INCEIF Knowledge Repository (INCEIF University)
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1768 research outputs found
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Level and volatility of stock prices and aggregate investment: the case of Thailand
No full textThe present paper analyzes the aggregate investment behaviour for Thailand and its relations to real stock prices and stock market volatility. In the analysis, we focus on their long run relations as well as their dynamic causal interactions by means of time series techniques of cointegration and vector autoregression (VAR). Our basic framework consists of real aggregate investment, real output, lending rate, real stock prices and stock market volatility. We obtain evidence for their long run relation and that, in the long run, real aggregate investment is positively related to real stock prices and negatively related to the stock market volatility.The generalized impulse-response functions (IRF) generated from the VAR also paint similar picture in that the real aggregate investment reacts positively to shocks in real stock prices and negatively to innovations in stock market volatility. These results tend to be robust when we extend the framework to include alternatively real credits, real effective exchange rate and real government spending
Basic takaful broking handbook : course manual for Basic Certificate Course in Takaful Broking (BCCTB)
No full textThis is a manual and guideline on Takaful Broking which is essential in preparing oneself for the innovative and first of its kind certification by IBFIM and MITBA called the Basic Certificate Course in Takaful Broking (BCCTB)
Cost, profit and technical efficiency: a DEA based comparative analysis of Malaysian takaful and insurance providers
No full textThis study attempts to measure the relative efficiency of the takaful industry and the conventional insurance industry in Malaysia. A sample of 18 firms consisting of 7 takaful operators and 11 insurance firms is examined over the period 2004 to 2009. The study employs Data Envelopment Analysis (DEA) to estimate the technical, cost and profit efficiencies for the takaful and insurance industry ..
Fatwa and its shariah methodology in Islamic finance
No full textFatwa plays a very significant role in Shariah by providing different resolutions and solutions to the Muslim community when it is needed to ensure the compliance with principles of Shariah and commends of God. It should be understood that fatwa is not confined to particular section in Islamic law but it covers the entire sections and subsection of Islamic law including business, finance and trade. Today, fatwa takes a different shape in Islamic finance; it is introduced and presented in the industry in the form of resolutions issued by Shariah board members who represent Shariah corporate governance body in the structure of the Islamic financial institutions. The resolution is further structured in the form of Shariah endorsement which is part and parcel of product approval as required by the regulators. The present paper discusses fatwa and its methodology in Islamic finance to ensure a sound process of issuing an accurate resolutions that comply with the rules and guidelines that have been set in Islamic jurisprudence
TK 2002: Takaful and actuarial practices
No full textoai:ikr.inceif.edu.my:INCEIF/2119This guide provides an understanding of the meaning of risk and the various categories of risk, explaining how takaful had developed and concept of takaful based on risk sharing amongst the participants
Foreign exchange rate exposure of an emerging market: the case of Indonesia
No full textThe paper examines the exchange rate exposure of the Indonesian national market, the Indonesia Stock Exchange, for the 1988-2009 period using an EGARCH(1, 1) model. The evidence indicates negative exposure of the Indonesian market to variations in the rupiah-dollar exchange rate. Moreover, applying a rolling regression technique, the exposure is found to be more negative in recent years. Thus, the rupiah-dollar depreciation tends to have an adverse impact on the Indonesian market. These results seem to be robust across specifications of the mean equation. Finally, our exploratory exercises indicate the potential importance of current account and financial variables particularly current account balance, financial account balance, financial development, and financial openness in explaining changing exchange rate exposure. However, their relations with the exposure seem intriguing and may be more complex than we thought
Organizational form and efficiency: the coexistence of family takaful and life insurance in Malaysia
No full textAfter 25 years in operation, it is time that takaful industry is evaluated in terms of its performance. One of the issues that has impact on efficiency is organization form. There have been two conflicting opinions on this issue. Eling & Luhnen (2010) opined that mutual form is efficient than stock form but Brockett (2005) concluded the opposite. This paper provides an empirical study on the relationship between efficiency and organizational structure for takaful operators in Malaysian dual financial system. A sample of 19 firms is chosen over the period 2004-2009. The selection of inputs and outputs are based on flow approach consistent with Leverty and Grace (2009). The study employed non parametric approach that is Data Envelopment Analysis (DEA) with input orientation measurement to estimate the technical efficiency for both industries. This study applied constant return to scale (CRS) and variable return to scale (VRS) to separate the scale efficiency from the technical efficiency. A Mann Whitney test is employed to examine any significant difference in efficiency between takaful and insurance industry. The findings indicate that there is a significant difference in technical efficiency between takaful industry and insurance industry. It is found that takaful has lower technical efficiency than conventional insurance. Importantly, it shows the organization form has an influence on the efficiency. Finally, the study found that the conventional insurers have higher scale efficiency than takaful industry
Book review: science in Islam and the West
No full textAs the Greek Philosopher Heraclitus stated one cannot step twice into the same river. (Vago S, (1999)) similarly the world is constantly changing as well. There have been pivotal junctions in time when nations and civilisations took turns towards reform and exponential development. The revolutions that have taken places over time, amongst them the industrial revolution, scientific revolution, French revolution, and other such transformations have always had a critical element of technology and science behind the proponents of the transformative efforts. Engines and machines, the glorious products of science began to revolutionise the idea of progress itself (Steven Kreis, (2001)). Defining science has been a colossal effort for proponents of scientific and technical methods due to the different perspectives and the multiple conceptual angles pertaining to the subject. Some simplified definitions include 'Science uses unfounded empirical tests to develop, discover, and explain systematic frameworks within which relationships can be explored' and 'Science is a knowledge generating activity which is based on systematically organized bodies of accumulated knowledge obtained through objective observations' (SEBAC, (2007))
The resilience and stability of the Islamic financial system
No full textFinancial instability has been a recurrent phenomenon in contemporary economic history, affecting countries with varying intensity and resulting in massive unemployment and lost economic output. The financial crisis that broke out in August 2007 crippled the financial system of many advanced countries, and claimed as victims long-established banking and investment banking institutions that were deemed “too big too fail.” Capital markets were frozen, leading to stock market crashes worldwide, wiping out trillions of dollars in share values and in retirement investment accounts, and resulting in massive and persistent unemployment
Honey at the tip of the tongue: corruption in the third world
No full textCorruption is a cancer spoiling the society. It inhibits the developed and developing nations to rise above and turn into developed nations. The developing countries are struggling to tackle the issue of corruption. This indeed affects the development of projects and impacts the grassroots by depriving the marginalised of essential benefits. The objective of this paper is to provide a descriptive analysis on international corruption, curbing legislations existing in the world today. It is argued here that corruption needs to be curbed at all cost. This article also proposes suggestions on how this issue may be resolved. The authors contend that a single set of legislation against corruption is not the answer to this exacerbating problem in the third world