INCEIF Knowledge Repository (INCEIF University)
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The takaful industry: past, present and future
No full textThis concluding chapter has examined the three phases of the development continuum of takaful, namely, the past, the present and the future. In the first section, the discussion evolved from the historical perspective relating the concept al-aqilah to that of present-day takaful. The present phase dwelled on the various issues and challenges facing the takaful industry. Issues affecting the participats, operators, regulators, and other related parties are brought forth for discussion, together with suggestions and guidelines to improve the present situations. The chapter ends with the proposal of a takaful model that could be adopted to address some of the issues and challenges faced presently
Etatisme versus market driven Islamic banking: the experiences of Iran and the Arabian Peninsula compared
No full textThe world's largest Islamic banks in terms of assets are based in the Persian Gulf region, Bank Melli of Iran being first ranked with assets worth over 45 billion. Yet these two banks operate in very different jurisdiction, with all banks being nominally Islamic in Iran, whereas on the Arab side of the Gulf Islamic banks compete with conventional banks. The aim here is to examine the contrasting approaches taken by Iran and its Guld Arab neighbors to Islamic banking
An introduction to the theoretical foundations of Islamic transactions
No full textThe book presents a study of the theoretical foundations for Islamic transactions. It provides the reader with a solid background which is essential for a comprehensive knowledge Islamic transactions, banking and finance. The main discussion include the sources for Islamic commercial and financial laws, the objectives of Sharia'ah with regard to commercial and financial transactions, property and its classifications and their implications for transactions, rights and financial rights, ownership and its types, the theory of contract, the pillars of contract, its classifications, and its options. The last chapter discusses factors that invalidate transactions such as usury/interest (riba), ambiguity (gharar), gambling (maysir), and the involvement of prohibited properties. The book is as important text note only for the students but also for all those who work in Islamic banks and financial institutions
An empirical study of audit committee practices among Malaysian public listed companies
No full textAn audit committee would effectively deliver their duties if there were adequate resources. In the US, the National Association of Corporate Directors (NACD) (2000) pointed out that 'sufficient resources' is one of the three keys to an effective oversight process of an audit committee. Consistently, Treadway Report stressed the importance for an audit eommittee to have adequate resources and authority to effectively discharge their duties (Treadway, 1987) ..
Bank lending, macroeconomic conditions and financial uncertainty: evidence from Malaysia
No full textIn this paper, we examine the interrelations between bank lending, macroeconomic conditions and financial uncertainty for an emerging economy, Malaysia. Adopting time series techniques of cointegration, causality and vector autoregressions (VARs), we arrive at the following main results. We note long run positive relations between real output and both real bank credits and real stock prices. However, with slow adjustment of real output in responses to credit expansion or stock price increase and weak exogeneity of the latter two variables, both credits and stock prices can be persistently higher than their fundamental values. The phenomenon can be detrimental since it heightens market uncertainty. Our results suggest that heightened market uncertainty is negatively related to output in the long run and, on the basis of dynamics analysis, it is likely to depress real output, real credit and real stock prices. At the same time, we note significant dynamic impacts of interest rate shocks on other variables. Taken together, these results have important implications for macroeconomic performance and stability for the case of Malays
The Islamic debt market for Sukuk securities: the theory and practice of profit sharing investment
No full textThe relatively new sukuk (or Islamic debt securities) markets have grown to more than US $800 billion over the past decade, and continue to grow at a rate of around 20-30 per cent per year. Arguably the first of its kind, this path-breaking book provides a unique reference tool relating to key issues surrounding sukuk markets, which are found in 12 major financial centres, including Kuala Lumpur, London and Zurich. The internationally renowned contributors present an in-depth study of sukuk securities, beginning with a comprehensive definition and history. They go on to discuss Islamic financial concepts and practices that govern how sukuk securities are issued, how markets are carefully regulated to protect investors, and how securities are designed to safeguard invested money. The prospects and challenges of developing sukuk Islamic debt markets across the world are also illustrated
Challenges facing the Islamic finance industry in the Maldives
No full textThe Maldives is a country with limited resources. The lifeline of the economy is fishing and the golden goose of the country is tourism. The country also heavily depends on importation of goods. The financial system of the Maldives is based on conventional rules and laws. The financial and the economic system of the country are based on conventional economics and financial principles
Signailing and the formation of audit committee
No full textTimely disclosure and transparency of material information is a hallmark of good governance, and is indispensable to strong financial markets. The growing interest in strengthening corporate governance internationally is due to the many cases of corporate abuse by public listed companies such as Bank of Credit and Commerce International (BCCI), Credit Lyonnais Bank, Barings Bank, Daiwa, Poly Peck, Maxwell, Sumitomo, Enron and Worldcom
Approaches to Islamic banking in the Gulf
No full textIslamic banking is more developed in the Gulf region that anywhere else in the world. Although there is much information and writings on Islamic banking on the Arab side of the Gulf, much less is available on the workings of the Islamic banking system in Iran. The aim here is to examine the very different approaches taken by Iran and its Guld Arab neighbors to Islamic banking. The political factors that determined these different approaches will be analyzed and their implications explored
Does paddy cultivation in Malaysia contributes to CO2 emissions? An econometric analysis
No full textThis study was conducted to investigate whether paddy cultivation in Malaysia do indeed contribute to increased CO2e. Johansen (1991) co-integration method was used to investigate the relationship between these variables, and the result clearly shows that they are highly co-integrated or literally means that they (both variables) share long term time trending patterns. The long run relationship is further investigated based on granger causality and vector error correction model (VECM), and the result again clearly shows that paddy production indeed granger causes the increased CO2e. Dynamic Ordinary Least Square (DOLS) method was also employed to check the robustness and consistency of the findings and the results are consistent and robust with the VECM estimations. The findings of the study clearly show the dire needs for the government to invest more on the R&D in the paddy production sector in order not to deteriorate further the environment albeit CO2e while securing the food security