INCEIF Knowledge Repository (INCEIF University)
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Private equity & Islamic private equity: a qualitative case study of Malaysian institutional investors' behavior
No full textPrivate equity investing (PE) has experienced a rapid growth on a global scale over the past several decades and has become a significant industry. But while scholars have devoted considerable effort to studying the area of risk capital investing into businesses, research about private equity as an asset class is surprisingly scarce. The aim of this research is to provide a deeper understanding about how differences in organizational characteristics may affect institutional investors’ motives for investing in private equity including Islamic private equity, ways of working, satisfaction with investment performances, and their respective choices of investment strategies for both conventional as well as Islamic private equity. In order to provide a rich and comprehensive understanding of Institutional Investors’ opinions and perceptions, a qualitative study was undertaken based on in-depth interviews with institutional PE fund investors in Malaysia. Based on a comprehensive set of interviews with PE fund investors, in-depth insights about variances in motives for investing in the asset class, ways of working, and investment strategies were acquired. One of the more interesting findings from this study is that there seem to be two significantly divergent investment strategies that lead to satisfactory performances when investing in PE funds: (i) to be a devoted, highly skilled and independent investor, or (ii) to copy the behaviors and decisions of other investors who are perceived as having high skills and thus have attained prominence in the market. This, in turn, suggests that organization-specific characteristics determine which strategy will be the optimal choice for a certain investor
Islamic finance in a multipolar world: traversing the complexities of a new world
No full textThe recent financial developments have given rise to a developing consensus that the Unipolar economic growth regime dominated by U.S, Japan and few European centers, is under great stress. The consensus takes into consideration the present financial stresses and strains, and theensuing uncertainty surrounding the sustainability of the unipolar regime, which has given way to a shift towards a multipolar economic setup. Scholarship has already hinted on not only better trade and investment opportunities, but also on a much more resilient global economic growth that such a shift can bring. However, there are some major obstacles that need to be overcome in order to reap fully the desired benefits of multipolarity. Continuation of debt-based financing regime (the hallmarks of which are risk transfer and risk shifting) will not necessarily allow the benefits of emerging multipolarity to accrue to the world economy. The new system can be more effective with a new regime of financing. Indications are that almost all emerging countries in Asia are actively considering risk sharing via Islamic finance as a possible alternative
Potential of zakat in eliminating riba and eradicating poverty in Muslim countries
No full textFrom a mere glance at Muslim countries today, we realize that they are classified as third world though they adopt a secular system. The recent statistical data of 2009 shows the majority of people who live below poverty are found in Muslim countries. Some scholars related this fact to the oppression, humiliation and the bad policies which had been imposed in almost all Muslim countries during colonization and have continued up to the present time. Others related this to the incompetence and the corruption on the part of their governments
Regional spillovers and economic growth: do neighbouring countries matter for Sabah and Sarawak economic development?
No full textThe objective of the present paper is to address the question whether the economic development of the neighbouring countries, states or provinces have impacted the states of Sabah and Sarawak or vice versa. Using annual data for the period 1968 to 2003, results indicate that the growth of the state of Sarawak is affected by the growth of Brunei Darussalam, Sabah, West Kalimantan and East Kalimantan and the economy of Sabah is affected by the economies of Brunei, Sarawak and East Kalimantan
Action with acceleration I: Euclide Hamiltonian and path integral
No full textAn action having an acceleration term in addition to the usual velocity term is analyzed. The quantum mechanical system is directly defined for Euclidean time using the path integral. The Euclidean Hamiltonian is shown to yield the acceleration Lagrangian and the path integral with the correct boundary conditions. Due to the acceleration term, the state space depends on both position and velocity, and hence the Euclidean Hamiltonian depends on two degrees of freedom. The Hamiltonian for the acceleration system is non-Hermitian and can be mapped to a Hermitian Hamiltonian using a similarity transformation; the matrix elements of this unbounded transformation is explicitly evaluated. The mapping fails for a critical value of the coupling constants
Strategic planning: does planning ESG contribute to higher shareholders' value
No full textIt is the responsibility of this current generation; individuals, organizations, and countries to sustain a healthy environment for future generation, and to ensure that development and distribution of environmental resources do not jeopardize people's health nor create environmental problem..
Board characteristics and firms' financial reporting quality: the moderating role of financial reporting legislation in Malaysia
No full textPost millennium period could be considered as a rejuvenation period for both issues of corporate governance and firm's financial reporting quality (FRQ) in the Asian region. Series of corporate and economic events pre and post millennium period had effectively led these intermingling issues to gain prominence in the academic and public policy debate. Primarily, academic debate has suggested that governance is an effective tool through which FRQ could be ensured (Imhoff, 2003; Rezaee, 2003)
Private equity & Islamic private equity: a qualitative case study of Malaysian institutional investors' behavior
No full textPrivate equity including Islamic private equity gained considerable attention over the last few decades. The focus on private equity's portfolio capabilities within existing literature is very limited. This has been one of the main motivational factors to the research on private equity's portfolio capabilities. The paper contributes towards deep understanding of differences between Islamic and conventional private equity with a focus on behavior of Malaysia investors while investing in private equity
Benefitting from a loan (qard) contract: an analysis of juristic opinions
No full textIn Islam, a loan (qard) is considered a gratuitous contract, and providing a loan to a person in need is a recommended (mandub) act for which a lender is rewarded. The gratuitous nature of the loan contract is emphasised in various hadiths which also prohibit the lender from deriving any stipulated benefit from the loan he has provided. Loans that generate conditional benefit to the lender are considered usurious. The practice of usury (riba) is inextricably tied to the loan and debt where a lender charges the borrower an additional amount. The main focus of this research paper is to provide a critical discussion on the ruling that prohibits the lender from deriving conditional benefit from the loan, and its related issues. We have examined, in the light of juristic opinions, the status of different types of stipulations that would entitle the lender to various types of pecuniary and non-pecuniary benefits. Regarding the stipulation that a borrower should compensate the lender for inflation, we have argued that a creditor is entitled to the return of his money based on the original purchasing power of the currency at the time when the loan was provided. However, this should be resorted to only in cases of hyperinflation when the value of the currency is drastically depreciated