INCEIF Knowledge Repository (INCEIF University)
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Seeking specific relief in cases of Islamic banking in Malaysia - an analysis
No full textOften, the application of specific relief to Islamic banking is unspoken and unwritten. However, few studies suggest that legislation on specific relief needs amendment to cater for the effective application of Islamic banking and finance in the country and proposing the idea to introduce an Islamic Specific Relief Act. This paper aims to understand the application of specific relief to Islamic banking in Malaysia. This paper will look at the application of specific relief in Malaysia and discuss the extent of its application to Islamic banking cases reported in Malaysia from 1983 to 2015. The study will shed light on the general types of specific relief from Malaysian and Islamic law perspectives to conclude whether the provisions of Malaysian specific relief law invoked in courts in Islamic banking cases are in line with the general principles of Shari'ah. To further support this, evidence from various commercial civil codes of Muslim countries have been discussed to analyse these provisions from a more practical perspective
Forecasting volatilities of Dow Jones Islamic Market World Index: new evidence form Markov regime switching GARCH
No full textThe study employs different types ofrelatively novel Markov regime switching GARCH (MRS-GARCH) models along with standard GARCH to identify better models to forecast the conditional volatility of Dow Jones Islamic Market World Index (DJIM). Several statistical and risk-management-based loss functions are employed to evaluate the out-of-sample volatility and Value-at-Risk (VaR) forecast from these models. Our empirical results show that although there is no single model - either of standard GARCH and MRS-GARCH type - is consistently outperforming the others if both the statistical and the risk-management loss functions are considered, overall different asymmetric Markov regime switching GARCH models, namely MRS-EGARCH andMRS-GJR-type models, perform better than any single regime GARCH specification
Islamic banking and finance: beyond comparison and investment opportunities
No full textIslamic finance as a field of research continues to be exciting and has been evolving with coverage that goes beyond mere comparison with conventional finance. With rapid development in Islamic banking to reach the status of being systematically important in many jurisdictions, the following questions seem pertinent: Should Islamic banking diversify to non-intermediation activities such that it can rival and become a truly alternative to conventional banking in the provision of banking services? How should Islamic banks structure their financing? And what are the financial and real impacts of Islamic banking? As for the Islamic stock markets, in light of on-going research and still inconclusive findings, investment opportunities provided by Shari'ah compliant stocks remain a central issue. The question is: what is the role of Islamic stocks in investment strategies especially from the lens of price discovery? Apart from these traditionally-focused Islamic finance areas, Islamic finance research starts to emphasize other equivalently important areas, among which include Islamic corporate finance and Islamic microfinance
IRTI collaborates with CMDA of the Maldives to conduct training
No full textThe Islamic Research and Training Institute (IRTI) of the IDB has collaborated with the Capital Market Development Authority (CMDA) of the Maldives to successfully conduct a three day training program with the theme "Islamic Capital Market". The training was conducted after a five-year gap. The purpose of the training, held from the 25th-27th June 2018 at Champa Central Hotel, was to provide training on Islamic capital market matters for finance industry stakeholders
A comparative study of hajj fund management institutions in Malaysia, Indonesia and Maldives
No full textPerforming hajj is one of the five pillars of Islam which may become compulsory for a Muslim who has financial ability to perform this ibadah at least once in his lifetime. To facilitate Muslims to fulfil this religious obligation, countries which have majority Muslim population like Malaysia, Indonesia and Maldives have established legal entities/institutions to manage hajj funds from hajj depositors (aspirant pilgrims) and provide services related to hajj. Although these institutions share the same objective in terms of helping Muslims to perform hajj, their operational activities are largely different. This paper aims to contribute to the understanding of hajj fund management institution in these three different jurisdictions. This understanding is important for policy makers and regulators regulating hajj fund management. It is anticipated that the outcome of this research will shed a light on hajj fund management in Asia
