INCEIF Knowledge Repository (INCEIF University)
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Factors influencing market penetration of takaful industry in Malaysia: (1985-2008)
No full textThis research provides insights into the factors influencing takaful penetration rate of the Malaysian takaful industry from the period 1985-2008. The methodology employed consist of both the quantitative and qualitative approaches. Three research objectives have been identified. First is to investigate the factors thats influence the market penetration from the perspective of takaful participants. Second is to find the obstacles that prevent non-takaful participants from participating in the takaful industry. Third is to gain further insight from the experience of the senior managers of Takaful operators ..
Time series analysis of the impact of consumption and energy use on environmental degradation: evidence from Malaysia
No full textIslamic financial institutions: remedy for the current economics and financial crisis.
No full textIslam provides many institutions within the structure of Islamic economic system which if studied carefully can be put into practice in order to solve the current global economic and financial crisis. The current global economic and financial crises, together with the Arab Spring and the Arab Awakening in the 21st century, offers a good opportinity for Muslims to revive their current economic system according to the guidance from the Quran and the Sunnah: not only to solve the current crises but to revive the perfect system that Allah (swt) sent to serve all mankind in the best way as mentioned in the Quran (Surat al-Maidah 5:3). In view of that, Islam is not just a religion of worship; it is a comprehensive discipline that includes all aspect of sciences including economics. It provides many institutions that have to function in parallel in order to meet a just and a welfare society for all mankind
Path integral for equities: dynamic correlation and empirical analysis
No full textThis paper develops a model to describe the unequal time correlation between rate of returns of different stocks. A non-trivial fourth order derivative Lagrangian is defined to provide an unequal time propagator, which can be fitted to the market data. A calibration algorithm is designed to find the empirical parameters for this model and different denoising methods are used to capture the signals concealed in the rate of return. The detailed results of this Gaussian model show that the different stocks can have strong correlation and the empirical unequal time correlator can be described by the model's propagator. This preliminary study provides a novel model for the correlator of different instruments at different times
Takaful: realities & challenges
No full textThis book discusses risk, risk management and the operational aspects of the two broadly classes of takaful products namely, general and family takaful. In this book, the authors have also explained the various functions involved in typical takaful operations including the process of underwriting, claims, marketing, investment and retakaful while at the same time, bringing in the Shari'ah elements in all of these functions. The authors believe that while takaful and conventional insurance possess many similarities, their contracts are somewhat different
Human capital and economic growth: secondary school or higher school?
No full textThis study investigates the linkages between economic growth and human capital. It employs the dynamic panel system GMM estimators, focusing on secondary school and higher school education as the proxy for human capital. The data was averaged to 7 points based on a sample of 62 countries spanning from year 1970-1999. The data was extracted from the World Development Index 2007 and study by Barro and Lee (2010). The results are particularly interesting, contrary to the expectation; only the high school graduates affect the growth while the secondary school graduates show insignificant. With disaggregation of countries based on the stages of economic development, high school show greater effect. These results further strengthens the grounds that human capital is indeed an important component and acts as an engine for economic growth
Regime uncertainty: interest rate based debt financing system
No full textEvidence has been mounting (over the centuries) that the interest based debt financing regime is under ever increasing distress. All of the earlier crises whatever label they carried - exchange rate crisis or banking crisis have been debt crises in essence. At the present, empirical research suggests that the debt-to-GDP ratio of the richest members of the G-20 threatens to touch 120% mark by 2014. Moreover there is also evidence that out of securities worth $200 trillion in the global economy, no less than three-fourth represent interest based debt. It is difficult to see how this massive debt volume can be validated by the underlying productive capacity of the global economy. This picture becomes more alarming when it is realized that the growth of the global economy is anemic at best while the interest rate on debt is sure to exceed the rate of growth of global GDP for the foreseeable future. This paper argues that the survival of the interest based debt regime is becoming less tenable, as is the process of financialization that has accompanied the growth of global finance over the last four decades. It further argues that Islamic finance, with its core characteristic of risk sharing, may well be a viable alternative to the present interest based debt financing regime
Islamic contracts for financing (part 2)
No full textThe Arabic word for sale is bay'. Bay' literally means exchange, and applies to both sale and purchase. Technically, sale refers to an exchange of one property for another, one of which is called the subject-matter/ object, and the other the price. Sale can also be defined as a transfer of ownership of property for a consideration or compensation