INCEIF Knowledge Repository (INCEIF University)
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Intertemporal changes of the influence of environmental degradation on migration: the case between Malaysia and Asia-Pacific countries
No full textThe purpose of this study is to determine the intertemporal changes that occurred in 1990 and 2000 in the link between migration and environmental degradation in the Asia Pacific region. The study used carbon dioxide emission index, gross domestic per capita income, consumer price index and distance among the countries to conduct a cross-sectional analysis to investigate this relationship. Two different points of time were regressed cross-sectionally and White standard was employed to remove traces of heterogeneity. Results clearly indicated that intertemporal effects between 1990 and 2000 were negligible. Overall, the study found that in the case of Malaysia and Asia Pacific countries, there had been no significant relationship between environmental degradation on emigration. However, other factors such as difference in the price level and inter-country distance influenced emigration significantly. Environment degradation, difference in price level and inter-country distance were found to be insignificant in influencing immigration
Do provision of non audit services threat perceived auditor independence?
No full textThis chapter examines the effects of provision of different types of non-audit services on perceived auditor independence from the perspective of Malaysian capital market participants. The globalisation of the accounting profession and the subsequent increase in competitiveness and the need to survive has forced many auditing firms to diversify into non-audit services and has created 'the multidisciplinary nature of large audit firms'(Michael, 2014; Alexander and Hay, 2013; Brierley and Gwilliam, 2003; Michael, 2014)
Essays on Shariah compliant portfolios: the role of Islamic asset classes and strategies
No full textThis study investigates the roles of Shariah-compliant asset classes as well as Shariah-compliant portfolio strategies, which are divided into three separate essays. The first essay investigates both conventional and Islamic investors' problems as to whether the inclusion of Islamic and conventional asset classes may expand the frontier of their respective portfolios. The sample covers the global U.S. portfolios and Malaysian portfolios with multiple asset classes, as well as the portfolios with a specific asset class in several regions. The study uses the recent mean-variance spanning test in multiple regimes, which not only accounts for tail risk but also identifies the source of value added (tangency portfolio or global minimum variance) ..
Determinants of sukuk and conventional debt security offers in the context of trade-off and pecking-order theories
No full textSukuk is dominating the Malaysian capital market with strong support from the government, mega-conglomerates and firms. As an important source of firms' financing, sukuk is increasingly catching up with existing conventional debt in terms of transaction volume and the number of deals. In spite of the rising interest among issuers in sukuk offers, research to appraise firm's issuance motives and the subsequent effects on shareholders' wealth upon sukuk and conventional bond announcement remains limited. Hence, through this initial study, firstly, we examine the association of firm specific characteristics with the respective debt security principles offers ..
Accounting issues in the reporting of profit sharing investment accounts in Islamic banks' financial statements under IFSA 2013
No full textIssues in the reporting of Islamic financial instruments have been discussed since early 2000. Among these issues is the debate about whether the accounting standards promulgated by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) or the International Financial Reporting Standards (IFRS) should be adopted for reporting Islamic financial transactions. Abdel Karim (2001) explained the need to implement the AAOIFI accounting standards as these standards specifically cater for the unique characteristics of the contracts that govern the operations of Islamic banks. The IFRS, on the other hand, do not have any specific reporting standards for the unique contracts adopted by Islamic banks but report the transactions based on the accounting principle of substance over form
Shari'ah corporate governance: the need for a special governance code
No full textWith the advent of Islamic banking, a new species was added to the banking system which was then, only dominated by the conventional banking. Islamic banking expanded in the world within the last decade and as a result, Islamic finance emerged as an alternative to the conventional finance. This created Islamic companies and Islamic financial institutions which operate based on the principles of Shari'ah or Islamic Law. These Islamic corporate bodies, like the conventional corporate bodies do need good governance rules. In other words, they also need a good, sophisticated "Shari'ah Governance Code" which would be based on the principle of Islamic Law. This is mainly because the objective of the conventional and the Islamic Corporate governance is different as conventional corporate governance structure is more focused on the protection of the rights of the stakeholders; while Islamic corporate governance focus on retaining the Islamicity of whole corporation. The objective of this research is, as the title suggests, proposing the reasons why a special governance Code for Shari'ah corporate bodies are needed. This paper would suggest a proper governance structure to the Islamic companies and will also discuss why the conventional corporate governance Codes are unsuitable for the Islamic companies
Derivatives in Islamic finance: the need and mechanisms available
No full textThe research is an attempt to have an overview of the need for derivatives and their possible role in Islamic finance, stressing on the Shariah qualification and prohibitions on the controversial conventional derivative products. This research focuses on the derivative products and their role in risk management measures. Islamic financial industry has shown tremendous growth over the past decade but the management of risk is still an unresolved issue in the trillion-dollar Shariah-compliant industry. This paper attempts at having a continuous elaboration on the derivatives from a conventional perspective and closest alternatives that are available in Islamic finance. The findings suggest that conventional derivatives in their original form do not comply with Shariah norms and parameters. But in contemporary literature and thought, there exist Shariah-compliant mechanisms and instruments which provide similar risk management measures for Islamic financial markets
Islamic home financing and ownership transfer to the customer: models compared
No full textThis research aims to correct a misconception about the Zubair Diminishing Balance Model (ZDBM), which is free of return compounding and wherein the transfer of ownership to the customer perfectly matches the payment rate
Crime and police personnel in Malaysia: an empirical investigation
No full textThe economic theory on crime behavior proposed by Becker (1968) suggests that an increase in the number of policemen can deter crimes. However, recent studies found a positive relationship between police personnel and crime rates. The purpose of the present study is to investigate the effect of police personnel on 15 categories of crime rates in Malaysia for the period of 1973 to 2005 by using the vector error-correction model. Our results suggest that 8 categories of crime rates support Becker’s crime economic theory, while 6 categories of crime support the ‘long-run natural rate of crime’ hypothesis
Introductory mathematics and statistics for Islamic finance
No full textThis book is a comprehensive guide to quantitative methods, specifically as applied within the realm of Islamic finance. With applications based on research, the book provides readers with the working knowledge of math and statistics required to understand Islamic finance theory and practice. The numerous worked examples give students with various backgrounds a uniform set of common tools for studying Islamic finance