INCEIF Knowledge Repository (INCEIF University)
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Linearized Hamiltonian of the LIBOR market model: analytical and empirical results
No full textThe linearized Hamiltonian model is proposed to extend the London Interbank Offered Rate (LIBOR) Market Model (LMM). Firstly, we studied the Hamiltonian of LMM in the framework of quantum finance, and the nontrivial upper triangle form of LIBOR drift is derived. The linearized Hamiltonian is derived to improve the explanatory capability of the model for market data. Our approach uses one more parameter to explain the initial condition and the model can be used to calibrate LIBORs with extremely high accuracy. Furthermore, the market time index is required for applying the model to multi-LIBOR, and the results imply that the LIBOR future time lattice becomes shorter as one goes from near future to distant future
Classical convergence versus Zipf rank approach: evidence from China's local-level data
No full textThis paper applies Zipf rank approach to measure how long it will take for the individual economy to reach the final state of equilibrium by using local-level data of China's urban areas. The indicators, the gross domestic product (GDP) per capita and the market capitalization (MCAP per capita of 150 major cities in China are used for analyzing their convergence. Besides, the power law relationship is examined for GDP and MCAP. Our findings show that, compared to the classical approaches:β-convergence and σ-convergence, the Zipf ranking predicts that, in approximately 16 years, all the major cities in China will reach comparable values of GDP per capita. However,the MCAP per capita tends to follow the periodic fluctuation of the economic cycle, while the mean-log derivation (MLD) confirms the results of our study. Moreover, GDP per capita and MCAP per capita follow a power law with an average value of α = 0.41 which is higher than α= 0.38 obtained based on a large number of countries around the world
Unlocking waqf properties through traditional and new modes of finance
No full textThe institution of waqf played a major role in early Islamic civilization as it involved every aspects of socio-economic life in the Muslim world for 1300 years. Nonetheless, the last century witnessed its destruction where its role becomes idle, undeveloped and unproductive in almost all Muslim countries, yet its recent revival shows optimism in the approach in galvanizing its socio-economic role. Through adopting traditional and new financial modes of finance, the old and idle waqf properties have been successfully redeveloped into modern buildings, an innovation which not only multiply the rewards for the founders but it multiplies the number of beneficiaries who benefited from such revival
Do Islamic countries lack economic and security independence?
No full textThe paper explores the economic and security dependence of an entity on others as reasons for the inability to implement military intervention by applying forecast error variance decomposition (FEVD) on economic and security data. Specifically, the paper evaluates the economic and security dependence of the Organization for Islamic Cooperation (OIC) on the United Nations (UN) Security Council to understand OIC's inability to initiate military intervention in OIC member countries ..
Introduction
No full textOver the last 10 years, Malaysian capital market has made significant progress in instilling an efficient and well-regulated marketplace together with a proper institutional framework for the regulation of the accounting profession. The shareholders and stakeholders interests are safeguarded through high quality corporate financial reporting and corporate governance. It is the aim of the book to provide evidence and research findings on relevant issues. This book is divided into three parts that consists of 11 separate chapters of academic research works. The chapters covered ranging from issues on corporate internet reporting practice, corporate social responsibility, corporate governance, auditor independence and Islamic finance
Factors influencing the penetration rate of Malaysian takaful industry from takaful managers’ perspective
No full textThis paper sought to find the factors influencing Takaful market penetration based on the experience of managers of Takaful operators. Twenty (20) Takaful managers were randomly selected and interviewed. The method of analysis employed is The Thematic Analysis. The interviewees pointed out the factors that deter the public from participating in Takaful could be listed as follows: the lack of public awareness in the advantages of Takaful over insurance products, the limited range of product varieties, the shortage of relevant expertise to explain Takaful products, the need to improve the distribution channels and marketing strategies. The paper also suggested several ways of improving Takaful market penetration, namely: the need to develop tailor-made products to suit customer needs according to the different segments of society, expanding the range of product varieties, extensive training of staff and agents in order to enhance their products and services, technical and Shariah knowledge as well as to intensify promotion for higher level of awareness. The paper is a rare attempted to investigate the factors influencing Takaful market penetration in Malaysia context
On Islamic economics
No full textMost people do not make a connection between the religion of Islam and the vital issues of economic and social development; andd when they do, it is often to disparage Islam as a hindrance, even a retrograde force, in the progress of Muslim societies. The attempts by Muslim social scientists and economists in the past decades to develop a coherent discipline of 'Islamic Economics' have not gone beyond the confines of the academic world, and with the limited exception of Islamic banking, have not had a serious impact on either policy planners or the general public. They have also failed, I believe, to make the case that Islam has something distinctive to offer to the resolution of the myriad of problems that face humanity, both in the rich and the developing world: from poverty eradication, income inequalities, good governance in the poor countries to the problems that affect the rich world of overconsumption, alienation and social fragmentation
Maldives aspires to become Islamic finance hub in South Asia via establishment of Maldives Center For Islamic Finance
No full textIslamic finance is a growing component of the financial sector of Maldives. Since the formal inception of Islamic finance in 2011, the demand for Islamic finance is growing at a very fast pace. Between 2011 and 2015, more than eight stakeholders of Islamic finance have emerged in the country
Shariah issues in intangible assets
No full textIntangible assets are regarded as one of the most important asset classes for financial institutions, and their importance and consideration is rapidly increasing. There are existing, well established conventional standards on intangible assets (IA); however the Shariah standard on IA is discussed rather minimally. Thus, this paper attempts to discuss the vital issues related to intangible assets: recognition and measurement, financing and trading, and zakah, which represents a grey area for the Islamic finance industry. The research employs critical analysis. It aims to provide clarification on the concept of intangible assets from the point of view of the Shariah as well as an analysis of pertinent Shariah issues on IA. This research explores the following: (i) there is an issue of gharar in the identification and determination of IA due to non-existence of any physical substance and due to future benefit being a probabilistic matter; (ii) it is generally permissible to finance and trade IA and (iii) zakah is obligatory on IA if the intention is to trade them either at sale price if they are sold or at market price if they are owned by a trader
Quantum psyche
No full textAt the end of the 19th century Sigmund Freud discovered that our acts and choices are not only decisions of our consciousness, but that they are also deeply determined by our unconscious (the so-called "Freudian unconscious"). During a long correspondence between them (1932-1958) Wolfgang Pauli and Carl Gustav Jung speculated that the unconscious could be a quantum system. This book is addressed both to all those interested in the new developments of the age-old enquiry in the relations between mind and matter, and also to the experts in quantum physics that are interested in a formalisation of this new approach. The description of the "Bilbao experiment" adds a very interesting experimental inquiry into the synchronicity effect in a group situation, linking theory to a quantifiable verification of these subtle effec