INCEIF Knowledge Repository (INCEIF University)
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Are shadow economy and tourism related? International evidence
No full textThe present study attempts to investigate whether shadow economy and the tourism sector are related. In the European countries, Schneider reported that 20 to 25 per cent of the shadow economy is represented in the tourism-related industries – wholesale and retail, automotive and motorcycle sales and maintenance; transportation, storage and communications; and hotels and restaurants. For the tourism sector, the services given by operators (unregistered and/or underreporting) operate in the shadow economy will ultimately wiped off the map of high quality tourist destinations and destroyed the development of the tourism industry itself. This study examines the short-run and long-run relationships between international tourism receipts and shadow economy for 149 countries over the period 1995-2008. We use a generalized one-step error-correction model (ECM) in combination with a system Generalized Method of Moments (GMM) to explore the long-run relationship between these two variables. Our results suggest that tourism receipts and shadow economy are cointegrated. This implies that shadow economy and the tourism industry worldwide are related in the long-run. The long-run elasticities indicate a negative impact of the shadow economy on the tourism sector suggesting that increase in shadow economy activities will adversely affecting the tourism industry
Financial crimes from a Shari'ah perspective with special reference to illegal deposit taking and criminal breach of trust in Malaysia
No full textThis dissertation examines financial crimes from a Shari'ah perspective by looking at the specific offences of illegal deposit taking and criminal breach of trust in Malaysia. The underlying principles of criminal law in Islam is espoused to give rise to the nomenclature of financial crimes within the Shari'ah by exposing elements of criminal activities that are acted in the realm of finance. The elements of offences for Illegal Deposit Taking and Criminal Breach of Trust are examined through statutes and case laws and compared to the elements of crime available in the Shari'ah ..
Islamic finance: the legal and regulatory infrastructure
No full textThe slides "Islamic finance: the legal and regulatory infrastructure" presented by Prof. Datuk Dr. Syed Othman Alhabshi at the Executive Programme for Government of British Virgin Island, British Virgin Island
Effectiveness of shariah committees in the Malaysian Islamic financial institutions: the practical perspective
No full textAn effective system of rules, practices and processes by which Islamic Financial Institutions (IFIs) are directed and controlled to ensure their business operations are Shariah-compliant has important implications on their reputation and their future growth. The Shariah Committee is a mandated requirement by the central bank on every Islamic Financial Institution (IFI) to ensure the expected level of Shariah-compliance in their business operations. Unlike their conventional counterparts that focus only on maximizing the wealth of shareholders, IFIs has an extra responsibility to protect the interests of all stakeholders (including shareholders) and ensure that no injustice of any kind is committed to any stakeholder. In performing their responsibilities, the Shariah Committees experience challenges both within and outside their institutions that
adversely affect their effectiveness as gatekeepers of Shariah-compliance and hence mitigating Shariah non-compliance risk. Specifically, issues such as degree of independence, confidentiality, competence, and consistency and information disclosure might be compromised and mitigates the effectiveness of Shariah Committees
Introducing Islamic finance in unchartered economy: the case of Canada
No full textThe slides highlight: 1) the needs of Islamic finance; 2) sources of Shariah; 3) prohibition in Islamic finance
Regulatory framework for Islamic finance: Malaysia's initiative
No full textThe role of regulation extends beyond ensuring stability and confidence in the financial system, as it is also behavioral shaper of market players. The laws, standards, and guidelines issued are instrumental in creating an incentive structure for market players to behave in certain ways. Using incentive audit approach, this paper attempts to examine the efficacy of the evolving Malaysian regulatory and supervisory framework for Islamic banking, in preserving financial stability as well as supporting the growth of the financial system and real economy. The findings suggest that the present framework unintentionally misaligns incentives and discourages Islamic banks from fully embracing risk sharing as the underlying principle for their financial instruments
The determinant factors of FDI - a study on OIC countries
No full textFDI is the central topic of contemporary economics. Its role in propping up the economy has long been demonstrated, and the FDI inflow is thus competed fiercely by OIC member countries for the sake of economic development. To succeed in bringing in FDI, however, requires governments to identify and analyze the determinant factors of FDI. For this purpose, we use multilinear regression to process the data of FDI and its possible determinants variables within the OIC members from 1992 to 2010 ..
Public finance and Islamic capital markets: theory and application
No full textThis book addresses the financing of government budgets with non-debt-creating flows through risk-sharing capital market instruments. It offers a comparative analysis with conventional finance to demonstrate the ability of Islamic capital market instruments to create an impetus for economic stability and growth
Islamic finance: improving Shariah compliance in Malaysia
No full textThe regulatory framework in Malaysia has been enhanced and developed with the objective to promote financial stability and ensure Shariah compliance in the business activities of Islamic financial institutions. The recurring enhancement in Islamic finance industry in the last five years is regarded as a major revision of the legal infrastructure and banking operation in Malaysia since 1983
Shariah governance in Islamic financial institutions
No full textThe introduction of Shariah governance to the Islamic financial institutions (IFIs) is to enhance a sound internal control system of Shariah governance in the IFIs as well as a proper scope of responsibility and obligation for the corporate governance organs. This book centres on various aspects and issues of Shariah governance in the IFIs where it takes into account the international standards, parameters and practices through a cross border assessment of the Shariah governance framework (SGF) and structure that has been implemented in different jurisdiction including Malaysia