Bangladesh: southern branch of the silk road
No full textOver the last few years, a number of archaeological discoveries have been made that have raised questions and opened up possibly new understanding of the ancient history of Bangladesh. The findings at Wari-Bateshwar point to the possibility of a city-based civilization in the Ganges-Brahmaputra delta dating back to 4,000 BC. Another new discovery, which is being actively studied, is the possible existence of a branch of the Silk Road going through Bangladesh. A theoretical framework is required to guide an investigation as well as to acquire and interpret data. This paper explores a framework based on the existence of a southern branch of the Silk Road going through Bangladesh; and then goes on to study the impact that the existence of this route could have had on the history of Bangladesh and, in particular, on the advent of Islam
Waqfcoin: an innovation to serve humanity
No full textServing humanity must be an objective of all human beings. There are many ways in which humanity can be served. One of the most convenient ways to do this is via donation. The most critical challenge facing the donors is uncertainty in knowing whether the donation is spent on the intended purpose. The lack of transparency by trustees managing donation funds have created lack of trust among the donors when it comes to donating for humanity. The Islamic concept of Waqf in which donations are made for noble causes faces the same issue as well. This is the main reason why Waqf is declining in today's era, where finding donors is a challenge. According to reports, Singapore-based fintech firm Finterra has developed a crowdfunding platform that uses blockchain to create smart contracts that would be linked to specific Waqf projects
Waqf share schemes and you
No full textThe waqf share scheme is one of the most versatile Islamic social finance tools that have emerged in the 21st century, and has been practised in many Muslim and Muslim-minority countries, according to Dr Murat Cizakca, Professor, Comparative Economics History, Global
Cross-country evidence of Islamic portfolio diversification: are there opportunities in Saudi Arabia?
No full textOn the backdrop of growing importance of Shariah compliant equity markets, the purpose of this paper is to study cross-country portfolio diversification benefits for investors with major trading partners of Saudi Arabia, namely, USA, China, Japan, Germany and India, who have already invested or tend to invest in Saudi Arabian stock market. The authors have investigated time invariant, dynamic correlations at different investments horizons of the investors among Islamic asset classes by applying relevant econometric techniques like multivariate generalized autoregressive conditional heteroscedastic - DCC and continuous wavelet transforms. For robustness, this study also applied maximal overlap discrete wavelet transform. The findings tend to indicate that the Saudi Arabian investors have portfolio diversification benefits with all major trading partners in the short-term investment horizon. Interestingly, Saudi Arabian market has the least portfolio diversification benefits with the Chinese market. However, in the long run, all markets are correlated, yielding minimum portfolio diversification benefits and most importantly Saudi Arabian investors have portfolio diversification benefits with the Indian Islamic equity market in almost all investment horizons. The findings are highly consistent across different econometric technique estimations
Ethical choice in Islamic banks; incorporating Al-Ghazali's ethical philosophy - a structural equation modeling approach on United Arab Emirates (UAE)
No full textWhile ample emphasis has been given to the juristic (fiqh) aspects of Shariah compliance in Islamic banking and finance, relatively little has been attempted to explore its ethical dimensions (akhlaq) in the compliance parameters. Further, Shariah compliance has been product centric rather than people-centric. This is evident in view of recurring unprincipled events reported in the Islamic banking and finance industry where its ethical standing is under public scrutiny. Given this undesirable circumstance, this study intends to examine the factors determining decision-making behaviour in Islamic banking related to ethical issues as defined by the Ferrell and Gresham (1985) contingency model as well as factors that are religious in nature as encapsulated in Al-Ghazali's ethical philosophy. The first objective of the study is to develop a "synthesized conceptual model", which incorporates selected aspects of Al-Ghazali's ethical philosophy into the Ferrell and Gresham (1985) contingency model. The second objective of the study, which is an empirical examination of factors influencing 'decision-making behaviour related to ethical issues' is conducted based on newly 'synthesized conceptual model'