International Journal of Economics, Management and Accounting
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SHARIAH,ECONOMICS AND THE PROGRESS OF ISLAMIC FINANCE: THE ROLE OF SHARIAH EXPERTS
No full textComments by Monzer Kahf, Mahmoud A. El-Gamal and M. Fahim Kha
INTERNATIONAL RESERVES, CURRENT ACCOUNT IMBALANCE AND EXTERNAL DEBT: EVIDENCE FROM MALAYSIA
Get PDFThe purpose of the study is to analyze both the short-run and long-run demand for international reserves in Malaysia for the period 1970-2004. The autoregressive distributed lag (ARDL) bounds testing approach proposed by Pesaran, Shin, and Smith (2001) is used to test for the existence of cointegration relationship between the demand for international reserves and its determinants. The empirical results suggest that current account balance and short-term external debt significantly affect the demand for international reserves both in the long run and short run.JEL classification: E58, F39Key words: International reserves, Current account imbalance, Short-term external debt, Malaysia
INTERNATIONAL CONFERENCE ON ISLAMIC ECONOMICS AND ECONOMIES OF OIC COUNTRIES
No full textINTERNATIONAL CONFERENCE ON ISLAMIC ECONOMICS AND ECONOMIES OF OIC COUNTRIE
DIVERGENCE BETWEEN ASPIRATION AND REALITIES OF ISLAMIC ECONOMICS: A POLITICAL ECONOMY APPROACH TO BRIDGING THE DIVIDE
No full textDIVERGENCE BETWEEN ASPIRATION AND REALITIES OF ISLAMIC ECONOMICS:A POLITICAL ECONOMY APPROACH TO BRIDGING THE DIVID
HOUSING FINANCE OF AUSTRALIAN ISLAMIC FINANCIAL SERVICE PROVIDERS (IFSPS): AN EMPIRICAL ANALYSIS FROM SHARÔ CAHPERSPECTIVES
Get PDFThe purpose of this study is to examine the extent of divergence in the practice of Islamic housing finance from the Shari'ah in the Australian context. It presents a discursive analysis of the extent to which the Australian Islamic Financial Service Providers (IFSPs) differ from the traditional Shari'ah in their current practices of Islamic finance by their use of different mortgage products. The study seeks to argue that the Shari'ah compliance of the IFSPs in housing finance should be strictly maintained, and a separate regulatory and legislative framework be established for Islamic housing finance to facilitate its growth since the underlying principles of Islamic finance differ from those of conventional finance. The approach for the study is restricted to critically examining the extent of divergence of Australian IFSPs from the strict Shari'ah compliance in their current use of different financial products and instruments for housing finance. Therefore, it does not attempt to examine any other Islamic products they use for Islamic finance. Besides, it does not evaluate the economic efficiency and profitability or otherwise, of Islamic finance in Australia. In addition to the direct policy recommendations and suggestions for further research it provides for authorities concerned, the study sheds new light on how the challenges of Shari'ah compliance for IFSPs in Australia are met since theShari'ah contracts they use and advertise appear to be traditional mortgage contracts where the borrower takes the risk and the lender gets a fixed rate of return. JEL Classification: G19, G21, Z12 Key words: Islamic housing finance, Shari'ah, Australi
JIMMY STEWART IS DEAD: ENDING THE WORLD'S ONGOING FINANCIAL PLAGUE WITH LIMITED PURPOSE BANKING
Get PDFby Laurance J. Kotlikoff  Â
Chronic Crisis Management: The Perception of Malay Managers in Malaysian Business Organizations
Get PDFThis study investigates crisis management by focusing on Bohn (2000). Bohn (2000) uses the term ‘fire fighting’ to describe firms that are in a chronic state of crisis management. Typically, managers rush from one problem to another without having the time to solve problems effectively. They often deal with symptoms but fail to address the root causes of the problem. Fire fighting arises because of a) weaknesses in individual problem-solving skills, b) dysfunctional team dynamics and c) systems problems within the organization. This study explores chronic crisis management in Malaysia by surveying the perception of 150 Malay managers using an instrument derived from the literature. By and large, the data confirms the literature review. The implications for management from an Islamic perspective (MIP) are discussed. In particular, this author speculates that MIP can help develop a better organizational culture and a process-orientated management approach. Both would help prevent fire fighting in organizations. JEL classification: M10, M14, Z12 Key words:Management from an Islamic perspective, Crisis management, Process-orientated, Result-orientated, Malaysi
A Technical Note on The Derivation of Zakat Effectiveness Index (Zein)
Get PDFEffectiveness of policies is very much dependent upon the quality of the measures used to guide the formulation of those policies. Thus, methodological and practical issues surrounding poverty and inequality indices are of paramount importance in poverty alleviation efforts. This paper attempts to propose a Zakat Effectiveness Index (ZEIN) to address some of those issues. The strength of the index is as follows: 1) it can be used to verify and compare how effective is the expenditures on poverty alleviation by the government as represented by the amount of zakat distributed to the eligible zakat recipients; 2) it is flexible enough to incorporate different sub-groups analysis such as types of employment, sectors or ethnic groups; and, 3) unlike other indices that use the GNP and GDP as denominator, ZEIN introduces zakat recipients as the denominator to improve the effectiveness of the poverty index. Lumped together, ZEIN measures more directly the shortfall ofzakat distribution vis-à -vis the total expenditure on basic needs requiredfor the poor to sustain a decent minimum livelihood. Finally, we assertthat ZEIN is potentially a very useful tool to measure the performance of all Muslim countries’ provision 76 International Journal of Economics, Management and Accounting 20, no. 1 (2012)  of minimum basic needs through zakat to further promote the achievement of the maqasid al-shari’ah. JEL Classification: I38, P41, O29 Key words: Zakat, Effectiveness, Poverty index, Government spending, Basic needs
TARGET CAPITAL STRUCTURE AND SPEED OF ADJUSTMENT: PANEL DATA EVIDENCE ON MALAYSIA SHARIAH COMPLIANT SECURITIES
Get PDFIslamic Capital Market (ICM) in Malaysia has expanded at an average rate of 13.6% per annum over the ten year period between 2000 and 2010. The size of Malaysia’s ICM is expected to expand at the average rate of 10.6% per annum to reach RM 2.9 trillion by 2020. In line with its future expansion, Shariah compliant securities are and will continue to be one of the important elements in ICM. Motivated by this fact, this study intends to explore the dynamic aspect of capital structure among Shariah compliant firms. The study finds that there exists target capital structure for Shariah compliant firms in Malaysia with both firm specifics and country specific factors playing important roles. Found to be under-adjust these firms readjust in a rapid speed of adjustment. Such rapid adjustment towards target leverage suggests the existence of dynamic trade-off theory. By employing a robust econometric model (GMM), this study contributes to the literature by examining the corporate financing behaviour of Shariah compliant firms in Malaysia ICM