous and just world. At this meeting, the MDGs were adopted which the first goal is eradicate extreme poverty and hunger. The question of how to finance poverty reduction measures has been a major concern for policy makers and international organizations for many years. Although it is useful to focus on the quantity and quality of foreign aid and development assistance of donor communities, it is not the solution. In the...

  • capital_structure_Shariah_compliance_firms_Malaysian_evidence_obiyathulla et al.pdf.jpg
  • Chapter in Book


  • Authors: Abdul Halim, Asyraf; Abd Sukor, Mohd Edil; Bacha, Obiyathulla Ismath (2019)

  • In the literature of corporate finance, there exists alongside others, an age long inquiry into the behaviour and determinants of corporate capital structure. The study into capital structure behaviour was pioneered by Modigliani and Miller (1958, 1963) and which is still widely research today. Despite years of research, much are still unknown to us, which determinants are reliable explanator of capital structure variations across firms and time. In 1984, Stewart C. Myers officially introduced the "Capital Structure Puzzle" in his American Finance Association Presidential Speech. The capital structure puzzle at its heart asks the question of how do firms decide and manage their capita...

  • Dividend_policy_case_shariah_compliant_firms_shamsher et al.pdf.jpg
  • Chapter in Book


  • Authors: Anwer, Zaheer; Ramadili Mohd, Shamsher Mohamad; Mohd Rasid, Mohamed Eskandar Shah; Hassan, M. Kabir; Paltrinieri (2019)

  • Capital structure serves as an important device for mitigation of agency conflicts and, although firms combine debt and cash dividends to address the agency conflicts, debt is preferred as a bonding device by many managers due to its lower cost as compared to equity (John, Knyazeva & Knyazeva, 2015). However, shariah-compliant firms (SCF) cannot use this device due to prohibition of interest-bearing loans in Islam. In this scenario, the dividend payout policy becomes a highly important tool of corporate governance for shariah-compliant investors. Moreover, the managers of these firms cannot maintain stable dividends by issuing bonds and, therefore, the dividend policy of such firms wo...

  • item.jpg
  • Chapter in Book


  • Authors: Ali, Mohsin; Oravampurath, Hasanul Banna; Ziyaad, Mahomed (2020)

  • This chapter examines the economic impact of the migrants' return to Kerala, India during the Gulf oil crisis 2014-2016. Many migrants returned to their homeland during the crisis because they could not find work in the Middle East. The Kerala economy confronted this as one of the biggest threats which directly affected the economy. Almost USD 900 million had been brought to the homeland as remittance from Non-Residential Keralites (NRKs) working in Gulf countries. But the return of a large number of NRKs decreased the remittances to 10-15%. This chapter proposes Social Impact Sukuk to support the migrants who are back to their homelands from GCC countries. Data and information are co...

Collection's Items (Sorted by Submit Date in Descending order): 1 to 20 of 189

Chapter in Book : [189]

Follow this collection to receive daily e-mail notification of new additions
Collection's Items (Sorted by Submit Date in Descending order): 1 to 20 of 189
  • Impact_of_COVID-19_on_Islamic_social_finance_Aishath et al.pdf.jpg
  • Chapter in Book


  • Authors: Hassan, M. Kabir; Muneeza, Aishath; Sarea, Adel M. (2021)

  • COVID-19 is considered by some as a 'black swan event', which is a pandemic that is unpredictable, unprepared for, and totally spontaneous (Gubler, 2020). This pandemic is different from four other recent pandemics the world has witnessed within the last 25 years (Gubler, 2020) as its impact has created not only a health crisis, but has led to an economic as well as human crisis brought due to a halt in all major economic activities in the world. The impact of COVID-19 on the sudden increase of poverty is uncontainable. By 12 March 2020, the World Health Organization (WHO) declared COVID-19 a pandemic, as, since December 2019, the disease had been spreading worldwide, putting the worl...

  • Funding_the_refugee_crisis_Turkey_case_for_social_impact_sukuk_Ziyaad_Shamsher.pdf.jpg
  • Chapter in Book


  • Authors: Mahomed, Ziyaad; Unal, Ibrahim Musa; Ramadili Mohd, Shamsher Mohamad. (2021)

  • The 20th century has generated a gradually intensifying refugee crisis that has amplified into an ongoing social crisis, especially since the Cold War in 1989. Civil wars, the internal conflict of countries, mass famine, and many faltering economic, political, and social institutions (US Mission to UN, Global Humanitarian Emergency 1995) contributed to this intensification. The host countries that receive these refugees bear the cost of managing the refugees at the expense of the country's economy (Mandel, 1997). Consequently, when countries face an impossible task of efficient control and maintenance of the livelihood of these refugees on a sustainable basis, they will impose restric...

