26 research outputs found
Islamic financial innovation: tools and trends / viewpoints by guest author Humayon A. Dar.
No full textIn a business context, innovation is of two types: model innovation and process innovation. Model innovation involves developing new instruments and methods (inputs) to achieve new objectives (outputs), which must bring new business and hence improve profitability. Process innovation is, in general, an incremental process that utilises existing instruments and methods in new formats and permutations to achieve desired objectives, goals and outcomes in a more efficient and cost effective way. In a business context, it will still be considered as an innovation if a desired outcome is achieved by utilising the same existing instruments and methods with no increased efficiency or cost effectiveness, as long as the new format and permutation result in increased profits
Sosyal sorumluluk ilkelerinin islami yatırımlarla ilişkilendirilmesi: deneysel analiz
No full textRIZWAN MALIK, MOHAMED NURULLAH, AND HUMAYON DAR / Kingston UniversityThe paper examines the compatibility of United Nations (UN) Global Compact’s principles with Islam and proposes a new “social screen” to be added in addition to existing Shari’a complaint equity screening methodologies. The paper then empirically analyzes the performance of SRI portfolios with portfolios that are both socially responsible and Shari’a compliant using risk adjusted return tools and Carhart 4 factor model. The paper further investigates the performance of seven Islamic indices with equivalent socially responsible indices. It was found that the Islamic principles not only endorse the principles of UN Global Compact but also enforce them and make an individual accountable. The empirical results show that SRI and Shari’a compliant combined portfolio performs better than the SRI portfolio, and hence Sharia compliant investments bring value to the SRI portfolio. The paper also found that Shari’a compliant portfolio generates better returns than the SRI portfolio in a bearish market while the latter performs better in a bullish market. It is concluded that during market downturn Shari’a compliant portfolios can be used to limit risk.Bu araştırma Birleşmiş Milletler (BM) Küresel İlkeler Sözleşmesi ilkelerinin İslam ile uyumluluğunu incelemekte ve mevcut İslam Hukuku inceleme metodolojilerine ilave olarak yeni bir “toplumsal ekran” eklenmesini önermektedir. Araştırma, SRI portföyleri ile hem sosyal sorumlu hem de İslam Hukukuna uyumlu portföylerin performansını, riske göre ayarlanmış kazanç araçları ve Carhart 4 faktör modelini kullanarak, deneysel olarak analiz etmektedir. Bu araştırma ayrıca yedi İslam indeksi ile eşdeğer sosyal sorumlu indekslerin performansını incelemektedir. Çalışmanın sonucunda, İslami ilkelerin BM Küresel İlkeler Sözleşmesi ilkelerini desteklediği, aynı zamanda da onları mecbur ettiği ve bireyi sorumlu tuttuğu bulunmuştur. Uygulama sonuçları SRI ve İslam Hukukuna uyumlu birleşik portföyün SRI portföyünden daha iyi performans gösterdiğini ve dolayısıyla İslam Hukukuna uyumlu yatırımların SRI portföyüne değer kattığını göstermiştir. Aynı zamanda bu araştırma İslam Hukukuna uyumlu portföyün ayı piyasasında SRI portföyünden daha iyi gelir getirmesine karşın ikincisinin boğa piyasasında daha iyi performans sağladığı bulunmuştur. İslam Hukukuna uyumlu portföylerin piyasanın gerileme döneminde riskleri sınırlamak için kullanılabilir olduğu sonucuna varılmıştır.Türkiye Katılım Bankaları Birliğ
Demand for Islamic Financial Services in the UK: chasing a mirage?
No full textThis paper attempts to quantify demand for Islamic financial services in the UK. Using a sample of over 500 respondents, it develops a demand index that incorporates information on religious belief, economic factors and bank selection criteria. The main finding is that while there is no huge demand for Islamic finance at present, it is certainly growing and is expected to further increase if correct marketing measures are adopted. The paper also employs Logit regressions to determine the factors affecting such a demand. South-north divide, income, educational attainment and occupation are found to affect demand for Islamic finance in the UK
On making human development more humane
No full textIt is widely recognised that the human development index (HDI) does not totally capture the rich content of the human development concept, necessitating a more adequate measure of human development. This paper introduces an ethics-augmented human development index (E-HDI) as a new indicator of socio-economic change and development. The E-HDI incorporates freedom, faith, environmental concerns and the institution of family in the HDI and ranks countries of the world accordingly. It is envisaged to be of practical use in national policy making and may also be related to agenda of the bilateral and international development agencies. Just as the HDI has managed to shift discussions beyond gross national product, the E-HDI is expected to inject ethical concerns more explicitly into policy making in the contexts in which the human development reports are used.Economic growth, Ethics, Islam
