INCEIF Knowledge Repository (INCEIF University)
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Multiple commodities in statistical microeconomics: model and market
No full textA statistical generalization of microeconomics has been made in Baaquie (2013). In Baaquie et al. (2015), the market behavior of single commodities was analyzed and it was shown that market data provides strong support for the statistical microeconomic description of commodity prices. The case of multiple commodities is studied and a parsimonious generalization of the single commodity model is made for the multiple commodities case. Market data shows that the generalization can accurately model the simultaneous correlation functions of up to four commodities. To accurately model five or more commodities, further terms have to be included in the model. This study shows that the statistical microeconomics approach is a comprehensive and complete formulation of microeconomics, and which is independent to the mainstream formulation of microeconomics
Islamic banks versus ethical banks: stability and efficiency
No full textIn this paper, we shed light on a specific business model of Conventional Banks adopted by Ethical Banks (also called social, sustainable, alternative banks). We believe that this model shares many similarities with the substance of Islamic Finance when it comes to financing the economy. In our study, we used univariate comparisons between Islamic and Ethical Banks to compare efficiency, profitability, capitalization, volatility and stability from 1992 to 2014. Our results show that Islamic Banks were more efficient, more profitable, and better capitalized than Ethical Banks for most of the period
The role of gold as a hedge and safe haven in Shariah-compliant equities: a comparative study on emerging and developing markets
No full textThe paper evaluates the role of gold as a hedge and safe haven by using daily data ranging from January 1996 to September 2016 for gold and Shariah-compliant equities of developed and emerging market index to bestow the status of a hedge at the time of normal market condition and safe haven asset at the time of financial downturns. We applied wavelet coherence technique to ascertain the best time-frequency for gold as a hedge and MGARCH-DCC to find out the reaction of gold to unfavorable market conditions ..
Public lecture on wealth management for Capital Market Development Authority (CDMA) Maldives
No full textThe public lecture highlights on overall global weatlh, Islamic wealth, product offering by Islamic financial institutions, takaful, estate planning (fara'id), and waqf
The co-movement of selective conventional and Islamic stock indices: is there any Impact on Shariah compliant equity investment in China?
No full textThis paper investigates the dynamic causal linkages in the daily returns among four conventional and three Shariah compliant indices (such as, Financial Times Stock Exchange Shariah China Index, Asia Shariah Index, Malaysia EMAS Shariah Index, China Shanghai Stock Exchange [SSE] Composite Index, Hang Seng Index, Nikkei 225 and KOSPI) in Asia region through the application of the standard time series techniques. Essentially, the purpose of this research is to identify the extent of influence of conventional and Islamic, regional and international equity markets on Shariah-compliant equity investment in China. Our study is focused on investigating the following empirical questions: (i) Which indices do the Shariah China Index commove with? (ii) Which indices is the Shariah China Index Granger-causally related with? and (iii) Which major stock index was driving the selective conventional and Shariah-compliant stock indices? Our findings tend to suggest: (i) The Shariah China Index appears to have a theoretical and long-run comovement with all the select conventional and Shariah-compliant stock indices (as evidenced in the Cointegration and LRSM tests) (ii) The Shariah China Index is Granger-caused by all the conventional and Shariah-compliant stock indices (as evidenced in the vector error correction modelling tests) (iii) Finally, what stands out is the leadership of the China conventional SSE market followed by the Malaysia Shariah market in driving all indices including the Shariah China Index (as evidenced in the VDCs tests)
A fiqhi analysis of tradability of Islamic securities based on al-khaltah: the cases of shares, sukuk and units of funds
No full textDue to the fact that Islamic financial securities may consist of ribawi (cash and debt) underlying assets, it is crucially important to discern whether or not the trading of these securities is subject to the Shari'ah rules for bay' al-sarf and bay' al-dayn. If they do not then what criterion is pertinent to their secondary trading; and on what jurisprudential basis? In answer to that question, the current scholarly views and suggested Shari'ah criteria for tradability of Islamic securities are not only diverse, but also at times incongruous with one another. Based on the qualitative approach of text analysis and semi-structured-interviews, this study critically analyse this issue ..
Does microfinance institution has institutional properties to generate savings?
No full textMicrofinance institutions (MFIs) in Bangladesh have been providing savings services to their clients at least for the past 15 years. However, whether an MFI should have institutional requirement(s) to be a deposit-taker generates interest among academics and policy makers. Thus, this short note aims to provide a brief overview of institutional properties of MFIs. This study used the existing literature and reports by the Microcredit Regulatory Authority' to investigate institutional properties of MFIs. In doing so, we have used 'institutional theory of saving' as a theoretical ground. Although the 'institutional theory of saving' has several important properties, the existing literature mostly discusses seven features such as information, incentives, facilitation, expectation, access, restrictions and security. It is found that MFIs in general should have all the seven important institutional properties to be considered as an ideal savings institution. With regards to the microfinance sector in Bangladesh, this study supports that all the NGO-MFIs have these properties to be considered as an ideal deposit taker. The microfinance sector in Bangladesh needs to design and develop comprehensive and customer friendly savings products to further motivate the poor to save in MFIs
German banks: more Islamic than Islamic banks?
No full textThis study, which compares the German system with Malaysia in the hope of improving Islamic finance, uncovers four paradoxes. Germany is chosen because its focus on mutuality and small enterprises, at the expense of profit maximisation, not only embodies the Shariah principles of justice and social welfare but also makes the system more stable. The banks' profitability and stability between 2006 and 2014 are compared. This covers their performances before, during and after the global financial crisis ..
Perspective on Islamic finance: what is risk sharing?
No full textInterview session with Prof. Dr. Abbas Mirakhor, First Holder of INCEIF's Chair in Islamic Finance on "Perspective on Islamic finance: what is risk sharing"
A comparative analysis of risk-taking behaviour of Islamic and conventional banks
No full textThe slides highlight 1) the importance of risk-taking; 2) variables - risk-taking, bank-specific, macroeconomic, and regulation of the study