INCEIF Knowledge Repository (INCEIF University)
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Why the world needs the risk sharing philosophy of Islamic capital markets
No full textThe slides highlight: 1) series of global financial crises; 2) risk transfer narrative; 3) relationship of debt and religion; 4) risk sharing contracts of Islamic finance
Islamic monetary policy framework in Malaysia: a proposal
No full textSince the 2007/2008 financial crisis, research has revealed that all financial crises, such as banking or exchange rate crisis, have been, in essence, debt crises (see for example Reinhart & Rogoff, 2009, 2011). Further, econometric investigations have demonstrated that the chain of causation starts from fractional reserve-based credit expansion to debt increase to leverage expansion leading to crisis (see for example Turner, Haldane, Woolley, & et al., 2010). Moreover, post-crisis diagnostics have led to conclusion that conventional monetary policy has been unable to induce growth resumption ..
Does environment, social and governance (ESG) drive the financial performance of microfinance institutions? A cross-country panel analysis
No full textThe linkage between the financial performance of microfinance institutions (MFIs) and comprehensive ESG (Environmental, Social and Governance) performance has been ignored by researchers till date albeit this tie may serve as a primary objective for MFIs. This paper aimed at studying whether ESG performance influence MFIs' financial performance based on an annual dataset covering 5 years, 34 countries and 62 MFIs. Econometric evidence of panel data analysis reveals that ESG performance positively affects financial performance for the periods under review yet sub-models (of ESG) documented mixed results ..
Re-examining the determinants of Islamic bank performance: new evidence from dynamic GMM, quantile regression, and wavelet coherence approaches
No full textThis study is the first attempt to conduct a comparative analysis of the internal and external determinants of the Islamic banks' profitability in the GCC region applying dynamic GMM, quantile regression, and wavelet coherence approaches. The dynamic GMM tends to indicate that equity financing and operating efficiency and macroeconomic variables such as money supply, and inflation are significantly related to Islamic banks' performance. The bank-specific variables such as credit risk, equity ratio, and cost-efficiency ratios are not significant at different percentiles. ROA is driven by credit risk, equity ratio, and cost-efficiency ratios (as evidenced in wavelet coherence analysis)
The impact of workplace spirituality on organizational commitment: a case study of takaful agents in Malaysia
No full textDespite extensive studies on predictors and antecedents of organizational commitment, empirical research studies on the impact of workplace spirituality on organizational commitment remain scarce. This study aims to examine the impact of the dimensions of workplace spirituality on agents' organizational commitment in Islamic insurance (takaful) industry in Malaysia. This study used a positivist research approach, comprising a quantitative basis of enquiry, and gathered data via survey questionnaires. In total, 600 questionnaires were distributed and finally 395 usable cases were selected for analysis. Pearson's correlation and stepwise multiple regressions analyses were used to analyze the data. The findings indicated that spirituality in the workplace has a positive and significant effect on organizational commitment. The relationship between each and every component of workplace spirituality and organizational commitment was found to be substantial, positive and significant. The study findings will enable Islamic insurance companies to understand the importance of spirituality in the workplace and will further improve their function and performance by way of enhancing employees' spirituality in the workplace. This study suggests developing more spiritual training, workshops, lectures and seminars on spirituality at the workplace which will help employees of takaful operators and agencies cope effectively with life problems, reduce stress, boost loyalty and enhance organizational commitment
The determinants and dynamics of portfolio investment inflows into ASEAN-4
No full textUnderstanding the determinants of portfolio investment inflows is imperative in a region highly susceptible to large amount of capital inflows like ASEAN. And to formulate the right policy, intervention and upgrade, ASEAN needs to have a good grasp on these determinants before it can manage volatile capital flows and the accompanying disruptive potential. Although a number of studies focusing on the drivers of gross capital inflows into EMEs has been established, one on ASEAN's has been largerly left out. The need for studying gross inflows is simple, as its movement has direct implication on financial stability and the vulnerability of the overall financial system ..
A closer look at accounting for Islamic financial institutions
No full textThis paper provides a discussion of a study that examines accounting in Islamic perspectives. The discussion includes an overview of the development of Islamic finance, accounting in Islamic perspectives, and four key accounting assumptions, namely "substance over form", "time value of money", "fair value" measurement and "recognition based on probability", which serve as important guides to preparers of financial information
Do we need bigger Islamic banks? An assessment of bank stability
No full textIn this paper, we evaluate from the stability point of view whether Islamic banks should stay small or should be bigger. More specifically, in relating bank stability to bank size, we examine potential non-linear effects of size on bank soundness and the roles regulation plays in strengthening or weakening the size-stability relation using a panel sample of 45 Islamic banks from 13 countries. Our results show that larger Islamic banks are more stable, at least when they surpass a certain threshold size. As regards regulation, activity restrictions and capital stringency play a role in strengthening the stability-size relation. By contrast, the positive stability-size relation is weakened with more private monitoring and supervisory power. Hence, our results point to the benefits of having bigger Islamic banks.They also suggest that, to further enhance the stability implications of larger Islamic banks, policymakers should focus on improving regulation in the forms of activity restrictions and capital stringency
Takaful: ju'alah business model (concept paper)
No full textThere is no 'best fit' business model in takaful. All existing models applied in the present day takaful are akin to fitting square pegs into round holes. Where there are needs to fit in certain aspects of the business models, the practice is to cut off corners around the square pegs to enable the fit, primarily on the basis of maslahah to ensure conformity with the commercial aspirations and objective of the business models. This paper primarily explores the feasibility of ju'alah as the underlying contract in takaful. The ju'alah business model is developed, formulated and validated as to whether it can be an alternative business model in the context of Islamic commercial insurance-tijari framework ..
Role of Islamic microfinance institutions in empowering the poor Indonesia: case of Islamic financial cooperative (BMT)
No full textAll the human beings in this world deserve to have a better quality of life. In order to achieve the noble notion, the chronic social disease called poverty must be expelled. It is a multidimensional phenomenon that has defied the social, economic and political landscape of every nation and society in various parts of the world. Thus, there is an urgent need to combat poverty and empowering the poor in order to develop both the physical and social well-being as well as to enhance the quality life of the people. One of the effective and powerful tools to combat poverty is by providing microfinance access to the poor ..