INCEIF Knowledge Repository (INCEIF University)
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Zakat, Islamic wealth management & wealth effects
No full textThe purification of wealth through charity is considered a significant part of the trusteeship of wealth or wealth management. In the Quranic verses 17:26-27 & 29-30, Almighty Allah clarifies the right that the deserving and the needy have over the wealth entrusted to man, further instructing that these rights be fulfilled as a financial obligation. For example, hoarding excessive wealth (wealth that is not invested) is actually irrational as zakat is charged on all financial and real assets, resulting in a negative rate of return (zakat rate) Al-Jarhi (1985)
The operability of waqfs in Nigeria
No full textAgainst the backdrop of a comatose or almost non-existent waqf system or institution in the Nigerian state, the thesis was designed with an wholistic objective of enhancing the operability of waqfs in Nigeria by ultimately prescribing policies and writing a waqf law for Nigeria such that will expedite establishing a sound and well-functioning waqf system in the country. Adopting qualitative research; in-country case studies, interviews, legal reasoning, descriptions and narratives, we studied the classical waqfs in Islam as well as the historic and modern experiences of waqf in selected countries of the (Muslim) world ..
The tangibility of the intangibles: what drives banks' sustainability disclosure in the emerging economies?
No full textEnviroment, social and governance sustainability ("ESG"), typically considered as intangibles, can be explained by tangible factors such as banks' fundamentals, country ESG score, macroeconomic factors and institutional quality
Deposit insurance in Islamic banking
No full textFollowing the global financial crisis, many countries introduced or enhanced deposit protection schemes to increase customer confidence in their banking systems. In the Eurozone, for example, bank deposits of up to 100,000 are guaranteed. In China, as part of its financial reforms in 2015, deposits of up to 500,000 yuan are protected by the Peoples Bank. Only a minority of Muslim majority countries have formal deposit protection schemes, Malaysia being the pioneer, with the scheme provided by Perbadanan Insurans Deposit Malaysia (PIDM) covering deposits of up to RM250,000; less generous cover than the Chinese scheme
The impact of real estate, inequality and current account imbalances on credit intensity: a cross-country analysis
No full textThis paper seeks to show empirical evidence on the relationship amongst excessive credit, real estate, inequality and current account imbalances by using the LSDVC estimator based on 10 countries with similar economic experiences between the years 2004 through 2012. The paper is motivated by the gap in the literature concerning this topic and the fact that there exists a myriad of previous works that demonstrate how the dominance of real estate, inequality and current account imbalances are natural side effects owing to economic growth in a country ..
Islamic social finance: deciphering pertinet issues in Islamic philanthropy (Issues of Shariah governance in Islamic philanthropy)
No full textThe slides highlight: 1) historical and current issues of the Islamic social financial institutions (zakah and waqf) in Muslim countries; 2) idle waqf properties in Malaysia/ by state
Financing the development of old waqf properties: classical principles and innovative practices around the world
No full textThis book presents successful case studies in Muslim and Muslim minority countries that have revolutionized the redevelopment of idle waqf properties into productive land trusts. The revival of this institution over the last two decades shows the growing optimism in galvanizing the socioeconomic role of waqf by adopting its flexible shariah measures. Innovative ways of financing redevelopment allow Muslims to extend these roles to include new beneficiaries. New uses for these properties include providing services to the community, opening jobs for the majority of people, funding small entrepreneurs, educating the masses, providing health care, and sheltering the poor and needy
What can wavelets unveil about the vulnerabilities of monetary integration? A tale of Eurozone stock markets
No full textThe study has two main objectives: (i) to investigate whether there is pure contagion or fundamental-based contagion/interdependence among the Eurozone equity markets (Germany, France, Italy, Spain and Netherlands), attributable to the shocks stemming from nine major crises around the world (ii) to investigate the evolution of market integration, whether mainly short-run or long-run. Wavelet decompositions, in both its discrete and continuous forms, are employed to unveil the multi-horizon nature of co-movements, volatility and lead–lag relationships. This is to unveil the path of linkages and the behavior underlying the transmission mechanism of financial shocks across major Eurozone stock markets. Evidence also supports the presence of common shocks whereby equity markets in Eurozone are significantly affected by episodic crisis events globally. Prior to the recent subprime crisis, contagion effects have generated short-term shocks that may potentially involve, among other factors, excessive channels. In stark contrast, the most recent US subprime crisis and EMU sovereign debt crisis reveal the evidence of fundamental-based contagion. We also find the increasing short-run and long-run stock market integration, driven by several stages of the establishment of EMU. Policy implications for regulators and investors are discussed in the context of continued monetary integratio
Handbook of investable world bond markets: yield & risk analysis
No full textThis book identifies how the major and some minor bond markets reacted to interest rate increases and decreases over the recent few years. As every investor knows excessive borrowings relative to the ability to service loans constitute sovereign debt crisis, and it is not limited only to developing countries as shown by the fall in bond values of profligate borrowers such as the Greece. This book is on the pricing of sovereign debt in 17 bond markets across the developed world, ones that have received most of the investors' money as investments
Shari'ah contracts underpinning musharakah mutanaqisah financing: a conceptual analysis
No full textThis paper examines the Shari'ah contracts applicable in musharakah mutanaqisah financing (MMF) (diminishing partnership) and possible Shari'ah issues arising from the combination of different Shari'ah contracts to effect the financing. The paper employs the qualitative research method, using textual and document analysis. It finds that the fiqh characterization of MMF by the International Islamic Fiqh Academy of the Organisation of Islamic Cooperation (IFA-OIC), which is also found in the Bank Negara Malaysia (BNM) Shariah Standard on Musyarakah, is the best contemporary approach, but it needs to be explicated. This paper identifies two major phases of MMF that are essential to attaining its objective: partnership and ownership, each phase with its own underlying and supporting contracts. It suggests that the partnership phase, which involves either shirkat al-milk (partnership in ownership) or shirkat al-'aqd (contractual partnership), should be separate from the ownership phase, which applies either a bay' (sale) or hibah (gift) contract. The process also involves a number of subordinate contracts in the form of lease (ijarah), forward lease (ijarah mawsufah fi al-dhimmah) and manufacturing contract (istisna') as well as a purchase undertaking (wa'd). Lastly, the contractual phases of MMF discussed in this paper and pertinent issues highlighted could guide contracting parties towards a better understanding of each contract involved in MMF and what is to be expected from them