INCEIF Knowledge Repository (INCEIF University)
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A mini guide to Islamic contracts in financial services
No full textThe fundamental of Islamic finance industry is where its operations need to comply with Shari’ah principles. There is an underlying Shari’ah-complaint contract for every product offered by financial institutions. Islamic banking today is dealing with a lot of contracts in daily transactions with regard to the financing, deposit and investment products. A contract can be regarded as the root of an Islamic business as it determines the components of a business transaction
Beeronomics: a time series analysis of consumer behaviour in the beer market in Malaysia
No full textThis study uses time-series analysis to investigate the long-run relationships and short-run dynamic interactions between beer consumption and the independent variables of income level (Gross Domestic Product per capita), wealth (proxied by money supply, M2) and total exports in Malaysia over the period 1961 to 2009. The study applies the multivariate cointegration methodology to establish the possible causal relations between these variables. The cointegration test and the vector error correction model demonstrate the evidence of a positive long-run relationship between beer consumption and the income level while wealth and exports have a negative impact on beer consumption in Malaysia. The long-term elasticity coefficients of the independent variables on beer consumption display relationships that are theoretically grounded. Further innovative analysis using variance decompositions lends evidence of the dominant influence of income level and exports in forecasting variance in the consumption of beer in Malaysia. The study concludes with an examination of policy implications of these findings
Risk sharing in finance: the Islamic finance alternative
No full textIn this volume, the authors make an important attempt to develop the building blocks of an Islamic financial system and elaborate on its implementation as a comprehensive system. They make a convincing case for the world to shed its reliance on debt, interest and leveraging, and revamp the global financial system to rely more heavily on equity financing, genuine asset securitization linking the payoffs of financial securities to the underlying assets. This would ensure promoting wider risk sharing and a more stable financial environment
An overview of corporate governance: some essentials
No full textThe Oxford Dictionary define 'corporate' is an adjective belonging to a corporation, while 'governance'derives from the Latin gubernare, meaning 'to steer', which implies that corporate governance involves the function of direction rather than control. Therefore, corporate governance is a function of governing a corporation
Financial fiascos: 'the short-memory syndrome'?
No full textFinancial fiascos or commonly termed as scandals refer to the various kinds of frauds, scams, swindles, breaches of trust, or other wrongdoing in the corporate sector which results in huge financial losses. The greed for wealth coupled with the opportunities in a new complex financial and banking environment and the use of modern technolgy in financial transactions have mad the financial sector more vulnerable to scandals than any other sector of the economy
An exploratory study of the impact of income, health expenditure and pollution on happiness: a global perspective
No full textThere has been a tremendous growth in the number of empirical research on happiness by economists in the past decade. The present study is in the right direction as it explores a relatively intriguing area of research on the 'economics of happiness'. The purpose of this study is to find the existence of linkages between happiness and several economic variables. A cross-sectional econometric analysis is employed to examine the impact of the economic variables of income (Gross Domestic Product per capita), health care expenditure and pollution (proxies by CO2 emissions) on happiness across 42 countries in 2006. The findings indicate that a significantly positive relationship exists between happiness and income while pollution has a negative impact on a nation's well being. The level of health care expenditure however, does not have a significant impact on happiness. The study concludes with an examination of policy implications of the findings
Sukuk securities, their definitions, classification and pricing issues
No full textIslamic securities are specially tailored financial products that conform to a given set of legal-common-law-based (shari'ah) financial transaction principles, which are deemed strictly applied when designing financial conctracting terms covering such products. These principles are quite different from those used in the design of conventional securities.
Available in physical copy only (Call Number: HG 4651 I82I
Emerging trends and opportunities for Islamic banking and finance in MENA
No full textPolitics inevitably influences economic activity and financial markets. Although it is premature to give a full assessment of the impact of Arab Uprisings on the financial sector and in particular the Islamic financial segment, it is possible to draw some preliminary conclusions. First, as far as the countries of the Gulf Cooperation Council (GCC) are concerned, it is largely business as usual, and even in Bahrain, the economy subject to the most potential damage, the concern is long term, as for the present the island remains the leading centre for Islamic finance in the Gulf and continues to host the largest number of Islamic financial institutions
Preface - Development strategy under scrutiny
No full textMalaysia has turned 180 degrees since Independence in 1957, transforming itself into a thriving modern economy and leapfrogging from a low-income to a middle-income trajectory. The country owes its prosperity to its economic openness, with trade as the lifeblood and foreign direct investment (FDI) as the backbone of the economy. The price Malaysia has had to pay for this success os greater vulnerability to external shocks, but it has learned to cope with cyclical ups and downs with remarkable dexterity
The maqasid filter in takaful audit
No full textIslamic financial institutions in conducting regular audits must look for evidences in their contracts, processes and activities that genuinely support the goals and objectives of the Shari'ah (maqasid al-Shari'ah). The maqasid of the Shari'ah concerning all kinds of economic wealth can be summarised under five parameters/criteria: 'adl (justice) in handling it; wuduh (transparency); hifz (preservation); thabat (durability); and rawaj (marketability) or a fair circulation of wealth in the hands of as many people as possible. Specific issues identified in family takaful operations are used to determine whether the application of the maqasid filter based on the above criteria can help assure halal and wholesome profits that are enhanced by the maslahah or public benefit of growth and preservation and just distribution of wealth and the attainment of sustainability goals to support future generations