INCEIF Knowledge Repository (INCEIF University)
Not a member yet
1768 research outputs found
Sort by
Islamic spirituality and entrepreneurship: a case study of women entrepreneurs in Malaysia
No full textThis research explores the influence of Islamic spirituality on Muslim women's entrepreneurship in Malaysia, showing the effects of spirituality on their careers, business ventures and general entrepreneurial behavior. An empirical study consisting of open-ended interviews with women entrepreneurs in Malaysia was undertaken to explore the impact of spirituality on shaping their entrepreneurial activities, ethical choices, decision-making, and enhancing work-life satisfaction. The findings of this study highlight the position and key role of spirituality in the success of Muslim female entrepreneurs. This study underscores not only the religious compatibility between work and women success, but also highlights significant prospects for the untapped societal potential of Muslim women, in light of their spiritually-backed competencies, and with respect to harnessing their creative and entrepreneurial talents. This study reinforces the connection with God as a common denominator to the definition of spirituality and further shows that spirituality plays significant role in the prioritizing of the needs of family and life, motivation, social responsibility, and decision-making of Muslim women entrepreneurs in Malaysia
Empirical microeconomics action functionals
No full textA statistical generalization of microeconomics has been made in Baaquie (2013), where the market price of every traded commodity, at each instant of time, is considered to be an independent random variable. The dynamics of commodity market prices is modeled by an action functional and the focus of this paper is to empirically determine the action functionals for different commodities. The correlation functions of the model are defined using a Feynman path integral. The model is calibrated using the unequal time correlation of the market commodity prices as well as their cubic and quartic moments using a perturbation expansion. The consistency of the perturbation expansion is verified by a numerical evaluation of the path integral. Nine commodities drawn from the energy, metal and grain sectors are studied and their market behavior is described by the model to an accuracy of over 90% using only six parameters. The paper empirically establishes the existence of the action functional for commodity prices that was postulated to exist in Baaquie (2013
Social capital and risk sharing: an Islamic finance paradigm
No full textThis title fills an important gap in finance literature, It presents a vision of a socio-economic framework discernible from the Qur'an and explores the consequences of compliance with the rules of this framework. By integrating distributive justice, rules of behavior, stock market development, economic-growth, and social finance under a common theme, the authors argue that social capital is necessary to unite the ideals of Islamic socio-economic welfare with the present realities of the Islamic finance industry
Evidence in the Quran related to credit card transactions
No full textThe common academic discourse within Islamic banking related to the use of credit cards has generally been silent on Islamic interpretations and analysis of the technological aspects of the transactions. There seems to be a gap of understanding amongst academicians as to how these technologies work and therefore little has been addressed as to the ethical nature embedded into the structure of the commonly used technologies in banking. This paper addresses the technology behind credit cards and seeks to elaborate the Islamic context in which the various aspects of the technology can be interpreted. The purpose for writing this paper is to show that the basic principles behind how credit card technology works already exist in the Quran
Dynamic capital structure and financial crisis
No full textIn presence of the market frictions, firms aim to attain target capital structure by making strategic choices towards re-engineering the leverage. These choices influence not only firm’s investment patterns, capital costs and expected returns but also lead to conflict of interest among the stakeholders. The dynamic market forces make targeting a continuous exercise for the firm, as it strives to make optimal financing decisions to raise its value and reduce the risk of bankruptcy. An occurrence of acute financial crisis disturbs the capital structure and firms may foresee this and try to adjust. If adjustment is seen prior to a crisis in favour of higher leverage and moving away from the optimum capital structure, then it may signify cheaper adjusting costs and greater access to the debt financing. If adjustment takes place post crisis, then it means that valuable lessons are learnt and steps are taken to attain the optimum capital structure
A fiqhi analysis of tradability of Islamic securities