  • Islamic_ethical_wealth_and_its_strategic_solutions_to_zerohunger_scheme_Aishath.pdf.jpg
  • Chapter in Book


  • Authors: Muneeza, Aishath; Mustapha, Zakariya (2021)

  • Islam is a comprehensive religion and a complete way of life that provides guidance not only in matters of ritual and worship but also mundane activities. Ethical principles, generally termed akhlaq, are embedded in Islam as important component of its guidance system for all dealings. Wealth in Islam is considered a trial, or a possession meant to try one's obedience to Allah (SWT). While one enjoys wealth, it is as well regarded as an endowed favour from Allah that embodies entitlements of poor and needy members of society. Appropriate disbursement of the entitlement due to the poor is an obligation that brings to light the issue of wealth as a trial, particularly on those who might ...

  • Islamic_fintech_financial_inclusion_Aishath.pdf.jpg
  • Chapter in Book


  • Authors: Muneeza, Aishath; Mustapha, Zakariya (2021)

  • The modern Islamic finance as an offshoot of financial engineering is the product of permissible innovation as a manifestation of the dynamism of Islam which allows for permanence and continued relevance of Islam in any age to come. Using technology or any permissible means to bring about financial solutions in society that ease human life is an integral part of the overall objectives of Shariah. Speaking in economic terms, Sharia strives at individual prosperity as much as of the society on the ideal that prosperity of individuals that make up a society underlies the prosperity of the society. In this modern age and time, financial inclusion constitutes a fundamental component of mos...

  • item.jpg
  • Chapter in Book


  • Authors: Baaquie, Belal E.; El Maghrebi, Nabil (2020)

  • The theory of commodity pricing is one of the foundations of economic theory and applications. A mathematical model is proposed, from first principles and based on the formalism of statistical physics, for describing the prices of commodities. Both spot and futures prices are analyzed. The calibration and predictions of the model, based on market data, provide strong evidence in support of the model. Consider the behavior of market prices. As can be seen from Figure 8.1, the price of silver and gold appear to have a random time evolution. Furthermore, the two prices seem to be positively correlated; in contrast, the price of gold and oil seem to be negatively correlated. Market data s...

  • item.jpg
  • Chapter in Book


  • Authors: Mokhtar, Maznita; Abdul Kareem, Mohamed Ariff; Bacha, Obiyathulla Ismath (2020)

  • There is wide consensus that the ultimate objective of government policies is to improve the quality of people's lives. The reality, however, is that the impact of government policies tends to be measured rather in terms of GDP growth as proxy for progress. The debate about growth vs. development is not new as the distinction between these concepts was recognized since the 1970s. GDP growth has often been understood in terms of improvement in the quality of life. However, further research is indicating that inequality affects sustainable growth (Berg and Ostry 2011), which in turn reduces the ability to improve the quality of life. This is the case of many OECD nations where household...

  • item.jpg
  • Chapter in Book


  • Authors: Akin, Tarik; Bacha, Obiyathulla Ismath; Mirakhor, Abbas; Iqbal, Zamir (2020)

  • Increasing inequalities is one of the defining social, economic, and political challenges of the post-Global Financial Crisis (GFC) era. Apart from the negative social, public finance, and short-run growth effects of high inequality, the compelling evidence indicates that inequality is an important cause for the financial crises (Kumhof, Ranciere, and Winant 2015; Rajan 2010; de Haan and Sturm 2016; Turner 2016) and low long-term economic growth (World Economic Forum 2017; OECD 2015; IMF 2017). The inequality problem and its visible repercussions on economic growth and financial crises have spurred interest in the economics of inequality.

  • item.jpg
  • Chapter in Book


  • Authors: Mustapha, Zakariya; Muneeza, Aishath (2020)

  • As a charitable institution, waqf is envisaged as an inherent segment of the Islamic financial services industry with potential to develop into a market for Islamic social finance. While the industry records growth and development with huge profits in its banking, takaful and capital market segments, it has been observed that pursuit of profits has overshadowed social and financial equity goals and thus disproportionately promoted in Islamic finance. Yet, waqf, with over trillion dollars' worth assets to its credit to advance these goals, is neglected and the assets left undeveloped and idle due to governance issues. Thus, eligible beneficiaries of those assets in several Muslim natio...

