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Islamic microfinance: catalysing change for inclusive growth
No full textPoverty has plagued mankind of all ages. In most developing countries including those in Asia, Africa and Latin America, more than 40 percent of the population lack some basic need or other. In some countries, the poverty level is much higher than the 40% threshold. Poverty is as serious even in the rich Middle East countries. Poverty exists even in advanced economies such as USA, Europ
Essays on the comparative performance, volatility, tracking error and trading characteristics of Islamic versus conventional equity indices and exchange traded funds
No full textThe meaning of investments is that you sacrifice something valueable now in order to gain benefit from it in the future. Timing of the investment is of great importance (McDonald & Siegel, 1986, p. 724). One could invest in real assets, i.e. land, buildings, machines, and knowledge which are used in order to produce future goods and services. Investments could also be made in financial assets, such as stocks and bonds, which do not contribute directly to production but are used as claim-holdings on real assets ..
Factors influencing the behavioral intentions of Muslim employees to contribute to cash-waqf through salary deductions
No full textStudies on waqf have successfully caught the attention of scholars to discuss its various aspects especially the role of waqf in the form of cash waqf in the contemporary environment. Cash waqf is increasingly gaining popularity among Malaysian Muslims, and waqf institutions are expecting more cash contributions in order to develop idle waqf lands. The Malaysian government has also given tax-exemptions for cash waqf donors to encourage more contributions. However, total collection of cash waqf is still not very large. Thus, the waqf institution requires a new mechanism of cash collections as waqf. One way for that is deduction from employment income. This study intendsto examine the factors that influence the behavioral intentions of Muslim employees to donate through deductions from employment income. Using Theory of Reasoned Action (TRA), we attempt to identify the factors that may influence the behavioral intentions of Muslim employees to contribute to cash waqf. A total of 380 Muslim employees, both from public and private sectors, from the Klang Valley, were involved in the study. The results show that the attitude and subjects’ norms toward behavioral intentions are distinctively noted by the respondent. Furthermore, the structural equation model used in the study verified the structural relationship between attitude, subjective norms and behavioral intentions of Muslim employees. It is also found that the attitude of Muslim employees has more influence compared to subjective norms
Economics with Islamic orientation
No full textThis book, spread over 24 chapters, covers Economics with a greater orientation towards Islamic viewpoints. It is also suitable for students studying the subject in developing economies. The book combines the material of two earlier texts of the author—Macroeconomics (2009) and Fundamentals of Microeconomics (2011). The material has been refined and updated; new explanatory diagrams and illustrations have been included.
Available in physical copy only (Call Number: BP 173.75 H344
Issues in contemporary accounting & finance
No full textThis book integrates empirical studies and conceptual discussion in the field of accounting and finance in Malaysia and international setting. The aim of this book is to share findings of empirical results as well as conceptual discussion and to provide reading and reference materials on various accounting and finance topics to undergraduate and postgraduate students, researchers, practitioners and policy makers through relevant information provided. This book consists of ten chapters. Specifically, it is presented into three parts, namely corporate internet reporting and social responsibility reporting, auditor independence and corporate governance and Islamic finance
Risk sharing and shared prosperity in Islamic finance
No full textThis paper argues that risk sharing is an effective method of expanding participation of agents in economic growth and development and more effective sharing of fruits of prosperity than risk transfer that currently dominates financial systems. Kuala Lumpur Declaration of 2012, by a group of leading Shari'ah scholars and Muslim economists, considers risk sharing as the essence of Islamic finance, a litmus test of which is its ability to promote financial inclusion and asset-building capacity of the poor and thus
better sharing of prosperity. The mobilisation of financial resources toward productive activities through risk sharing enables the Islamic financial system to actualize economic justice and social participation in an efficient manner. The asset-backed equity-financing nature of Islamic finance is conducive to financial system stability because returns, which can only be known ex post, and thus shared on the same basis, are not divorced from risk
Wavelet analysis of stock price behaviour: evidence from Dow Jones Islamic GCC stock index returns
No full textFund 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
Why is no financial crisis a dress rehearsal for the next? Exploring contagious heterogeneities across major Asian stock markets
No full textOur study attempts to discover pure contagion or interdependence amongst the Asian equity markets (China, India, Taiwan and South Korea) due to the shocks stemming from eleven major crises around the world. We apply wavelet decomposition in both its discrete and continuous forms to unveil the multi-horizon nature of co-movement, volatility and lead–lag relationship. We find that most of the earlier shocks were transmitted via excessive linkages or pure contagion, while the recent subprime crisis appears to have resulted mostly in fundamentals-based contagion or interdependence. This assertion is based mainly on the deepening fundamental integration particularly after the Asian financial crisis period. We also find the relatively dominating role of China and South Korea after this crisis
Market discipline in Islamic banks using the profit sharing investment accounts
No full textMarket discipline is one of the main pillars for stability and resiliency in banking system (Basel II, 2004).The mechanism of market discipline primarily relies on the role of depositors who receive timely information and act accordingly through their respective accounts. Empirical evidence shows the presence of market discipline, whereby non-insured depositors react to risk factors of the bank accordingly either by withdrawing their deposit (quantity mechanism model) or demanding higher return (price mechanism model), although there is an interactive relation between the both mechanisms (interactive dynamic model). In tandem with conventional banking system, Islamic banking also emphasize on market discipline, signified by the global standard number 4 issued by Islamic Financial Services Board in 2007 ..
The moral foundation of collective action against economic crimes
No full textEconomic and financial crimes, defined generally as crimes against property, have been increasing rapidly in recent years. In the 2014 Global Economic Crime Survey it is noted that among the 5,000 business organisations across the world responding, 37 percent report being victims of economic crime, up from 30 percent in 2009. No country, society, culture or community has been immune. The financial crisis focused attention on elite white-collar crimes while empirical research was pointing to another alarming development: “the everyday crimes of the middle class”, committed by those “[...} at the very core of contemporary society” (Karstedt and Farrall, 2007)