No full textSecondary markets are vital for the development of Islamic capital markets (ICMs) (Aziz, 2007). They facilitate the reselling of securities among investors, thus adding liquidity to these instruments (Mishkin, 2004: 26-27). Besides this basic role, secondary markets assist in reducing average cost of capital; bringing about a rational representation of the pricing of securities in primary as well as secondary markets; facilitating the exchange of investment risks; evaluating the performance of private and public sector, and mitigating information asymmetry (Ahmed, 1995; Al-Eshkar, 1995; El-Gari, 1993; Mishkin, 2004). However, secondary market trading of Islamic securities involves various issues. One of the greatest concerns is the lack of standardization, or at least harmonization, of ICM products. There are also conflicting resolutions, standards and individual fatwas (Islamic legal opinions) on the tradability of Islamic securities within the industry. It is feared that this creates confusion in the industry and may hinder the overall development of the ICM (Cox, 2005; Shaharuddin et al., 2012). Given the importance and concerns regarding the ICM, this study aims at investigating the vital issue of tradability of Islamic securities from the fiqh (Islamic jurisprudence) perspective
An analysis of defaulted sukuks: evidence from USA and Middle East
No full textIslamic financial instruments differ from conventional instruments because of their risk sharing and justice factor. Talking specifically about fund raising instruments, Sukuks are the most vital and demanded instrument. Despite of its risk sharing and equity feature, Sukuk defaults yet happened which eventually raised several questions on the viability of these instruments and their treatment in a distressed situation that provides us with another avenue of research on these instruments. In this paper, we analysed five major Sukuk defaults that happened recently in the aftermath of the 2007 global financial crisis ..
Corporate waqf as a vehicle for Islamic microfinance - a proposal worth attention
No full textEver since the 1970s, microfinance has become one of the schemes for poverty eradication and economic redevelopment strategies around the world. The main objective of this microfinance scheme is to eradicate poverty through financing the unemployed or low-income individuals or groups who are usually outside the formal banking system. Later on after the 1970s, millions of people from different countries, including Muslim countries, were accessing services from formal and semi-formal microfinance institutions (MFIs). All of a sudden, it has become a vast global industry involving a large number of governments, financial institutions and non-governmental organizations (NGOs) aiming to eradicate global poverty
The impact of income, inflation and happiness on stock returns: a dynamic heterogeneous panel estimation
No full textThis study examines the long-run relationships and short-run dynamic interactions between stock returns and its determinants comprising of GDP per capita, inflation and happiness, over the period 1973 to 2012. The study applies the dynamic heterogenous panel estimation techniques of Mean Group (MG), Pooled Mean Group (PMG) and the Dynamic Fixed Effects (DFE) to analyse a set of macro panel data on selected OECD countries to establish the possible causal relations between these variables. The results of this study show evidence that income has a favourable impact on the stock market, while inflation dampens stock returns. Interestingly, the study also revealed that happiness is not significant in determining stock returns in these selected countries, indicating that the market participants are rational economic beings who always act in self-interest, making optimal decisions by trading off costs and benefits weighted by statistically correct probabilities as per the tenets of the Efficient Market Hypothesis (EMH)
Scrutinizing the role of corporate waqf in Turkey, India & Malaysia
No full textThe institution of waqf is a historical vehicle to get closer to Allah (swt) on one hand and to offer societies’ requirements on the other. Through its immovable form the institution of waqf find its way in providing many goods and services such as buildings; mosques for prayer, residential housing for sheltering families, hospitals for taking care of the health of the people, schools and universities for educating students, agricultural lands for feeding the mass, factories for providing final products, constructing highways to facilitate travelling, besides, opening jobs for the mass without any cost to the government. Even though, the last century witness its destruction in almost all Muslim countries, yet in the 21st century it emerges with its new fascinating movable model which attracted the attention of Muslim and non-Muslim countries. A good example of this fascinating model is the establishment of corporate waqf in three countries Turkey, India and Malaysia. The main objective of this study is to scrutinize the recent establishment of corporate waqf and to present the role it plays in these countries. This study uses both primary and secondary data. Primary data was deduced from the Quran/Holly Book of Allah and the Sunnah/sayings of the Prophet (pbuh). Secondary data was acquired from published sources including articles, journals, monthly reports, published books and websites. The expected finding from this research is to opens the door wider for more researchers to study this new corporate waqf model in depth for serving Muslim societies