  • item.jpg
  • Chapter in Book


  • Authors: Ismail Abdel Mohsin, Magda; Ma'ruf, Aminudin (2020)

  • Historically speaking, waqf has played a remarkable role in economic growth and development of Muslim countries. Recently, the call for productive waqf has grown widely and its implementation shows significant impact in various Muslim societies. Interestingly, the revival of idle waqf properties and the creation of cash waqf are becoming economic drivers that will improve the welfare of Muslim societies. It is also surprising to discover the creation of waqf cities in different types such as the Hamdard Waqf City of Health in India, Pakistan and Bangladesh, Al-Rahmah Complex City in Somaliland and Darussalam Gontor Smart Waqf City for Education in Indonesia. The main objective of this...

  • Economic_social_impacts_sovereign_sukuk_Magda et al.jpg.jpg
  • Chapter in Book


  • Authors: Ismail Abdel Mohsin, Magda; Ishraga, Khattab; Alchaar, Mhd Osama (2020)

  • This chapter explores the economic and social impacts of sovereign sukuk in Sudan and its unique challenges. The first of its kind, this research collected primary data from different groups of investors of Sudanese governmental sukuk. Adopting a qualitative approach (interview questions and open and closed-ended surveys), four sets of questions were distributed to four groups (individual investors, institutional investors, government officials, and academics). The survey found that despite sukuk's influence in activating the economy and financial markets, and encouraging savings awareness, the market in Sudan is facing many challenges. Accordingly, it is recommended that sukuk issuan...

  • Takaful_islamic_insurance_retakaful_microtakaful_Ezamshah.pdf.jpg
  • Chapter in Book


  • Authors: Ismail, Ezamshah; World Bank (2016)

  • Takaful, or mutual assistance, is the Islamic counterpart of conventional insurance. The word takaful is derived from an Arabic word kafalah, which means to guarantee. A group of participants agree to support one another jointly for the losses arising from specified risks. They contribute to a fund, and are compensated or reimbursed from that fund in the event of certain risks. The scheme is managed on the participants' behalf by a takaful operator. It is similar to a mutual insurance concept, but it complies with Shariah and is based on concepts of mutual solidarity and risk sharing.

  • Islamic_wealth_management_issues_waqf_management_Malaysia_Shamsher.pdf.jpg
  • Chapter in Book


  • Authors: Ramadili Mohd, Shamsher Mohamad; Ariff, Mohamed (2020)

  • This chapter briefly examines ideas from Islamic wealth management and waqf concepts to see if there are ways in which human welfare can be better managed on a community-action level without the visible hands of the government. To do this, authors first examine the concept of Islamic wealth management, and then provide some discussion on how waqf assets already in place in all Islamic countries could be mobilised to meet the needs of communities for sustainable economic development as well as fairer ways of looking after the needs of the have-nots of societies.

  • item.jpg
  • Chapter in Book


  • Authors: Muneeza, Aishath (2014)

  • This chapter aims to explore the Shari'ah governance rules applied in the Malaysian Islamic banking arena and the effect of Islamic Financial Services Act 2013 on it. This is a legal exploratory study primarily focused on library research. Shari'ah governance is a concept that have been developed and applied gradually in Malaysia and the new Islamic Financial Services Act 2013 has taken it to the next level. However, this does not mean that it has resolved the problems in Shari'ah governance that existed before the enactment of the act.

  • regulating_fintech_business_aishath.png.jpg
  • Chapter in Book


  • Authors: Kunhibava, Sherin; Muneeza, Aishath (2020)

  • The Malaysian finance industry is governed by Bank Negara Malaysia (BNM) and Securities Commission Malaysia (SC). BNM governs the banking and insurance industries and the SC regulates and develops its capital market. Both authorities have issued regulations to cater for the proliferation of fintech businesses. For example, BNM issued regulations on digital currency exchanges, electronic-know your customer requirements for fintech companies facilitating remittances, and a regulatory sandbox framework for fintech businesses. Similarly, the SC issued a digital investment management framework, another to facilitate equity crowdfunding, peer-to-peer lending, and digital asset exchanges, an...

  • post-default_sukuk_restructuring_appraisal_Shariah issues_aishath et al.pdf.jpg
  • Chapter in Book


  • Authors: Ahmad, Abu Umar Faruq; Muneeza, Aishath; Farooq, Mohammad Omar; Hasan, Rashedul (2019)

  • Sukuk restructuring primarily aims at offering a debtor more latitude, in form and time, to settle his obligations. To meet Shari'ah requirements of transferring assets to Sukuk holders in asset-based Sukuk, the originator usually transfers the beneficial ownership to the issuer special purpose vehicles (SPV). However, in asset-backed Sukuk, the originator sells the underlying asset to an SPV and Sukuk holders do not have recourse to the originator in the event of defaults. Among some key unresolved Shari'ah issues in this regard is whether a change of contract necessitates entering a new contract. Other related issues that conflict with the tenets of Shari'ah are: (1) Sukuk structuri...

  • blockchain_its_Shariah_compliant_structure_aishath et al.pdf.jpg
  • Chapter in Book


  • Authors: Muneeza, Aishath; Mustapha, Zakariya (2019)

  • Islamic finance has gained momentum in the world today. Irrespective of faith conviction, it has been accepted as a mode of financing in the world. The development of Islamic finance was gradual in the past. At the initial stage of its development, Islamic finance was concerned more with Shariah compliance of transactions and contracts used in it. Subsequently, focus was realigned on Shariah harmonisation with respect to juristic views and Shariah governance. Islamic finance encompasses some fundamental religious prohibitions and the promotion of certain virtues enshrined in Islam, to be observed in all ramifications of business dealings, including services provision. Therefore, Islam...

  • effects_shadow_economy_on_poverty_baharom et al.pdf.jpg
  • Chapter in Book


  • Authors: Nikopour, Hesam; Habibullah, Muzafar Shah; Din, Badariah H.; Abdul Hamid, Baharom (2019)

  • Poverty alleviation is at the top of the Millennium Development Goals' (MDGs) list of eight goals. In the year 2000, nearly all heads of states and governments met and reaffirmed their faith in the United Nations (UN) as necessary foundations of a more peaceful, prosperous and just world. At this meeting, the MDGs were adopted which the first goal is eradicate extreme poverty and hunger. The question of how to finance poverty reduction measures has been a major concern for policy makers and international organizations for many years. Although it is useful to focus on the quantity and quality of foreign aid and development assistance of donor communities, it is not the solution. In the...

  • capital_structure_Shariah_compliance_firms_Malaysian_evidence_obiyathulla et al.pdf.jpg
  • Chapter in Book


  • Authors: Abdul Halim, Asyraf; Abd Sukor, Mohd Edil; Bacha, Obiyathulla Ismath (2019)

  • In the literature of corporate finance, there exists alongside others, an age long inquiry into the behaviour and determinants of corporate capital structure. The study into capital structure behaviour was pioneered by Modigliani and Miller (1958, 1963) and which is still widely research today. Despite years of research, much are still unknown to us, which determinants are reliable explanator of capital structure variations across firms and time. In 1984, Stewart C. Myers officially introduced the "Capital Structure Puzzle" in his American Finance Association Presidential Speech. The capital structure puzzle at its heart asks the question of how do firms decide and manage their capita...

  • Dividend_policy_case_shariah_compliant_firms_shamsher et al.pdf.jpg
  • Chapter in Book


  • Authors: Anwer, Zaheer; Ramadili Mohd, Shamsher Mohamad; Mohd Rasid, Mohamed Eskandar Shah; Hassan, M. Kabir; Paltrinieri (2019)

  • Capital structure serves as an important device for mitigation of agency conflicts and, although firms combine debt and cash dividends to address the agency conflicts, debt is preferred as a bonding device by many managers due to its lower cost as compared to equity (John, Knyazeva & Knyazeva, 2015). However, shariah-compliant firms (SCF) cannot use this device due to prohibition of interest-bearing loans in Islam. In this scenario, the dividend payout policy becomes a highly important tool of corporate governance for shariah-compliant investors. Moreover, the managers of these firms cannot maintain stable dividends by issuing bonds and, therefore, the dividend policy of such firms wo...

  • item.jpg
  • Chapter in Book


  • Authors: Ali, Mohsin; Oravampurath, Hasanul Banna; Ziyaad, Mahomed (2020)

  • This chapter examines the economic impact of the migrants' return to Kerala, India during the Gulf oil crisis 2014-2016. Many migrants returned to their homeland during the crisis because they could not find work in the Middle East. The Kerala economy confronted this as one of the biggest threats which directly affected the economy. Almost USD 900 million had been brought to the homeland as remittance from Non-Residential Keralites (NRKs) working in Gulf countries. But the return of a large number of NRKs decreased the remittances to 10-15%. This chapter proposes Social Impact Sukuk to support the migrants who are back to their homelands from GCC countries. Data and information are co...

Collection's Items (Sorted by Submit Date in Descending order): 1 to 20 of 189